Most indicators suggest that China's economic fundamentals are strong, or at least not as gloomy as Western pundits would like Westerners to believe. Photo: iStock

China’s gross domestic product has risen at an average annual rate of 8.1% over the past seven decades, according to a report from the National Bureau of Statistics, Xinhua reported.

China’s GDP hit 90.03 trillion yuan (about US$13.14 trillion) in 2018, accounting for 16% of the world’s total. This was a sharp contrast to the country’s economy in 1952 when its GDP was only 67.9 billion yuan.

From 1979 to 2018, China’s economy grew by 9.4% annually on average, much higher than the world’s average economic growth of 2.9%, the bureau reported.

China’s economic growth has contributed about 18% to the global economic growth during the period, second only to the United States.

Gross national income per person reached $9,732 in 2018, higher than the level seen in middle-income countries.

The report also showed that China’s fiscal strength improved remarkably and foreign exchange reserves soared during the past seven decades.

Fiscal revenues leaped to 18.34 trillion yuan last year, compared with 6.2 billion yuan in 1950 and 113.2 billion yuan in 1978.

Forex reserves reached $3.07 trillion at the end of 2018, topping the world for the 13th straight year. By contrast, China’s forex reserves stood at $108 million at the end of 1952.

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