Since the beginning of reform and opening-up, especially since the 18th National Congress of the Communist Party of China, China has made remarkable achievements in economic and social development. As the second largest economy in the world, China has explored an economic development model different from that of western developed countries. By collecting and analyzing thefiguresthe figures in various areas, including economic growth, income distribution, prices, consumption, investment, import and export, energy and resources, finance, infrastructure, social welfare and the Belt and Road Initiative, the book presents an intuitive and vivid picture of China's development and achievements for the readers.
Introduction
Over the past four decades, China has had an unusual path of economic development. The whole world witnessed its unprecedented performance since Chinas economic system reform and opening-up. Chinas economic development is a miracle unseen since the Industrial Revolution, and the international community is wondering about the whole story behind this Mystery of the Century.
(1) Making the Most of Chinas System Advantages / 003
(2) The Miracle of Chinas GDP Growth / 005
(3) The Miracle of Chinas Industrial Structure Upgrade / 008
(4) The Miracle of Chinas Further Opening-Up / 011
(5) The Miracle of Chinas Much Bettered Living Standards / 015
Gross Domestic Product (GDP) is the total value of all final products and services created in the economic operation of a country or region in a certain period of time (usually a year or a quarter). It is often regarded as a representative index of the economic condition and development level of a country or region.
(1) How Big Is Chinas Economy / 025
(2) How Fast Is Chinas Economic Growth / 027
(3) Why We Emphasize Economic Growth / 029
(4) Where Does Chinas Per Capita GDP Stand / 032
(5) What GDP Tells Us / 033
(6) Why GDP Must Grow / 037
(7) How Large Is Chinas Regional Gap / 039
(8) Is Chinas Economic Growth Efficient / 040
(9) Why We Must Reduce the Cost of Chinas Economic Growth / 043
The income level reflects the living standard of residents in a country or region. Since the reform and opening-up, the income level of urban and rural residents in our country has been increased significantl, especially since the 21st century, when the increase further accelerated.
(1) Income Level / 049
(2) Income Distribution Ratio—How to Balance the “Two Pockets” / 050
(3) Is the Tax Burden Heavy in China / 052
(4) How Revenue Is Distributed / 054
(5) How Large Is the Rich-Poor Gap / 056
(6) How High Is the Income of High-Income Families / 061
(7) How Large Is the Urban-Rural Gap / 063
The Consumer Price Index (CPI) is a macroeconomic indicator that reflects the changes in the average consumer price levels of households. It is also an important indicator for economic analysis and decision-making, overall price level detection and regulation, and national economic accounting. The CPI fluctuations reflect inflation or deflation to some extent.
(1) How to Understand CPI / 068
(2) A Review of PPP / 070
(3) Is Gold a Hedge Against Inflation / 072
Consumption is an important and final part in the process of social reproduction. Under Chinas socialist system, the purpose of social production is to meet peoples growing needs for a better life, so consumption is a powerful driving force for the development of social production.
(1) What Is Chinas Final Consumption / 077
(2) Is Chinas Household Consumption Rate High / 079
(3) How Much Does Our Food Cost / 082
(4) Dietary Structure of Urban and Rural Residents / 084
(5) Consumption Structure Changes of Urban and Rural Residents / 085
(6) The Need for Companies to Realize Consumer Satisfaction / 088
(7) Do You Have Confidence in Consumption / 090
According to the principle of multiplier and acceleration in economics, an initial increment in investment increases the final national income by several times which is conducive to investment. Such cyclical synergy will multiply the growth of national income and investment, ultimately enabling economic growth. In reverse, if investment decreases, it will also bring about several times the decrease of national income, thereby inhibiting the economic development.
(1) Chinas High Rates of Savings and Investment / 094
(2) Fast Development of Chinas Investment / 096
(3) How Attractive Is Chinas Investment Market / 098
(4) Where Does Chinas FDI Come from / 099
(5) How Much Is Chinas Foreign Investment / 102
(6) Where Does Chinas Foreign Investment Go / 103
(7) How Is the Market Environment in China / 105
(8) How Open Is Chinas Market / 107
(9) Assets and Liabilities of Securities Investment / 110
As an important player in global trade, China needs to keep its door open to the rest of the world. In 2019, Chinas total import and export volume of 4.58 trillion US Dollars continued to surpass the 4.21 trillion US Dollars of the United States, once again becoming the world champion. In 2000, Chinas total import and export volume was only 474.3 billion US Dollars. From 2000 to 2019, its annual growth rate averaged 12.7%.
(1) Chinas Export Products and Destinations / 114
(2) From Where and What China Imports / 116
(3) The Role of Import and Export in Chinas Economy / 117
(4) Chinas Top Ten Trading Partners / 119
(5) Main Partners of Chinas Trade Surplus and Deficit / 120
(6) Geographical Distribution of Chinas Trade Deficits / 121
(7) Chinas Pilot Free Trade Zones / 122
(8) The Worlds Main Free Trade Zones / 124
(9) What Currency Is Used for Global Trade Settlement / 126
Chinas economic achievements have attracted worldwide attention. Like a high-speed train, Chinas economy is powered by sustainable energy supplies. Chinas rapid economic development has made it the worlds largest energy producer and consumer, and has formed an energy supply system with full development of coal, electric power, oil, natural gas, new energy and renewable energy.
(1) China as an Energy Powerhouse / 129
(2) Chinas Energy Mix / 131
(3) More Attention to the Environmental Cost of Coal / 133
(4) New and Renewable Energy / 134
(5) Wind Power and Photovoltaic Power Generation / 137
(6) China Needs Shale Gas Revolution and Combustible Ice / 138
(7) Energy Strategic Channel / 140
(8) Energy Infrastructure / 141
(9) Whether Enterprises Can Exercise Self-Discipline for Sustainable Development / 142
The reform of Chinas financial market has moved forward in an orderly and steady manner. According to the global bank asset rankings as of April 2019 released by Standard & Poors Global Market Research Institute, Chinas four largest state-owned banks dominated the top four, and the Industrial and Commercial Bank of China (ICBC) topped the list with 4.03 trillion US Dollars in
assets.
(1) The Worlds Largest Bank / 145
(2) Functions and Roles of the Central Bank / 147
(3) Exchange Rate: Currency Prices / 148
(4) Stock Market: A Barometer of NationalEconomy / 149
(5) National Investment Risks / 152
(6) Foreign Exchange Reserves: As the Firewall of Financial Crisis / 154
(7) Financial Services / 156
(8) Cost of Capital / 157
Our infrastructure includes not only roads, railways, water transport, aviation, communications, power supply, water supply and other infrastructure needed for production and life, but also social infrastructure such as education, medical care, technology, sports and culture. Infrastructure is highly relevant not only to construction and development, but also to peoples livelihood. It is the cornerstone for economic and social development, influencing all aspects of peoples lives.
(1) “If You Want to Get Rich, Build Roads First” / 160
(2) Air Transport / 162
(3) Water Transport: The Cheapest Mode of Transport / 164
(4) From “Dageda” Handphones to Smartphones / 166
(5) Chinas Internet: Large Quantities of Netizens with Slow Speed / 168
(6) Are You Internet-Illiterate / 169
(7) Funding Is Essential to Scientific Research / 171
(8) Is China Innovative / 174
Health, education and life form the basic needs of people. On this basis, the United Nations has defined and measured the human development status of the global economy. With its large population, China is faced with far greater health, education, and living problems and difficulties than other countries. Nevertheless, China still makes a lot of efforts in these areas.
(1) Human Development Index / 176
(2) Aging: Hidden Concern Behind Continuous Growth / 178
(3) How Much Have We Done for Children / 180
(4) Health Facilities in Urgent Need of Improvement / 182
(5) How Far Are We from High-Quality Life / 184
(6) Leisurely Europe and Hardworking Asia / 185
The Belt and Road is the abbreviation of the “Silk Road Economic Belt” and the “21st Century Maritime Silk Road”. It borrows the name of the “Silk Road” used by ancient China to connect with the outside world. It is an important initiative for China to strengthen ties with the world in the New Era. Based on peace and development, the initiative aims to deepen economic cooperation with countries or regions along the route, find strategic opportunities for joint building of a community of interests, shared future and responsibility featuring political mutual trust, economic integration, and inclusive culture.
(1) New Concept of Regional Cooperation / 189
(2) Unbalanced Regional Development / 191
(3) Seek Investment Opportunities / 193
(4) Seek Infrastructure Cooperation / 196
(5) Take Development Responsibilities / 198
Epilogue
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