China's economic strength significantly rises: official white paper

29 Sep '21

2 min read

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China's economic strength has significantly increased, with its gross domestic product (GDP) soaring to 101.6 trillion yuan ($15.7 trillion) last year from 67.9 billion yuan in 1952, according to a recent official white paper. China has transformed from a low-income country to an upper-middle-income country, with per capita GDP rising from less than $100 in 1952 to over $10,000 in 2020.

Recently released by the State Council information office, the white paper titled ‘China's Epic Journey from Poverty to Prosperity’ says China has been the world's largest manufacturing country for the past 11 years.

For years, the country has ranked the world's first in terms of added-value in the manufacturing sector and the output of over 220 major industrial products, it says.

In addition, China ranks first in terms of trade in goods and foreign exchange reserves, and ranks second in terms of its trade in services and consumer market.

In 2020, China was the largest recipient of foreign direct investment. It was the first country to bring COVID-19 under control and reopen its economy, an official news outlet cited the white paper as saying.

The fact that China was the first country to shift from negative to positive growth reflected the resilience of its economy, the white paper said.

Fibre2Fashion News Desk (DS)

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