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The future status of the steadily expanding Chinese economy has long been the subject of speculation.

China skeptics have proven their creativity over past decades by churning out myriad "China collapse" theories using key phrases like "looming collapse," "hard landing" and "China's next big trouble," only to find their sensational claims hold no steam.

The tenacity of China's economy was revealed as official data portrayed a steadily expanding Chinese economy in 2019, and key economic indicators pointed toward a resilient recovery following a tough year of external uncertainties, shifting growth gears and extensive structural reforms.

With a year-on-year GDP growth of 6.1 percent and GDP per capita exceeding $10,000 last year, the country achieved a new milestone in its development, something many have failed to recognize.

Based on data released by the World Bank in 2018, there were around 1.5 billion people with a per capita GDP above $10,000. As the per capita GDP of China, a nation with 1.4 billion people, now exceeds $10,000, that figure will be pushed up to almost 3 billion people, helping further uplift the world.

China is not deliberately pursuing specific GDP figures, but seeks to achieve reasonable, efficient and quality economic growth. Still, many critics have spared no time in fixating on China's growth.

Judging such a sizeable economy  purely by its moderate GDP growth misses the greater significance of its underlying strength and potential. Rich opportunity awaits, not danger.

Despite the downward pressure and damaging trade tensions which marked 2019,  Chinese people remain optimistic about the country's future.  20,000 new businesses were registered on average every day in 2019 as entrepreneurial enthusiasm ran high. Market vitality did not abate, with private firms contributing more significantly to foreign trade, job creation and technical innovation. Economic restructuring and upgrading continued to power ahead.

Undeterred by greater competition from overseas market players, local companies supported their government's opening-up decisions, embracing challenges by increasing expenditure on research and development, optimizing industrial chains by cutting production costs, and accepting short-term limits on profitability for long-term growth.

Sadly, it is probable that the promising changes taking place in China will either be ignored or mislabeled by China skeptics. It is important to accurately rate the Chinese economy, which previously developed at a rapid pace and now holds steady amid a slowing global economy.