On this anniversary of the founding of the People’s Republic, China draws on important economic and social gains, having evolved as the world’s second-largest economy and raising hundreds of millions out of poverty. The Chinese have been at pains to consolidate these very important gains achieved over the last decades.
China has evolved from essentially an agrarian economy to being the manufacturing hub of the world since its inception. Its GDP, which had begun at a mere $30 billion in 1952, had reached a staggering $17.73 trillion in 2023. An interplay between policy reforms and technological advancement initiated this transformation of the economy to integrate China into the global market.
In addition, poverty reduction is one area where the nation has taken magnificent leaps forward, with over 800 million people allegedly brought out of poverty since the late 1970s. China’s success in this area globally has been celebrated by the world, and the United Nations calls it the biggest effort in the history of human civilization against poverty. All the infrastructural development and education and healthcare improvements across the country have also improved standards of living.
In addition to being a great success domestically, China is now a global power. The Belt and Road Initiative that was initiated by China in 2013 aims to increase the already greater volumes of trade between Asia, Europe, and Africa for economic prosperity. This has made China a world leader in infrastructural development and further amplified its global influence.
Environmental sustainability has been one of the hot topics in the world for the last two years. China sets its carbon peaking deadline at 2030 and plans to be carbon-neutral by 2060. Therefore, it has invested in renewable resources and is poised to become the largest manufacturer of the world’s solar panels and wind turbines.
Its transformation into future problems-as-potentials, such as demographic and environmental changes, is still to be realized. China’s accomplishments in 75 years are palpable enough to provide a firm basis in meeting the challenges that are in store for it, thereby positioning China well for its central role in the global activities of the 21st century.
To Read More: Global News