At present, China is in an important stage of transforming the mode of development, optimizing the economic structure and transforming the driving force of growth. It is also a key period for China to cross the so-called “middle-income trap”.
(Gu Yang)
The recently released statistical bulletin on national economic and social development shows that China’s per capita gross domestic product (GDP) will be 80976 yuan in 2021, an increase of 8.0% over the previous year. The per capita GDP exceeds the world average of US $250000 in terms of annual exchange rate.
According to the world bank’s 2020 standard, when the per capita gross national income (GNI) reaches US $12696, it will enter the ranks of high-income countries. In 2021, China’s per capita GNI is about US $12400, which is close to the threshold of high-income countries.
The level of per capita GDP / GNI is usually used to reflect a country’s economic development level. Whether the per capita GDP exceeds the world average or the per capita GNI is close to the threshold of high-income countries, they fully reflect the effectiveness of China’s high-quality economic development under the guidance of the new development concept, and highlight the foundation and strength of China’s steady economic growth.
However, per capita GDP / GNI and per capita income are different concepts, which are often confused in real life. When the economic aggregate rises, the per capita GDP will increase accordingly. However, due to the multiple and multi-channel distribution of social wealth, the growth of residents’ per capita income may not be so obvious, which is an important reason for the “temperature difference” between economic growth and personal actual feelings.
An objective evaluation of a country’s development level depends not only on its per capita GDP / GNI, but also on its national living standard, whether the income distribution mechanism is fair and reasonable and other relevant indicators. At present, although some economic indicators in China are close to the threshold of high-income countries, China’s per capita GDP has not yet reached the lower limit standard of high-income countries, and there is a large gap from the average level of developed countries. This means that at present, China is still in the ranks of upper middle-income countries. We should have a clear understanding of this and should not have the wrong idea that economic development can relax and have a rest.
In fact, the characteristics of China’s large population base and vast territory determine that the characteristics of imbalance and disharmony between regions and between urban and rural areas are still very prominent. Statistics show that at present, the per capita GDP of only 11 provinces in China, such as Beijing, Shanghai and Jiangsu, exceeds the national average, and most other provinces still hover below the average. Further, even within these 11 provinces, the per capita GDP of many cities is lower than the national average. For example, in 2020, only 5 of the 21 prefectures and cities in Guangdong Province exceeded the national average, and only 6 of the 16 prefectures and cities in Shandong Province exceeded the national average.
Obviously, the current national per capita GDP is 1.5% The $250000 “cake”, no matter how finely divided, can not meet people’s expectations of “high income”. In this regard, on the one hand, we should continue to expand the “cake”, deepen the supply side structural reform, smooth the economic cycle, tap and activate the potential growth capacity of the economy with scientific and technological innovation, promote the upgrading of the industrial foundation and the modernization of the industrial chain, and then achieve structural optimization, quality improvement and efficiency improvement; On the other hand, we should scientifically divide the “cake”, continuously narrow the income gap by improving the income distribution system, and help make greater progress in common prosperity with more balanced, inclusive and quality development.
At present, China is in an important stage of transforming the mode of development, optimizing the economic structure and transforming the driving force of growth. It is also a key period for China to cross the so-called “middle-income trap”. A century of changes superimposed on a century of epidemics, inadequate development and imbalances have intertwined effects, bringing great downward pressure on China’s economy. However, it should also be noted that the fundamentals of China’s long-term economic improvement have not changed, and the favorable factors supporting the stable recovery of the economy are still accumulating. As long as we give full play to the advantages of China’s strong economic toughness and great potential, maintain strategic concentration, and through the joint efforts of the people of the whole country, we will be able to truly reach a higher level in the near future.
The 20th annual meeting of Chinese enterprise leaders