China's sustained growth lights up the world
Editorial  ·  2022-09-28  ·   Source: NO.40-41 OCTOBER 6, 2022

At a time when the global economy suffers sluggish growth due to the COVID-19 pandemic as well as anti-globalization headwinds such as populism and unilateralism, the Chinese economy is like a beacon of light.

According to a recent report from the National Bureau of Statistics, from 2013 to 2021, China's GDP expanded at an average annual rate of 6.6 percent, higher than the growth pace of 2.6 percent worldwide and 3.7 percent for developing economies during the same period. China's contribution to global economic growth exceeded 30 percent, ranking first across the world. More specifically, China was the only major economy to record positive growth in 2020, playing a major stabilizing role.

In 2021, China's economic aggregate accounted for 18.5 percent of the world's total, the second largest in the world. China's economic growth over the past decade shows that sustainable development is the biggest highlight.

International headlines, however, often state the Chinese economy is in a desperate situation, resulting in the global community's pessimism toward China's economic development, as well as the country's contributions to the world.

There are five cues to be taken. The first is a deliberate economic strategy. This can be illustrated by China's accelerated pursuit of new growth drivers and a more sustainable industrial structure over the past decade. The second is that China pursues a development path that is open, inclusive, cooperative and beneficial for all, and safeguards globalization and trade multilateralism. The third is China's innovation-driven development strategy. According to a report from the World Intellectual Property Organization, China ranked 12th in the Global Innovation Index in 2021, up from 34th place in 2012. The fourth is to take the road of green development. The energy consumption per unit of GDP in China has been declining. The fifth is to make sure the gains of development benefit everyone.

All these features not only show that China's development path is solid, but also demonstrate its all-inclusive global outlook. The more China develops, the greater the light it can bring to the world.

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