China Chartbook : 70th Anniversary of the People’s Republic of China
• The People’s Republic of China (PRC) will mark its 70th anniversary on 1 October. Beijing has much to celebrate; since initiating market reforms in 1978, real GDP growth has averaged nearly 10% a year and more than 850mn people have been lifted out of poverty.
• China has been the largest single contributor to world growth since the global financial crisis of 2008 and surpassed Japan to become the world’s 2nd largest economy in 2010. It became the biggest trading nation in 2013, overtaking the US in what Beijing described as "a landmark milestone" for the country.
• China remains a middle-income country; in 2018, its per capita GDP stood at USD9,777, one-fifth that of advanced economies. Rapid economic ascendance has also brought on many challenges, including a large increase in income inequality, high degree of leveraging, productivity slowdown, and unbalanced regional development.
• Still, aided by high savings rate, increased focus on innovation in science and technology, a burgeoning entrepreneurial culture, and greater attention to social welfare, China’s chance of further gains seems substantial.
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