On the 75th anniversary of the founding of the People's Republic of China, Robert Lawrence Kuhn traces the country's incredible economic growth, which has produced a dramatic rise in the standard of living for 1.4 billion people. Per capita disposable income has risen from 171 yuan in 1978 to nearly 40,000 yuan in 2023, an increase of 228 times.
China, which was one of the poorest countries in the world in 1978, has seen an average annual economic growth of 8.9 % for 45 years, the longest and largest economic growth in history. During this time, over 770 million rural people were lifted out of poverty and urbanization increased from 20 % to over 65 %.
Improvements in living standards can be seen in all areas. High-speed railways have expanded to over 45,000 kilometres, modern agriculture ensures food security and health reforms have improved the health of the population. China now has the largest social security system in the world, covering nearly 97 % of the population.
Yet China faces challenges, most notably a slowdown in its investment-led economy. Under the leadership of President Xi Jinping, the country is focusing on modernisation and quality development, especially in science and technology. China's GDP growth target of around 5 % can contribute more than 30 % to global growth.
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