China: Reaches a New Level

Author: Hu Angang
Publisher:
Publish Date: 2006-09-01
Features: The 15th Five-Year Plan period (2001-2005) was a new era for China to accelerate the construction of socialist modernization and opening-up in the new century. It marked the beginning of China's transition from a general level of moderate prosperity to a comprehensive well-off society, as well as a critical period for strategic adjustments in China's economic structure and the improvement of the socialist market economy system and opening-up. This period symbolized China's entry into a golden age of accelerated and coordinated development. Surprisingly, China made significant strides in five areas:
- The total and per capita economic output reached a new level. Calculated at constant 2000 prices, China's GDP exceeded 1.56 trillion yuan in 2005, with per capita GDP reaching 12,000 yuan.
- People's living standards and quality improved significantly. The annual average real growth rates of per capita income for urban and rural residents were 9.6% and 5.3%, respectively. China's Human Development Index (HDI) rose to 0.755 in 2003, ranking 85th among 177 countries and regions worldwide, while its Human Poverty Index (HPI) ranked 27th among 103 developing countries and regions.
- The total capital of society (referring to the five capitals: material capital, human capital, natural capital, knowledge capital, and international capital) reached a new level, with its proportion to GDP increasing from 67% in 2000 to 81% (2003 data).
- National comprehensive strength advanced significantly, with the relative gap between China and the United States narrowing from 2.5 times to 2.2 times (2003 data).
- China's contribution and influence on global development grew significantly, with total import and export trade exceeding 1.42 trillion U.S. dollars, three times that of 2000.