World Bank report: China's economic contribution to world economic growth in ten years exceeds the sum of G7

　　Xinhua News Agency, Beijing, October 26th, 38.6%!

This is the average contribution rate of China to world economic growth from 2013 to 2021 according to the latest World Bank report.

This figure exceeds the sum of the contribution rates of the G7 countries.

As an important engine of world economic growth, China's economy is full of resilience and vitality, and has attracted worldwide attention.

　　The latest data shows that China's economy grew by 3.9% year-on-year in the third quarter of this year, which was significantly faster than the second quarter.

"The Wall Street Journal" reported that China's economic growth in the third quarter was significantly higher than the previous value, but also higher than market expectations.

　　At present, the new crown epidemic has been delayed repeatedly, geopolitical conflicts continue, global inflation is rising, the Fed's aggressive interest rate hikes have impacted the world, and the downward pressure on the world economy has increased significantly.

Against this background, China's economy has stabilized its own momentum of development, continuously delivering valuable growth momentum to the world economy, and continuing to write a Chinese miracle in the history of world economic development.

The report of the 20th National Congress of the Communist Party of China has drawn a blueprint for China's future development, which makes the global economic circle continue to be optimistic about the bright future of China's economy.

　　From 53.9 trillion yuan to 114.4 trillion yuan, this is the jumping speed of China's economic aggregate from 2012 to 2021, and it currently ranks second in the world.

　　6.6%!

This is the average annual growth rate of the Chinese economy from 2013 to 2021.

This figure is significantly higher than the world average growth rate of 2.6% over the same period, and also higher than the average growth rate of developing economies of 3.7%.

　　Each dazzling data outlines the ten-year progress of China's economy.

Sergei Lukonin, director of the Chinese Politics and Economics Department of the Institute of World Economy and International Relations of the Russian Academy of Sciences, believes that the good performance of the Chinese economy is due to the Chinese government's long-term implementation of effective economic policies and effective macro-control.

As the world's second largest economy, China has not only achieved scale growth, but also advanced strength in the process of promoting high-quality development.

　　In the past ten years, China's economic restructuring has achieved solid results.

The proportion of the added value of China's manufacturing industry in the world has increased from 22.5% to nearly 30%, and the proportion of high-tech manufacturing and equipment manufacturing in the added value of industries above designated size has increased from 9.4% and 28% in 2012 to 15.1% and 2021, respectively. 32.4%; the contribution rate of final consumption expenditure to economic growth will reach 65.4% in 2021, an increase of 10 percentage points over 2012, making it the first driving force for economic growth; the average annual growth of fixed asset investment is 9.4%, which effectively supports the stable operation of the economy. The key role in promoting economic growth and optimizing the supply structure has been continuously strengthened.

　　In the past ten years, as China has accelerated its move towards the mid-to-high end of the global value chain, there have been many highlights of major powers: Tianwen-1 successfully "falls into flames", Chang'e-4 probes the back of the moon for the first time, and a high-speed maglev transportation system with a speed of 600 kilometers per hour successfully rolled off the assembly line. , The C919 large passenger aircraft obtained the type certificate... The hard core strength of China's manufacturing is increasing day by day.

　　Fu Xiaolan, director of the Technology and Management Development Research Center at the University of Oxford and academician of the British Academy of Social Sciences, believes that China's innovative development path, driven by the government and the market, has continuously injected new impetus into China's economic development in the past decade, and has also set an example for other countries. .

　　In the past decade, China's per capita gross national income has achieved a new leap.

In 2021, China's per capita gross national income (GNI) will reach US$11,890, doubling from 2012.

In the per capita GNI ranking published by the World Bank, China has risen from 112th in 2012 to 68th in 2021, an increase of 44 places.

　　Tian Xuan, deputy dean of the PBC School of Finance at Tsinghua University and chair professor of finance, told Xinhua that the development history of the past ten years and the report of the 20th National Congress of the Communist Party of China have shown that the starting point and end point of China's economic development are to seek happiness for the people. The continuous improvement of people's participation in economic development and the sharing of development achievements is a concentrated expression of the inclusiveness of China's economic development.

At the same time, the people are also the fundamental source of strength for economic development. Only by improving people's livelihood and promoting common prosperity can we ensure the sustainability of China's economic development.

He expressed his belief that under the guidance of the 20th National Congress of the Communist Party of China, China's economic development will be more equitable, inclusive, orderly, and ruled by law, which will help improve the resilience of economic development.

　　In the past decade, China's high-level opening to the outside world has steadily advanced.

China has become the main trading partner of more than 140 countries and regions and the world's largest trader in goods; the annual actual use of foreign capital has increased from more than 700 billion yuan to 1.15 trillion yuan, and the stock of overseas investment has increased from less than 0.6 trillion US dollars to more than 2.7 trillion US dollars; China has signed more than 200 cooperation documents on the joint construction of the “Belt and Road” with 149 countries and 32 international organizations; Stable and smooth; in the face of adverse currents in economic globalization, China has successfully held economic and trade events such as the China International Import Expo, bringing together the world's products, promoting the circulation of commerce and trade, and gathering together the forces of development.

　　A more open China is playing an increasingly important role in the world economy: China's GDP will account for 18.5% of the world's GDP in 2021, an increase of 7.2 percentage points over 2012; The proportion of trade in the world has increased from 10.4% in 2012 to 13.5% in 2021; the RMB was officially included in the International Monetary Fund’s Special Drawing Rights (SDR) currency basket in 2016, and the proportion of payments in global trade has continued to increase.

Chinese bonds have been included in global indices such as Bloomberg Barclays, JPMorgan Chase, and FTSE Russell. From 2018 to 2021, the cumulative net increase in foreign holdings of Chinese stocks and bonds exceeded US$700 billion, with an average annual growth rate of 34%.

　　Pan Xiangdong, former Chief Economist of Galaxy Securities and Chief Economist of Qi Rhen Research Institute, believes that in the past decade, China has continued to expand its opening up, its economic and industrial structure has been continuously upgraded, and poverty alleviation has achieved comprehensive success, and a well-off society has been built in an all-round way. Under the guidance of the new development concept of green, open and shared, China's economy has shifted from high-speed growth to high-quality development, showing huge reform dividends, institutional dividends, and the unique characteristics and resilience of the Chinese economy.

He said that the report of the 20th National Congress has drawn a blueprint for the future of China's economy.

In the future, the open and vibrant Chinese market will promote a higher level of win-win cooperation between China and the world.

　　It is the high-quality development in the past ten years that has consolidated the status of China's economy as the engine of the world economy and won wide recognition from the international community.

"We can never do without China's participation and contribution to major global affairs and the world economy," said Brazilian economist Ronny Lins.

　　"Promoting the great rejuvenation of the Chinese nation in an all-round way with Chinese-style modernization", "Innovation is the primary driving force", "Adhering to a high level of opening to the outside world"... The statements in the report of the 20th National Congress of the Communist Party of China have become the key words of the international community.

　　"All development is closely related to innovation." Stephen Perry, chairman of the 48 Group Club in the United Kingdom, said with emotion after reading the report that China has a strong sense of foresight, and its strong vitality is reflected in every field of China.

　　Walid Jabala, a professor of economic and financial law at Cairo University in Egypt, believes that the 20th National Congress of the Communist Party of China will promote the further opening and development of China's economy and further integration with the world in the next few years.

　　World Economic Forum President Bolger Brende is optimistic about the medium and long-term prospects of China's economy.

In his view, the stable growth of China's economy in the future is not only related to China itself, but also of great significance to promoting world economic growth.