China Economic Review: 2023 in Numbers and Trends

2023-12-31 01:45:00

Soon, we will say goodbye to 2023. Many people will take stock of the changes and gains in this year. For individuals, the most important thing in life is their money bag. Nowadays, all payments are digitized. As soon as you open the banking applet on your mobile phone, you can see at a glance how much you spent, earned, and had a balance this year. A small personal ledger can be handled with a small program, but taking stock of the country’s large ledger is more complicated. At the end of the year, relevant departments have released a lot of industry data, covering all aspects of economic and social development. “There are many great powers in 2023.” Now let’s take a look at the country’s ledger.

In the first three quarters of this year, my country’s GDP grew by 5.2% year-on-year, which met or even exceeded last year’s plan. There is no problem in achieving this year’s economic goals for the whole year.

What is the concept of 5.2%? The one-year increase in my country’s GDP is equivalent to the one-year GDP of a moderately developed country.

From a vertical perspective, my country’s current annual GDP growth rate of 5.2% has brought regarding an increase that far exceeds the total annual GDP in the early 1990s.

  Wang Yiming, Vice Chairman of China Center for International Economic Exchanges:The growth rate is significantly higher than that of developed economies. For example, current market forecasts indicate that the United States will have a growth rate of 2.4% this year, the Eurozone will have a lower growth rate, Japan will have a growth rate of approximately 1.7%, and we will have a growth rate of 5.2%. Therefore, China is still the most important engine of the global economy, and its contribution to the world will be More than 30%.

You know, the world situation today is very different from before. To sum up, the world’s century-old changes are accelerating and the external environment is severe and complex. Especially in the post-epidemic era, economic recovery is in a “wave-like development and tortuous process.” Against this background, it is hard-won that China, with its huge economy, can achieve a GDP growth of 5.2%. It reflects the speed of development, and behind the speed is our hard work and hard work, and it is also because of the strategic guidance of a big picture and great wisdom. A boat traveling thousands of miles depends on the rudder.

However, following all, GDP is an indicator of the economic development of the entire country. Such figures may be abstract to many ordinary people, so we need to talk regarding those that can give us personal experience. What makes us realize the most is probably the endless express delivery and the endless online shopping products we can’t buy every day.

Data shows that at 18:26 on December 4, an express package sent from Kunming, Yunnan to Chengdu, Sichuan, became the 120 billionth express item in 2023. This is the first time that my country’s annual express delivery business volume has exceeded 120 billion items. This year, the postal industry’s total delivery volume exceeded 140 billion items.

In the first 10 months of this year, my country’s online retail sales of physical goods reached 10.301 billion yuan, an increase of 8.4%. It is the rapid growth of service production and consumption that has enabled the express delivery business volume to achieve a huge leap from “annual average of tens of billions” to “monthly average of tens of billions”. The express delivery industry has become a “vane” reflecting economic vitality and a “barometer” of economic development.

  Wang Yiming, Vice Chairman of China Center for International Economic Exchanges:One end of express delivery is connected to production, the other end is connected to consumption, and the middle is logistics. This strong rebound in express delivery reflects the accelerated recovery of our production, the continued warming of consumption, and the significant improvement in the energy level and efficiency of our logistics. Online retail has a very obvious driving effect on consumption, which in turn plays an important supporting role in economic recovery.

303,000 comprehensive rural logistics service stations have been built in my country. Of the 350 million parcels shipped nationwide every day, more than 100 million are shipped in and out of rural areas. Obviously, with the deepening of rural revitalization and the gradual narrowing of the gap between urban and rural areas, the huge market potential in rural areas is being vigorously released.

Below we will also highlight several manufacturing data.

One is: 11.3%, which is the year-on-year growth of my country’s high-tech manufacturing investment in the first 10 months of this year. Another related figure is that in the first 10 months of this year, the growth rate of investment in my country’s high-tech manufacturing industry was 5.1 percentage points higher than that of the entire manufacturing industry. What does this mean?

  Wang Yiming, Vice Chairman of China Center for International Economic Exchanges:That is to say, investment in high-tech manufacturing is more active. We used to focus on the processing and assembly of end products, but now more and more are extending to the midstream and upstream, to core parts and components, and key technologies and materials are extended to these, and these The added value of the field is higher. So we said before that we would upgrade the industrial value chain and move towards the global mid-to-high end. I think this process is happening quietly in the past two years.

What exactly is “high-tech manufacturing”? Let’s make it more concrete. For example, the new energy vehicles we are familiar with are high-tech manufacturing industries. In the first 10 months of this year, my country’s new energy vehicle exports increased by 99.1% year-on-year, achieving amazing “China speed” around the world.

There are also some forward-looking industries that lead the future development direction. For example, in the field of photovoltaics, my country’s polysilicon production, module production, installed capacity, etc. have ranked first in the world for many years in a row; my country’s wind turbine production accounts for more than two-thirds of the global market. Share; the number of “5G + Industrial Internet” projects in my country has exceeded 8,000, and the number of application cases has exceeded 94,000.

Behind this series of numbers reflects our direction and goal, which is to promote new industrialization and achieve high-quality development. To this end, we have been working hard.

  Liu Yuanchun, President of Shanghai University of Finance and Economics:High-quality development must win in scientific and technological innovation, and must make some breakthroughs in some advanced manufacturing industries. As we build a new development pattern, our science and technology will be self-reliant and we will further improve in high-end manufacturing. The quality of domestic large-scale circulation is of vital importance and is also a focus of our construction of a safety industry system.

In the first 11 months of this year, the national consumer price rose by 0.3% year-on-year, which means that prices are generally stable. When prices stabilize, the income we receive will be real and realistic. Correspondingly, in the first three quarters of this year, the national per capita consumption expenditure actually increased by 8.8% year-on-year.

  Liu Yuanchun, President of Shanghai University of Finance and Economics:This year is the year of our consumption recovery. The current consumption growth rate is higher than the growth rate of our actual GDP and residents’ income, which shows that the consumption recovery is actually progressing as expected. The intensity of residents’ consumption expenditure during holidays has also reached 98.5% of 2019. , so consumption repair has actually been basically completed on some necessities.

5.9%, which is the actual growth of per capita disposable income of national residents in the first three quarters of this year.

If you don’t have a clear idea of ​​the growth rate of 5.9%, then we can make two more comparisons:

First, the growth rate of residents’ income of 5.9% is faster than the growth rate of national GDP of 5.2%.

Second, the income of rural residents is growing faster than that of urban residents. In the first three quarters of this year, the ratio of per capita disposable income of urban and rural residents shrank by 0.06 compared with the same period last year.

The gap between urban and rural areas is narrowing, which means that the country’s economic development benefits all people more equitably, and achieving common prosperity has always been our original intention and mission for development.

  Wang Yiming, Vice Chairman of China Center for International Economic Exchanges:The gap between our urban and rural areas is also adjusting and improving, which means that the consumption power of rural areas will also increase accordingly. I think this reflects a new leap in China’s development philosophy in recent years. That is to say, we must adhere to the people-centered development concept and promote shared development so that the majority of people can share the fruits of our development.

All these data are actually hard-won and were spelled out in 2023. In 2024, our country’s economy will continue to move forward steadily.

The numbers that we can really work on tell us that the future is bright, and also remind us that the road ahead will not be smooth. Everyone who struggles in life understands that every increase in these numbers is hard-won.

General Secretary Xi Jinping said: “When are there no difficulties? One by one, every year is good, and every year is good. This has been the case for the Chinese nation for more than 5,000 years. The key to climbing uphill and overcoming obstacles is to boost confidence.” These few words are weighty, There is a “big historical perspective” in common parlance. The world is undergoing major changes unseen in a century, and numbers also tell us that the times and trends are on our side. Numbers give us strength and confidence, as well as determination and confidence. “The long-term good fundamentals have not changed and will not change”, and we have more reason to firmly believe that “the next ‘China’ will still be China.” Choosing China means choosing the future.

Editor | Wang Taoran, Videography by Guo Zhen | Planning by Lv Shaobo | Editing by Niu Yanmin | Tong Yongjie and Zheng Yu

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