According to the IMF, the current economic size of China is approximately 14.5 trillion Dollars. On the other hand, the size of the US economy is 17 trillion dollars. Meanwhile, the boom of China's economy has not stopped at 14.5 trillion dollars. IMF predicts that by 2022, the size of China's economy will reach 16 trillion which will be more at per centage than the size of the United States at the same time.
Although China's economic growth has slowed in recent years, it has continued to grow at a rate of 11 to 13 percent or more per annum for a long time, from 7 percent or close. China is the world's largest exporter. During the past global economic downturn, China, a country with a strong economy, has rescued many countries, including the European Union, from massive economic collapse.
China, with a population of 1.3 billion, has the world's largest workforce. China has endless natural resources. Justin Lin, the World Bank's chief economist, said in 2011 that China, the world's second-largest economy in 2010, could overtake the United States to become the world's largest by 2030, if current trends continue. According to a 2010 estimate by former World Bank President James Wolfensohn, by 2030, two-thirds of the world's middle-class population will be Chinese.
In 2021, the Chinese Communist Party (CPC) have celebrated its centenary. China has somehow surprised everyone by achieving its desired economic position long before the predictions of world experts. Party chief Xi took a hard line against corruption as soon as he took the lead. He has provided exemplary punishment to many top leaders of the party and ensured strict discipline, transparency and accountability in the party, pledged to eliminate income inequality between different regions and people and work to eliminate inequality between urban and rural, developed and underdeveloped areas and rich-poor.
China's current leadership is pushing the economy toward more overall growth. China is sustaining the growth of its huge economy by meeting domestic demand. China has sought to expand trade with developing countries in the vast Asian continent by shrinking its export markets to developed economies. The country has made arrangements to convert its currency, the yuan, into an internationally investable currency. The yuan has already become part of a regional economy. BRICS China has taken the initiative to become an Asian bank in the style of the World Bank.
The Shanghai Co-operation Organization, made up of the republics of China, Russia and the former Soviet Union, is a strong economic alliance. China has taken steps to make it stronger. Analysts expect India to join the alliance soon. ASEAN will be one of the pillars in expanding China's economic ties. ASEAN dollar block. China is trying to turn it into a yuan bloc. ASEAN has traditionally tended to forge economic alliances with the West.
China has deep ties with all SAARC countries, including India, in South Asia. China is interested in participating in the prosperity and growth of South Asia. The Chinese president has visited several countries, including India. China wants to turn the whole of Asia, including South Asia and Southeast Asia, into a continent of economic prosperity and progress. And he wants to do all this in a peaceful way. China believes in peaceful coexistence with all countries. By believing in mutual respect and not interfering in the affairs of others.
The current world is full of instability and war. Political and social conflicts in the country, terrorism, hatred of ethnic groups, violence. There is also hunger, poverty and disease. Peace is still far away. Stability is disrupted in many ways around the world. The lack of equality and justice is evident. China accounts for one-fifth of the world's population. The country is constantly struggling and has certainly come a long way in achieving massive economic growth and development. China has alleviated the poverty of the people. Their standard of living has greatly improved. The country has played an important role in world peace and stability and in the development and progress of mankind.
Today China stands at the top of the world economy. Understandably, the world's attention to China is growing. We believe that China's current leadership will take China to new heights of peace, progress and dignity and will make a significant contribution to making the Asian region and the world in general more peaceful, harmonious and livable.