China Accounts for Nearly 16% of the World Economy

Vice Chairman of National Development and Reform Commission who also doubles as Commissioner of National Bureau of Statistics in the People’s Republic of China, Ning Jizhe

By Samuel Koroma in Beijing, China

The Vice Chairman of National Development and Reform Commission who also doubles as Commissioner of National Bureau of Statistics in the People’s Republic of China, Ning Jizhe has said China’s reserve accounts for nearly 16% of the world’s economy. He made this statement during a joint press briefing in the presence of the Minister of Finance, Liu Kun and Yi Gang Governor of the People’s Bank of China.

Over four hundred journalists from within and out of China participated in the press conference, and it comes in the wake of China’s preparedness to celebrate its seventieth anniversary since the founding and opening up of the People’s Republic of China in 1949.

According to Mr. Jizhe, 70th anniversary since the announcement was made by Chairman Mao Zedong on the Tian’anmen Rostrum has laid a solid material foundation, and has accelerate the building of a moderate economic system, maintain sustained and sound economic development, and social stability. China, he said, has achieved a leap forward in a journey from standing up to growing rich and becoming strong.

“The Chinese people have become wealthy, Jizhe said, adding that the country’s GDP has leaped from 67.91 billion yuan (estimated at $9.5 billion)  in 1952 to 90.03 trillion yuan (estimated at $13 trillion) in 2018, an increase of 174 times in real terms, accounting for nearly 16 percent of the world economy,’ he noted.

China, he furthered, is at present the largest dispatcher of peacekeeping troops among the five permanent member of the United Nations, with the Economic growth contributing to about 30% to the world’s economic growth on average, topping in the world with ever expanding international influence.

China during the past 70 years have completed the socialist revolution, established the basic systems of socialism, promoted building of socialism, and set up an independent and complete national economic system, carried out a new great revolution of reform and opening up, which has greatly inspired the creativity of the people, dramatically emancipated and developed social productivity, and immensely enhanced the vitality of social development.

He said they are building their nation stronger by strengthening development of manufacturing, science and technologies, talent cultivation, quality improvement, aerospace, network, transportation, maritime capabilities, trade, culture, sports, education, digitalization and smart society so as to provide powerful support for a decisive victory in building a moderately prosperous society in all respects, and progression into building a powerful modern socialist country.

On its 70th anniversary celebration, China’s output of more than 220 tries of major industrial products, such as automobiles, mobile phones, TV sets, cotton cloth, fertilizers, cement, power generation, coal and iron and steel, as well as the output of major agricultural products such as grains, meat, peanuts, tea and fruit which are both ranked first in the world.

Furthermore, Mr. Jizhe said China has played an increasingly prominent role as a builder of world peace, a contributor to global development and a defender of international order. He cited the Belt and Road initiative proposed in 2013 by President Xi, stating more than 160 countries and international organisations have positively responded to the Belt and Road initiative, which provides a platform for building a community of shared future for Mankind.

China presently boast of having a well-established and fully competitive financial institution system that provide a full spectrum of financial services of banking, securities, insurance, fund management and futures. At the end of 2018, there are a total of 4,588 banks, 131 securities companies, 120 fund companies and 229 insurance companies. The aggregated asset of the financial sector has reached 294 trillion RMB which is equivalent to 41.2 trillion dollar. At present, China is closer to, more confident and more capable of realizing the Chinese dream of the great national rejuvenation than ever before in history.


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