Photo: Fu Guohao/GT

 China's economy has had significant achievements over the past 70 years, and is the largest contributor to the world's economic growth.

China's GDP rose 174 times from 67.91 billion yuan in 1952 to 90.03 trillion yuan in 2018, Ning Jizhe, Vice Chairman of the National Development and Reform Commission and Commissioner of the National Bureau of Statistics, told a press conference on the celebration of the 70th anniversary of the founding of the People's Republic of China. Per capita GDP rose from 119 yuan to 64,600 yuan during the same period, an increase of 70 times. 

The livelihood of Chinese people has been improving over the past 70 years. China has become the second-largest economy in the world, with the highest number of scientific researchers. It also has the largest number of trading companies, the highest foreign exchange reserve, and is the second-largest FDI destination, Ning noted. 

In 2018, overall research and development (R&D) funds reached 1.97 trillion yuan, accounting for 2.19 percent of total GDP and surpassing 15 EU countries' average levels. China's number of overall patents was 4.32 million, ranking highest in the world for eight consecutive years.

Meanwhile, the country's industrialization, urbanization, modernization of agriculture and information construction have all been moving forward, as China has transformed from an agricultural country to a modern industrial nation which is also the world's largest manufacturer.

Global Times