Nihon Keizai Shimbun:

My question is for Mr. Cong. Looking back on the past 70 years of history, what do you think are the main achievements of the Chinese economy? Thank you.

Cong Liang:

Thank you for your question. There are indeed a great many economic achievements over the past 70 years, and it may be difficult to explain everything in just a few minutes. Here I'll mainly talk about five aspects.

In the past seven decades, under the strong leadership of the Communist Party of China, we have transformed from a closed and backward country to an open and advanced nation. From once having a lack of food and clothing, we are now a moderately prosperous society in all respects, from being weak and poor we are now strong and prosperous. China has made historic achievements in its economy, laying a solid foundation for securing a decisive victory in building a moderately prosperous society in all respects and realizing the Chinese dream of national rejuvenation.

Firstly, our comprehensive national power has been substantially enhanced. The People's Republic of China was established from virtually nothing. In 1952, its GDP was only 67.9 billion yuan. In 2010, this number exceeded 40 trillion yuan, surpassing Japan and ranking second in the world. Since the 18th CPC National Congress, our comprehensive national power has continued to strengthen. Over the past three years, our total economic output has surpassed the 70 trillion, 80 trillion and 90 trillion yuan mark successively, accounting for nearly 16% of the world economy. Calculating it while holding prices constant, our GDP in 2018 was 175 times higher than that in 1952, with an average annual growth rate of 8.1%. In 2018, gross national income (GNI) per capita reached $9,732, which is higher than the average number in middle-income countries. In 2018, fiscal revenue reached 18.3 trillion yuan, and our foreign exchange reserves exceeded $3 trillion, ranking first in the world for 13 consecutive years.

Secondly, China's economic structure was markedly optimized. Over the past 70 years, China's agricultural foundation has been continuously enhanced. Grain output in 2018 increased by 4.8 times compared with that of 1949. Many industrial sectors have grown from nothing into something, from small to large. Now China has all industrial categories listed in the United Nations industry classification system, and its industrial production is quickly moving toward mid-and high-end manufacturing. The development of the service industry can also be clearly seen. As has been introduced, many new industries, including the express delivery industry, have developed rapidly. In addition, the level and quality of new urbanization have been continuously improved on, and the current rate of urbanization has increased by more than 40 percentage points since the founding of the People's Republic of China. Coordinated development has also been steadily promoted across the regions in China.

Thirdly, China's innovation capabilities have improved enormously. Over the past 70 years, China's scientific and technological innovation capabilities have continued to increase, and the talent pool has grown stronger. In particular, since the 18th CPC National Congress, innovation has become the primary driving force for development. Great achievements have also been made in manned space flight, the lunar exploration program, quantum science, deep sea exploration, supercomputing, satellite navigation and many other fields. These achievements will also be displayed in the exhibition. In 2018, the expenditure on research and experimental development of the whole society reached 1.97 trillion yuan, accounting for 2.18% of GDP, exceeding the average level of 15 EU countries.

Fourthly, we have increased our openness to the outside world. Over the past 70 years, China has adhered to an independent foreign policy of peace and actively developed friendly cooperation with all countries in the world. In 2001, we joined the WTO and participated more actively in international economic cooperation. In particular, since the 18th CPC National Congress, China has actively promoted the Belt and Road Initiative which received positive responses from over 160 countries and regions. We have advocated the construction of building a human community with a shared future and contributed Chinese wisdom to the reform of the global governance system, thereby shouldering the responsibility of a big country.

Fifthly, and most importantly, people's living standards have been significantly improved. Over the past 70 years, the income of urban and rural residents in China has continued to increase. In 2018, the disposable income per capita of residents nationwide reached 28,000 yuan, an increase of 24.3 times compared to 1978. Particularly since the 18th CPC National Congress, great attention has been paid to people's livelihood and employment. The number of new jobs added in urban areas has exceeded 13 million for six consecutive years. By the end of 2018, the total number of employed people increased to 776 million. Marked achievements have also been made in poverty alleviation. From 2013 to 2018, the number of rural poor people in China has decreased by 82.39 million, a number equal to the population of a large country. By 2018, the poverty headcount ratio in rural areas has fallen to 1.7%, contributing more than 70% to global poverty reduction.

After 70 years of development, China's economic achievements are vast and all-encompassing. Looking back on the 70 years since the founding of the People's Republic of China, especially since the 18th CPC National Congress, the tremendous achievements made in China's economic and social development have indeed been inspiring and heartening. Facts have shown that under the strong leadership of the Communist Party of China and the joint efforts of the whole country, we will be able to overcome all the difficulties and challenges in the road ahead, achieve the great success of socialism with Chinese characteristics for a new era and realize the Chinese Dream of national rejuvenation. Thank you.