After more than three years of the pandemic, the world's major economies have been affected to varying degrees. At the same time, however, China's economy has shown strong growth momentum. According to the data released by the National Bureau of Statistics, China's GDP increased by as much as 5 percent year-on-year in the first three quarters2%, the total amount reached 91.3 trillion yuan.
According to data**, China's GDP is expected to exceed the $20 trillion mark in 2023, becoming the second country after the United States to exceed this milestone.
Industry insiders believe that China's GDP is about to exceed 20 trillion US dollars, which will be a moment of historic significance. This indicates that China's economy still has great potential for development, but at the same time, it will also face a series of challenges.
From the perspective of economic structure, the proportion of China's primary industry has dropped from 28% to 77%, and the proportion of the tertiary industry has rapidly increased to more than 55%. This indicates that China's economy is successfully undergoing structural adjustment, transformation and upgrading.
But at the same time, how to deal with environmental pollution, resource shortages, and the widening gap between the rich and the poor will also test our ability to respond.
In fact, China's GDP is about to exceed 20 trillion US dollars, which has a far-reaching impact on domestic and foreign development, mainly reflected in the following four aspects:
First, China's economic transformation has been fruitful. At present, the main measure of China's economic transformation is to reduce the number of people.
The proportion of the primary and secondary industries in GDP will enhance the contribution of the tertiary industry to GDP. This will not only ensure steady economic growth, but also increase jobs in the tertiary industry. As it stands, this transformation has paid off. In the future, China's economy will further adjust its structure, from relying on real estate and infrastructure investment to relying on high-end manufacturing and high-tech industries to drive GDP growth.
Second, China's economy still has huge growth potential. After China relaxed epidemic prevention restrictions this year, GDP growth was immediately rapid. This fully shows that the domestic economy is full of stamina and abundant growth momentum. This is mainly due to China's vast land area and huge consumer market of 1.4 billion people. There is still a lot of room for improvement in infrastructure and consumer demand, which lays a solid foundation for sustained and healthy economic development.
Third, China's economic influence in the world is steadily increasing. China's GDP exceeds 20 trillion US dollars, which means that its proportion in the world's GDP will further rise, and its voice in the Belt and Road Initiative and the global system will also be strengthened. At the same time, with the expansion of the total GDP, the internationalization process of the RMB will also be significantly accelerated, and it will be used by more and more countries as a reserve currency.
Fourth, China's economic growth will also bring more development opportunities to the domestic society. A GDP of more than US$20 trillion will boost per capita national income, thereby boosting consumer confidence and unleashing the potential of domestic demand. At the same time, financial support will be provided to strengthen the construction of public services and social security systems, and promote social fairness and justice.
It can be seen that China's total GDP is approaching the $20 trillion mark, which is an important turning point in the country's economic development. This indicates that China's economy has become the world's second largest economy and is in a new expansion cycle.
On this basis, if we can overcome the various challenges we are facing, grasp the opportunities, and readjust the economic structure, China's economic growth will have more stamina and its international status will continue to improve.