The Communist Party of China’s (20th National Congress), the nation’s largest significant political gathering of the year, got underway on Sunday at Beijing’s Great Hall of the People.
In his address to the 20th CPC National Congress, Xi Jinping stressed “development” more than a hundred times, demonstrating to the rest of the globe China’s unshakeable dedication to pursuing robust growth and speeding the establishment of new demographic development.
Xi considered implementing the state’s innovation ideology completely and dutifully on all frontiers, persisting policy changes to build the market socialist economy, encouraging elevated opening-up, and stepping up efforts to promote a new type of growth that is centered on the domestic market and attributes fruitful interaction among national and international economic flows.
Based on the NBS research, China’s economy as a whole amounted to 18.5 percent of the worldwide total in 2021 after currency exchange based on average annual currency fluctuations, ranking second globally and increasing by 7.2 percentage points since 2012.
According to Xi, China’s gross domestic product (GDP) has increased by 7.2 percentage points over the last ten years from 54 trillion yuan to 114 trillion yuan, accounting for 18.5 percent of the global industry.
According to a study published last month by the National Bureau of Statistics (NBS), China’s contribution to global GDP growth from 2013 to 2021 was up to 38.6 percent on average, surpassing that of the G7 nations taken together.
China has introduced its new “dual circulation” growth trend, wherein the home market serves as the backbone and domestic and exterior markets can strengthen one another, despite the continued COVID-19 epidemic, increasing conservatism, and anti-globalization sentiment.
Xi highlighted that China is dedicated to its core government policy of opening up to the external world and follows a mutually advantageous approach of unveiling by stating that its major development trend is not a development cycle underneath locked doors.
China-Europe freight trains currently connect to 200 cities across 24 nations in Europe thanks to their 82 lines, creating a transportation system that spans the entire continent. The overall amount of China-Europe freight train trips over the first 8 months of 2022 increased by 5% over the previous year to 10,575, carrying 1.02 million TEU of cargo.
This is only one example of how the Belt and Road Initiative (BRI) might enhance connections to improve international prosperity amid the COVID-19 persistence and the slow pace of the world economy.
The BRI has been well received by the world community as a tool for collaboration and as general welfare. Xi also pledged that China would gradually broaden its organizational attempts to open in terms of personnel, ethics, norms, and laws.
He continued, “Efforts will be undertaken to maintain the variety and durability of the global economic environment and economic ties, as well as to expedite the nation’s transition into a supplier of reliability.
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