China’s Economic Growth- From Poverty To A World Powerful Economy
By Burnett Munthali
Through progressive industrialization, more and better jobs have become available in China. With the surplus of agricultural laborers, the country started the consumer goods and services sectors, thus opening many job opportunities and generating global investments.
During its fight against poverty, China has taken five measures, including boosting the economy to provide more job opportunities, relocating poor people from inhospitable areas, compensating for economic losses associated with reducing ecological damage, improving education in impoverished areas, and providing.
Since China began to open up and reform its economy in 1978, GDP growth has averaged over 9 percent a year, and more than 800 million people have lifted themselves out of poverty. There have also been significant improvements in access to health, education, and other services over the same period.
According to China’s National Bureau of Statistics, national gross domestic product per capita reached 85,698 yuan in 2022, or about US$12,741 based on the yuan’s average exchange rate last year. That puts the country just slightly below the World Bank’s high-income threshold of US$13,205, as of July 2022.
China’s economy has grown to one of the largest and most powerful in the world over the past few decades. Driven by industrial production and manufacturing exports, China’s GDP is actually now the largest in terms of purchasing power parity (PPP) equivalence.
An Associated Press analysis of a dozen countries most indebted to China — including Pakistan, Kenya, Zambia, Laos and Mongolia — found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel.
Private investment and exports are the main drivers of economic growth in China; but, in recent years, the Chinese government has been emphasizing domestic consumption. 1,411,750,000 (31 December 2022 est.) $19.373 trillion (nominal; 2023 est.)
The most common methods of moving money out of China include: International wire transfer to a banking institution abroad using a bank which falls under Chinese banking regulations. Taking physical cash upon departure.
Manufacturing, services and agriculture are the largest sectors of the Chinese economy – employing the majority of the population and making the largest contributions to GDP.
TOKYO/BEIJING — China’s net worth reached $120 trillion in 2020 to overtake the U.S.’s $89 trillion as a red-hot real estate market drove up property value, according to a report by McKinsey Global Institute.
Economists generally attribute much of China’s rapid economic growth to two main factors: large-scale capital investment (financed by large domestic savings and foreign investment) and rapid productivity growth. These two factors appear to have gone together hand in hand.
