At the beginning of 2021, there comes encouraging news from China. According to the preliminary calculation of the National Bureau of Statistics of China, China’s GDP in 2020 reached 101.6 trillion yuan (around 14.7 trillion USD), increased by 2.3% from 2019. For the first time, China's GDP exceeded the 100-trillion-yuan threshold?achieving a historic leap.

This Leap Is Significant For China, this leap marks the milestone in the journey of Chinese national rejuvenation. The GDP of 100 trillion yuan and the per capita GDP of 10,000 USD for the second consecutive year indicates a new height in the overall national strength and people's living standard. It has laid a solid foundation for China in implementing the 14th Five-Year Plan (2021-2025) and embarking on a new journey towards fully building a modern socialist country. It has also created ample space for China to follow a new development philosophy and foster a new development paradigm with domestic circulations as the mainstay and domestic and international circulations reinforcing each other.

For the world, this leap is a ray of warm sunshine amid economic gloom. The world economy has been severely hit by the COVID-19 pandemic. China is the first and the only major economy to achieve positive growth in 2020, injecting impetus into the global economic recovery. The China’s share in the world economy is anticipated to rise to around 17%. China’s growing economy will further enhance its potential of foreign trade and investment, strengthen the inter-connection and mutual promotion of the markets of China and the world, and make greater contributions to the improvement of global economic governance, the building of an open world economy and a community with a shared future for mankind.

https://www.thenews.com.pk/print/785341-the-new-leap-of-china-s-economy-benefits-china-pakistan-cooperation