Dr. Syed Mehboob
Political and Economic Analyst
http//:www.thenewslark.com
drmehboob.thenewslark@gmail.com
Seventy-Seven years ago China was a poverty ridden country. Out of ten Chinese nine lived below the poverty line, there was no respect for China and Chinese in the world, western countries closed their doors for them. Then a man with determination, commitment, Mao Zedong opened a new chapter in Chinese history, created unity among Chinese people, realized them their potential and changed their destiny. Chinese turned from an agricultural country into the world’s second largest economy, the world’s leading manufacturing power, the top trader of goods, the largest exporter, second largest importer, and the holder of the largest exchange reserves. This historical elevation in national strength matches China’s significant contributions to global development. In just 40 years it lifted 800 million people out of poverty.
China witnessed major change since 1978 onward when Deng Xiaoping’s leadership shifted towards market driven policies while keeping core strategic sectors under state oversight. Cities like Shenzhen became test areas for foreign investment and private business. The Household responsibility System allowed farmers to sell surplus crops for profit, boosting food production.
China got World Trade Organization ( WTO) membership in 2001, integrating deeply into global supply chains. The nation built the world’s largest high speed rail and expressway networks to lower trade cost.
Over these 77 years, the journey of Chinese modernization has profoundly transformed China and influenced the world, truly realizing that our work will be written in annals of human history.
Economic Indicators
Population : 1.045 billion
GDP Nominal US$ billion : 20,850 billion
GDP PPP US$ billion : 44,290 billion
GDP Nominal per capita US$ : 14,874
GDP PPP Per Capita US$ : 31, 596
Labour force : 84 million
Exports U$ billion : 4,752 (2026)
Imports US$ billion : 3,476 (2026)
FDI stock (Inward) US$ bn : 300 billion
Foreign Reserves US$ billion : 4,174 billion
China is the world’s largest manufacturing industrial economy and exporter of goods. China is widely regarded as the powerhouse of manufacturing , the factory of the world, and the world’s manufacturing superpower. Its production exceeds that of the nine next largest manufacturers combined. Its exports are 20% of its GDP. Manufacturing has been transitioning towards high tech industries such as electric vehicles, renewable energy , telecommunications and IT equipment, and services has also grown as a percentage of GDP. China is world’s largest high technology exporter. It spend around 2,6 % of GDP to advanced research and technology US$ 97.5 billion. Out of world’s 500 largest companies 142 have headquarters in China. It has three of the world’s top ten most competitive financial centers and three of the world’s ten largest stock exchanges ( both by market capitalization and trade volumes) . China has the second largest financial assets in the world valued at US$ 28,300 billion . China has the world’s largest Foreign Direct Investment with US$ 107 billion. The practices of Chinese modernization teaches us that development is the key to solving all problems. China has proposed the Global Development Initiative to support the development and revitalization of countries in the Global South. By the end of 2023, China’s direct investment in countries participating in the Belt and Road Initiative had exceeded $300 billion. Chinese companies have built the first ultra-high voltage direct current transmission line in the Americas, the first electrified railway, the first digital mine, and numerous infrastructure and livelihood projects in Africa, making an indelible contribution to global infrastructure construction.
Over the past 77 years, China has never initiated any war or conflict and has never occupied an inch of another country’s territory. In the face of numerous international security challenges, China has proposed the Global Security Initiative. It has mediated the reconciliation between Saudi Arabia and Iran, facilitated a historic reconciliation among Palestinian factions, and promoted a political resolution to the crisis in Ukraine. Today, China has become the second-largest contributor to the UN regular budget, the second-largest contributor to peacekeeping operations, and the largest troop-contributing country among the permanent members of the UN Security Council. China has always been committed to promoting world peace and development. Over the past 77 years, China has demonstrated an uncommon empathy in the political arena of major powers throughout human history. From proposing the Five Principles of Peaceful Coexistence, emphasizing equality and non-interference in other countries’ internal affairs, to the new era’s initiatives like jointly building the Belt and Road Initiative, building a community with a shared future for mankind, and the promotion of solidarity and cooperation among the Global South, China has advocated that the sovereignty of all countries are equal regardless of size on global arena while showing respect and support for the development of other countries. China has provided the worldview of “shared future” and the methodology of “jointly building and win-win cooperation” for all mankind, breaking the nearly 500 years of narrow perspective of the West in viewing the world and building order from the perspective of “hegemonic hierarchy,” “center-periphery” and “cultural monism.” This is rare in the history of human civilization and is urgently needed in today’s world.
The 77-year journey through challenges has underscored the invaluable role China plays in global peace, development and progress. The modernization China has promoted, which embodies justice, openness, mutual benefit, people-first policies, diversity, inclusiveness, eco-friendliness, and peace and security, will only become more significant and valuable to the world as time progresses.
Since the founding of the People’s Republic of China 77 years ago, the living standards of the Chinese people have progressed from mere subsistence to moderate prosperity in all aspects. Remarkable changes have been made since China ushered in the reform and opening up in 1978. The private economy has developed rapidly, and the national economy has expanded at a high speed. Before the reform and opening up, the consumption level of residents was relatively low, and household expenditures were mainly used for food, clothing and daily necessities, but now people are spending more on durable goods such as automobiles and household appliances. The changes can be mirrored in the Engel’s coefficient, which measures food expenditures as a proportion of total household spending. The index was 29.8 percent in 2025, down 34.1 percentage points from 63.9 percent in 1978.Take the household home appliance ownership for example, the average number of refrigerators per 100 households reached 103.4 at the end of 2025, in contrast to merely 0.2 in 1981. The number of household color TVs per 100 households stood at 107.8 at the end of 2025, in contrast to 0.6 in 1981. The number of household washing machines per 100 households stood at 98.2 at the end of 2025, in contrast to 6.3 in 1981. When the People’s Republic of China was founded, the housing conditions were relatively poor. After the reform and opening up, the housing system transformed from welfare housing allocation to marketization, and the shortage of housing for urban and rural residents gradually eased. The living conditions became more comfortable and spacious.
The per capita housing floor area climbed 4.8 times in 2020 over 1978, reaching 38.6 square meters for urban residents and 46.8 square meters for rural residents, said the NBS report citing the seventh national census results.Chinese people are enjoying longer life expectancy. The average life expectancy reached 80 years in 2025, an increase of 43.6 years compared to the early days of the People’s Republic of China.At the end of 2025, 99.8 percent of the urban communities had access to highways, an increase of 0.6 percentage points from 2013, and 99.9 percent of the rural communities had access to cable TV signals, up 10.7 percentage points from 2013.( Continued )
