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From the macro perspective of economic size and growth speed， China is the world’s second largest economy， with its GDP growing 6.7 percent and reaching $11 trillion last year. It contributed more than 34 percent to the world’s gross value added in 2016.
Specifi cally， China’s ongoing poverty reduction campaign contributes greatly to the world. During the 13th Five-Year Plan （2016-20） period， China has pledged to lift 70 million people out of poverty. With the government’s various targeted policies， the poor will be employed， with increased income and improved welfare. As China is an important part of the global community， addressing China’s challenges， most notably poverty， means solving a large part of the world’s problems and contributing to humanity.
China’s goal is to double its 2010 GDP and per-capita income of residents and achieve a moderately prosperous society in all aspects by 2020. This means poverty should be eliminated. No one can be left behind.
Despite a slight deceleration in GDP growth in recent years， the income of Chinese is increasing and their welfare is improving. As President Xi Jinping has said， reform should strengthen people’s sense of gain. That’s the philosophy of Xi’s governance.
Economic progress
Economic transformation and the new type of urbanization since the 18th National Congress of the Communist Party of China（CPC） in 2012 has increased and will continue to increase residents’ income. Their diversified consumption demands have led to an expansion in imports from other countries. During the past five years， China has seen average annual imports of nearly $2 trillion.
As income rises， China’s consumption pattern is transitioning from a traditional focus on housing and cars to tourism， cultural activities， information， health services， etc. More than 100 million overseas trips have been made by Chinese tourists annually during the past five years and their spending， ranked fi rst in the world， has contributed to the world economic growth.
China’s urbanization aims to transform several hundred million farmers into urban residents. Such a huge social transformation will lead to income growth as well as a boom in infrastructure construction and consumption. By 2020， China will have a middle class of 600 million people， which means a huge consumption market and a surge in imports.
China has also become a large investing country， with its non-fi nancial outbound direct investment exceeding $170 billion in 2016， which has helped the host countries create jobs， improve infrastructure and increase tax revenue.
Specifi cally， China’s ongoing poverty reduction campaign contributes greatly to the world. During the 13th Five-Year Plan （2016-20） period， China has pledged to lift 70 million people out of poverty. With the government’s various targeted policies， the poor will be employed， with increased income and improved welfare. As China is an important part of the global community， addressing China’s challenges， most notably poverty， means solving a large part of the world’s problems and contributing to humanity.
China’s goal is to double its 2010 GDP and per-capita income of residents and achieve a moderately prosperous society in all aspects by 2020. This means poverty should be eliminated. No one can be left behind.
Despite a slight deceleration in GDP growth in recent years， the income of Chinese is increasing and their welfare is improving. As President Xi Jinping has said， reform should strengthen people’s sense of gain. That’s the philosophy of Xi’s governance.
Economic progress
Economic transformation and the new type of urbanization since the 18th National Congress of the Communist Party of China（CPC） in 2012 has increased and will continue to increase residents’ income. Their diversified consumption demands have led to an expansion in imports from other countries. During the past five years， China has seen average annual imports of nearly $2 trillion.
As income rises， China’s consumption pattern is transitioning from a traditional focus on housing and cars to tourism， cultural activities， information， health services， etc. More than 100 million overseas trips have been made by Chinese tourists annually during the past five years and their spending， ranked fi rst in the world， has contributed to the world economic growth.
China’s urbanization aims to transform several hundred million farmers into urban residents. Such a huge social transformation will lead to income growth as well as a boom in infrastructure construction and consumption. By 2020， China will have a middle class of 600 million people， which means a huge consumption market and a surge in imports.
China has also become a large investing country， with its non-fi nancial outbound direct investment exceeding $170 billion in 2016， which has helped the host countries create jobs， improve infrastructure and increase tax revenue.