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Friday, April 12, 2024

Xi Jinping Takes Stock

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Graham Perry
Graham Perry
Experienced Arbitration Lawyer | China & Chinese Business Affairs | Public Speaker/Lecturer.

This is a big year in China. It is the centenary of the founding of the Communist Party in 1921 + China will realise its goal of building “a moderately prosperous society” by doubling its 2010’s per capita GDP to $10,000.
Looking ahead the Party has set the goal of building a “fully developed, rich, + powerful” nation by 2049.

Some statistics:

1. China registered an RMB 100 trillion GDP in 2020, as the per capita GDP reached the level of 11,000 U.S. dollars.

2. China reported a year-on-year increase of 6.5% for the fourth quarter of 2020 and an overall 2.3% increase for 2020.

3. While major economies struggle to return to pre-pandemic economic growth amidst COVID-19, China’s domestic economy rebounds and is projected to overtake the U.S. as the world’s largest economy by as early as 2026.

Xi has told Party officials that the world is facing “turbulent times…but time and forces are on our side. This is where we show our conviction and resilience, as well as our determination and confidence”.

“Good news but is China free of problems going forward? – See tomorrow”

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