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  • InduQin

China's economic achievements: from eradicating extreme poverty to aiming for common prosperity

It has risen from a poor country with national GDP of 67.9 billion yuan ($10.5 billion) and per capita GDP of less than $100 in 1952 to an upper-middle-income status with national GDP of 101.6 trillion yuan ($15.77 trillion), and per capita GDP of over $10,000 last year. Now the world's second-largest economy accounts for over 17 percent of global GDP and contributes more than 30 percent of global economic growth, according to statistics from the National Bureau of Statistics.

This economic power has brought significant changes to ordinary Chinese people's lives. Millions have been lifted out of poverty, the standard of living has improved in all respects, and the country has the largest middle class, not only fueling the growth of China but also the world.

From the reform and opening-up that started in 1978 to 2020, some 770 million people have been lifted out of poverty, accounting for over 70 percent of the global poverty reduction in the same period. Meanwhile, the country has a middle-income group of over 400 million people, and this number keeps expanding, offering a supersized market that is growing faster than any other place in the world.


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