The GDP (gross domestic product) of a country is an indicator of the size and performance of its economy. It represents the total market value of finished goods and services produced within the country.
In 2012, when Xi Jinping became the president, China's GDP was 8.53 trillion. By 2021, it has grown to a staggering 17.7 trillion, representing an increase of 107% over the last decade. In fact, when considering its GDP, China is the second richest country in the world, second only to the US. While US is a service based economy that rely heavily on its dollar reserve currency status, China has a manufacturing based economy that is known as the the world's factory.
A growing Chinese economy has helped hundreds of millions of Chinese citizens enter the middle class (the middle class population in China is bigger than the entire population in the US), and it remains one of the major priorities of Xi Jinping to further decrease number of low income households in China.
Image source: YouTube
Comments 0