China’s relevant economic experts have proposed in New York here that China has experienced the fastest period of economic development since the founding of New China in the past decade and is moving from a developing country to the threshold of a medium-developed country. After the development of the next decade, China is expected to officially enter the ranks of developed countries in the world. From 2003 to 2011, China's economy grew at an average annual rate of 10.7%. In 2011, China's gross domestic product (GDP) reached 47.2 trillion yuan, a price increase of 1.5 times compared with 2002. The economic aggregate ranks steadily in the world, and in 2010 it became the world's second largest economy. In 2011, China's per capita GDP reached 35,000 yuan, converted according to the average exchange rate, China's per capita GDP reached 5,432 US dollars. According to the World Bank's 2011 standards, China has been included in the “middle and upper income countriesâ€. “In the past ten years, China’s average economic growth rate has reached 10.7%, which is a period of rapid economic development that China has not experienced in the past.†Mao Zhenhua, director of the Economic Research Institute of Renmin University of China, attended the 3rd Columbia University in New York on the 11th. In an interview with China News Service, China Outlook Forum pointed out that during this period, China has grown into the world's second largest economy and the world's largest trade exporter. “In the past decade, China’s demographic dividend has reached its peak in the period of rapid urbanization, and a new wave of scientific and technological progress and a relatively stable external environment have provided conditions for China’s economic development.†Mao Zhenhua said that by using these factors, The Chinese economy has developed rapidly, and the world's largest developing country has entered the threshold of the world's moderately developed countries. However, after China entered the middle-developed countries, with the increase of labor costs, the rapid changes in China's population structure, the demographic dividend, cheap labor, and the international environment supporting the rapid growth of foreign trade are also changing. The factors of China's rapid economic development are being reduced and reversed. . As the world's second largest economy, China needs to rely on the domestic market to increase the proportion of household consumption in GDP. Mao Zhenhua said that China's entry into the threshold of medium-developed countries will still maintain a relatively fast development rate and gradually become a "normal" developed country, that is, like other developed countries in the world, to enhance the social consumption structure and rely on the domestic consumer market. Under the higher social security, the labor price has been greatly improved, and these characteristics will appear in China in the future. In this process, China's economic development will slow down relatively, and the proportion of foreign trade exports to GDP will gradually decline. It is also in this process that China will gradually become the world's largest economy. The World Economic Cooperation and Development Organization released a report entitled "Vision 2060: Global Vision for Long-Term Growth" on November 10th, stating that China may replace the United States as the largest economy in 2016 at the earliest. However, Mao Zhenhua believes that “China is expected to replace the United States as the world’s largest economy between 2019 and 2022.†According to the data, Developed Country, also known as developed country, refers to the level of economic development. Countries with high technology, advanced technology and high standard of living, or industrialized countries and high economic development countries (MEDC). The developed countries that are currently recognized by the United Nations are 44 countries or regions including the United States, Japan, Germany, France, the United Kingdom, Italy, and Canada.
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