China’s Economy in a Global Context

THE National Bureau of Statistics has released key figures on the Chinese economy in2014.As expected,China’s growth rate as measured by GDP was7.4 percent,the lowest since 2002.Over the past 15 years,China’s average annual GDP growth was 8.9 percent.The size of the Chinese economy has thus increased nearly eight fold from RMB 8.94 trillion(US$1.43 trillion)in 2000 to RMB 63.64 trillion(US$10.18 trillion)in 2014.China has created a true economic miracle.     

Chinese Economy:On the Path of Scientific Development

SINCE its entry into the WTO at the end of 2001, China has merged with the world economy and has seen rapid economic growth. By the end of 2011, China’s GDP went up from RMB 11 trillion to RMB 47.2 trillion, with an average annual growth of 10.4 percent over the past decade. As a result,     

A Pivot in Recovery

According to statistics from Chinese Customs,China’s total imports and exports surpassed$6 trillion in 2021,up 30 percent year on year.With a global economy dragged down by the COVID-19 pandemic,China is making its due contributions to stabilizing the world’s commercial development.Without the significant records of China’s foreign trade,the global economic picture would surely have taken a turn for the gloomier.Some might argue that the world’s top economic power,the U.S.,marks the backstop for the global economy,but reality holds it has failed to play the part.Instead,by taking advantage of the dollar as an international currency,it is recklessly printing money to create a bogus boom and transferring its internal crises onto external parties.In the past six months alone,it has printed$3 trillion worth of greenbacks,resulting in soaring domestic inflation,national debts,fiscal deficits and an expanding risk exposure at home,all the while undermining economic stability abroad.     

A New Chapter

<正>China’s development in the past five years has been great.Its GDP grew 11.2 percent on average annually to become the world’s second largest at 39.8 trillion yuan($6.05 trillion)last year and fiscal revenue rose to 8.31 trillion yuan($1.26 trillion)from 3.16 trillion yuan($481 billion).     

Digital Engine for High-Quality Growth

正A booming digital economy is reshaping China’s economic landscape as the spread of technology such as big data and atificial intelligence(AI)revives traditional industries and casts new light on high-quality development.China’s digital economy amounted to22.58 trillion yuan($3.43 trillion)in 2016,ranking second globally and accounting for around     

Unremitting Efforts

In a speech at a meeting in Beijing to advance the work on coordinating the prevention and control of COVID19 and economic and social development on February 23,Chinese President Xi Jinping said the Chinese nation has experienced many ordeals in its history,but it has never been overwhelmed.Instead,it has become more courageous,growing up and rising up from the hardships.He called for unremitting efforts to fully unleash the huge potential and powerful driving force of China’s development and strive to achieve the goals and tasks for economic and social development.     

Build a Capital Economic Circle for Coordinated Development

正THE Beijing-centered economic circle has been on the table for several years.The Overall Plan for Beijing Urban Construction in 1982 proposed a capital economic circle.In November of 2004,the National Development and Reform Commission(NDRC)formally proposed the regional development plan for the Beijing-Tianjin-Hebei bloc.It was reiterated in the nation’s 12th Five-year Plan(2011-2015)for social and economic development.Thereafter the capital economic circle has been upgraded to a national priority.China’s new leadership attaches great     

Revised Budget Law——A Reflection of Transformation

THE revisions last August to China’s Budget Law were the first since it took effect in 1995.It has thus taken more than a decade to revise a law so important it has been dubbed the"Economic Constitution."Response to the Demand for Change China’s Budget Law was promulgated in 1994 and took effect in 1995.Over the ensuing two decades Chinese society has witnessed dramatic changes–in economic development,state governance,and also public opinion and understanding of the budget.Social progress     

Benefits of Free Trade

正China’s accession to the World Trade Organization(WTO)in 2001 has accelerated the integration of the country’s economy and society into the world’s.Fifteen years after the accession,it’s found that while benefiting from globalization,China is also contributing to global economic development.In the past 15 years,China has fulfilled its     

Riding the Wave of Yangtze River Economic Belt Development

正The Yangtze River Economic Belt is becoming a hot political and economic term.Premier Li Keqiang has mentioned it on several occasions this year,and it also featured in the 2014 government work report.On the stock exchange,meanwhile,Yangtze River Economic Belt concept stock has hit the daily limit,so bucking the trend.Relevant provinces and municipalities are putting their hands to the plow to contrive plans that capitalize on the economic belt’s strategic development.Integrated development of the Yangtze River region is part of the central authorities’efforts to     

Time to Regulate

<正>As multinationals flock to China, the counhy has become the world’s largest recipient of foreign direct investment. Undoubtedly, foreign investment has played an important and positive role in China’s development in many areas, including economic growth, social proyess, technology     

Symbiotic Development

China’s 30 or more consecutive years of express economic development have made it the world’s second largest economy.Growing pressure to sustain economic growth has led to the country’s new policy of innovation and opening-up.It will generate suffi cient economic momentum to take China to the medium and high end of the industry chain,and at the same time create new opportunities for the world economy.     

TESTED THERAPY

<正>Oriental wisdom can contribute to better global economic governance By Zheng Xinye China has maintained rapid economic growth for over 30 consecutive years since it began reform and opening up in 1978.It has become the second largest economy in the world whose development grabs the world’s attention.     

Stimulate Economic Vitality

CHINA’s economy is going through profound changes,the country’s economic development having entered a"new normal,"according to the Central Economic Work Conference(CEWC)that convened in December 2014.After decades of high growth,the Chinese economy has now entered a period of medium-to-high growth.The emphasis of its development has shifted from quantity and speed to quality and efficiency,and that of its restructuring to improving rather than expanding production practices.The momentum     

Integrating The Central Plains

In a bid to further develop the country’s interior,the government is pushing for a new economic zone F ollowing the launch of several economic development zones in north, south,east and west China,the Central Government has set its sights on plans to develop the country’s Central Plains region     

A Breath of Fresh Air

正China strives to blaze new green trail for economic successGreen development has become a crucial component of China’s initiative to push forward supply-side structural reform.Amidst the current economic slowdown,resolution and courage should be strengthened to encourage progress in sustainable industries     

ECONOMY

正Econ omic Census Results of China’s fourth national economic census were released on November 20, showing that the country’s economic structure continued to improve between 2013and 2018.At the end of 2018, the aggregate business capital in the secondary and tertiary industries reached 914.2 trillion yuan ($130.38trillion). The secondary industry,which includes industrial and construction enterprises, accounted for19 percent of the total assets, while     

China’s Single Women-a Rising Social Group

Title:Single in the City-A Survey of China’s Single Women Author:Wu Shuping 196 pages,paperback RMB 70 Published by Foreign Languages Press in July 2012 CHINA’S skyrocketing economic development has wrought radical social changes.Many     

SustainableDevelopmen--The Chinese People’s Choice

Since the Chinese government set out to transform the country’s economic development model, China’s economy has grown healthier, more sustainable and better adapted to fast, long-term growth.     

Building the Prime Forum for Asia

Addressing Asian concerns;mediating issues among emerging Asian economies-this is the purpose of the Boao Forum for Asia.This has been the forum’s goal since its inception a decade ago.Zhou Wenzhong,Secretary General of the BFA and former Ambassador to the United States,wants the forum’s prominence to grow several-fold in the coming years.Before leaving for this year’s BFA in south China’s Hainan Province,Zhou answered questions from Beijing Review reporter Ding Zhitao about the BFA’s development and influence on Asian economic integration and emerging economies.Edited excerpts follow