White paper hails “historic transformation” of Chinese economy

China’s economic strength has grown dramatically over the past 70 years, with GDP growing from 67.9 billion yuan ($ 10.5 billion) in 1952 to 101.6 trillion yuan in 2020, according to a white paper “China’s epic journey from poverty to prosperity” released Tuesday.

The second largest economy in the world, China now represents more than 17% of global GDP. And over the past 11 years, it has been the world’s largest manufacturer, producing more than 220 major industrial products, according to the white paper.

China also ranks first in the world in terms of trade in goods and foreign exchange reserves, and second in terms of trade in services and the consumer market.

“China has gone from a low-income country to an upper-middle-income country, with a GDP per capita rising from less than $ 100 in 1952 to more than $ 10,000 in 2020,” notes the white paper. .

“The country has a middle-income group of over 400 million people, and that number continues to grow, providing an oversized market that is growing faster than any other place in the world,” he said. declared.

In 2020, China was the first country to reopen its economy after bringing COVID-19 under control. It was also the first economy to shift from negative growth to positive growth, reflecting the resilience of the economy.

China’s labor force has grown from 180 million in 1949 to 750 million in 2020, and the labor market remains stable, according to the white paper.

Decades ago, farmers made up a large part of the population. But the structure of employment has changed and 47.7 percent of the workforce is now employed in the tertiary sector, while 61.6 percent work in cities.

New jobs, such as delivery men and VTC drivers have emerged, which has brought about a profound change in the mindset of the workforce, widened their choices and broadened forms of employment. available, also indicates the white paper.

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