China’s economic output has jumped from $8.06 trillion in 2012 to $17.11 trillion in 2021, with its proportion in the world economy increasing from 11.3 percent to more than 18 percent, the country’s development and reform commission announced Tuesday.
China’s per capita GDP has risen from $6,300 to more than $12,000, and its innovation index ranked 12th in the world in 2021, making historic leaps in important fields, said the authority at a press conference themed “China in the Past Decade”.
By 2040, the economic weight of the APAC region is forecast to rise further to around 42% of world GDP, driven mainly by the further economic expansion of China, India and the ten Southeast Asian countries comprising ASEAN. The rising economic weight of APAC has far-reaching economic implications, notably due to the growing economic importance of APAC consumer markets as drivers of world demand growth.
In the past ten years, China has solidly implemented major regional development strategies, including the coordinated development of the Beijing-Tianjin-Hebei region, the development of the Yangtze River Economic Belt and the Guangdong-Hong Kong-Macao Greater Bay Area, the integrated development of the Yangtze River Delta, the ecological protection and high-quality development of the Yellow River Basin and more, it was noted at the press conference.