A recent report released by China’s National Bureau of Statistics shows that China’s average contribution to global economic growth exceeded 30 percent between 2013 and 2021, ranking first across the world. In 2021 alone, China’s economic aggregate accounted for 18.5 percent of world’s total.
In the first part of the 10-part series “The China Path: A Panoramic Decoding” published by CGTN, the article titled “Reform and opening-up, dual engine for China’s economic growth” attributes China’s growth to the country’s continuous efforts to reform and opening-up. For every year over the past decade, China has introduced an average of over 400 reform policies and more than 100 pieces of related legislation. Take Huludao in China’s Liaoning Province for an example. Before the reform and opening-up, Huludao was just a tiny fishing village. But today it has risen in status as the global hub for the swimsuit business.
In the past decade, the R&D investment of industrial enterprises above a designated size in China had increased at an average annual rate of over 14 percent. From 2011 to 2021, China’s tech giant Huawei had spent more than 845 billion yuan on R&D. It ranks the second in R&D investment worldwide. The company is one of the world’s largest patent holders. As of December 31, 2021, Huawei had held a total of 110,000 active patents across 45,000 patent families.
Since 2012, China’s market entities grew significantly in both number and size. In 2020, among all corporate legal entities, state-owned, private and foreign-funded ones accounted for 1.2 percent, 98 percent and 0.8 percent respectively. In 2021, of the 150 million market entities nationwide, over 100 million were individually owned businesses. In the same year, private investment registered a 7 percent growth, higher than the national level of 4.9 percent.
China never slowed down its reform and opening-up endeavors. It not only sells its products globally, but is also actively importing goods from many other countries and regions across the world. China’s general tariff rate has been lowered to less than 7.5 percent from 15.3 percent before the country’s accession to the World Trade Organization (WTO). With the continued growth of imports, major international trade events such as the China International Import Expo, China International Fair for Trade in Services, and etc., have opened a window for the country’s further opening-up.
The economic rise has boosted employment and poverty alleviation efforts. Nearly 10 million university graduates are getting employed each year for the past 10 years.
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