BEIJING, June 29 (ABC): China’s economy has grown by leaps and bounds over the past decade as the country has shifted its focus to high-quality development by enhancing its innovation efforts and macroeconomic policies.
China accounted for over 18 percent of the global economy in 2021, rising from 11.3 percent in 2012, as its GDP topped 114.4 trillion yuan (17.1 trillion U.S. dollars) in 2021, up from 53.9 trillion yuan in 2012, said Zhao Chenxin, deputy director of the National Development and Reform Commission (NDRC), at a press conference on Tuesday. The country’s per capita GDP rose to more than 12,000 U.S. dollars in 2021 from 6,300 U.S. dollars in 2012.
China has prioritized technological innovation to boost its competitiveness, growth momentum, and sustainability. Since 2012, the prominence of innovation has been upgraded multiple times in national strategies.
As a result, the country rose to 12th on the Global Innovation Index 2021, up from the 34th in 2012, making it the only country in the world to achieve a sustained and rapid rise. Over the past decade, the operating income of the high-tech industry has doubled from 9.95 trillion yuan in 2012 to 19.91 trillion yuan in 2021, according to the NDRC.