China’s economy has grown 189-fold in 70 years, CCP official says


China’s economy has grown 189-fold in the past 70 years since the founding of the People’s Republic of China (PRC), a Chinese official said on Monday at a press conference in honor of the 100th anniversary of the founding of the Chinese Communist Party. CPC).

China’s total economic volume has exceeded 100,000 billion yuan (about $ 15.5 trillion), making it the world’s second-largest economy and accounting for over 17 percent of the global economy, said Han Wenxiu, a head of the Central Committee for Financial and Economic Affairs.

The country couldn’t even build a tractor when the PRC was first founded, but it is now the only country in the world that has all the industrial categories classified by the United Nations, according to Han.

More than 220 types of industrial products, including automobiles and computers, rank first in the world in terms of production, the official said.

When it was founded, China’s per capita GDP was only a few tens of US dollars, but it is now over $ 10,000, Han said.

Since the reform and opening-up that began in 1978, 770 million people have been lifted out of poverty, representing more than 70 percent of the global poverty reduction over the same period, he said. added.

According to Han, the central government has developed a long-term plan for the Hainan Free Trade Port: China will basically establish a free trade port system focused on liberalizing and facilitating trade and investment in Hainan d ‘by 2025, which will become more mature by 2035. The country will then make the southern island province a high-level free trade port of global influence by the middle of this century.

China established the Shenzhen Special Economic Zone in 1980, since then it has continued to open up its coastal, river and inland areas. In 2020, he announced the creation of the Hainan Free Trade Port, which shows how much more it is opening up.

Hainan has become a hot spot for investment and business. In the first five months of this year, Hainan’s actual use of foreign capital increased about four times, and merchandise imports and exports rose 38.5 percent.


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