October 1, 2024, marked the 75th anniversary of the founding of the People’s Republic of China (PRC). Over 75 years, the country has embarked on a strenuous journey of national development and modernization, transforming itself from a struggling agrarian nation into the world’s second-largest economy. China’s development, prosperity, and stability are integral components of global peace, security, and progress.
Over the past 75 years, China has undergone dramatic transformations and epoch-making changes. Under the strong leadership of the Communist Party of China (CPC), the Chinese people have successfully opened the path of socialism with Chinese characteristics, advancing and expanding Chinese modernization. The Chinese nation has achieved a tremendous transformation from standing up and growing prosperous to becoming strong. The rejuvenation of the Chinese nation is now on an irreversible historical course.
In July this year, the Third Plenary Session of the 20th Central Committee of the CPC made decisions to further deepen reforms and promote Chinese modernization, laying out a grand blueprint for advancing the great cause of building a great modern socialist country in all respects and pursuing national rejuvenation. The bright prospects of China’s development will certainly create new and greater opportunities for countries worldwide including Bangladesh.
The comparative study of Chinese economic development reveals that in 1949, China was one of the world’s poorest countries. However, China has moved from an impoverished, underdeveloped country to a global economic giant and a major player in global governance. China has successfully pulled more than 800 million people out of poverty. China is on track to becoming the strongest growth engine globally with its contribution to the global GDP standing at around 18 percent. The latest economic data has confirmed that China’s GDP grew by 5.2 percent in 2023. It is the top trading partner with over 125 countries across the globe. In 2022, China maintained its position as the second FDI destination in the world.
At constant prices, the total economic output in 2023 has increased 223 times compared to 1952, with an annual growth rate of 7.9 percent. Specifically, China’s GDP surpassed 126 trillion yuan (about 18 trillion US dollars) in 2023. The GDP in 1952 was just 67.9 billion yuan. The living standard of the Chinese people has progressed from mere subsistence to moderate prosperity in all aspects. Over the past 75 years, the per capita disposable income of Chinese people has increased 76-fold, adjusted for inflation. The total grain output rose from 113.18 million tonnes in 1949 to 695.41 million tones in 2023. Industrial production capacity has been constantly improved. In 2023, the added value of the manufacturing industry topped 33 trillion yuan, and the services sector has gradually grown to become the largest industry in the national economy. China’s average contribution to global economic growth exceeded 30 percent, making it the largest driving force behind world economic growth. In 2023, the contribution rate of final consumption expenditure to economic growth reached 82.5 percent, further enhancing the role of consumption as the main engine. As an innovation-oriented country, China has continuously strengthened its growth momentum. China’s ranking in the Global Innovation Index rose from 34th in 2012 to 12 in 2023. The country has set the ambitious targets of peaking its carbon emissions by 2030 and achieving carbon neutrality by 2060.
China’s primary and old-age insurance plans covered about 1.34 billion people and more than 1 billion people respectively. The country’s education system has improved significantly, with high enrollment rates in secondary and higher education. The rate of domestic savings is 43 percent of GDP in China, much higher than in any other economy in the world. In summary, China has become an icon of electric vehicles, lithium batteries, and photovoltaic products, which collectively surpassed US$ 146 billion in 2023. Emerging industries such as biomedicine, artificial intelligence, and nanotechnology also witnessed significant expansion, with their combined output exceeding USD 55 billion.
Equal access to food, education, and healthcare has contributed to the development of a scientifically advanced society in China. The Chinese people have built technologically advanced infrastructure, new cities, ports, airports, and high-speed rail networks that are more efficient than their capitalistic counterparts in America and Europe. China’s Lunar and Mars mission exemplifies the significant progress the country has made in space exploration and scientific innovation. Despite the rapid modernization, the resilient people have not forgotten to reclaim their cultural heritage, celebrating their diversity through art, culture, film, music, literature, and fashion.
The Communist Party of China (CPC) seeks happiness for the Chinese people and rejuvenation for the Chinese nation and dedicates itself to promoting human progress and world harmony. The Belt and Road Initiative (BRI) is a major proposal introduced by President Xi Jinping based on his deep insights into the future of humanity and the development trends of China and the world, intending to realize mutually beneficial cooperation and shared development for various countries. At present, China has signed over 200 cooperation agreements related to the BRI with 152 countries on all five continents, covering 83 percent of all nations that have diplomatic relations with China, and 32 major international organizations. The BRI’s primary objective is to construct an extensive network of infrastructure development that includes transportation, energy, and mining projects, railways, highways, ports, airports, and pipelines, connecting China to numerous countries in Asia, Europe, and Africa. China has provided substantial aid to the Global South over the past decade and established various organizations such as the Asian Infrastructure Investment Bank(AIIB) which reflect China’s principles of equality, inclusiveness, and sustainability.
Under the vision of building a community with a shared future for humanity, President Xi Jinping proposed the Global Development Initiative(GDI), Global Civilization Initiative (GCI), and Global Security Initiative(GSI) successively from 2021 and 2023. These three initiatives focus on addressing world development challenges, eliminating global security dilemmas, and promoting exchanges and mutual learning among civilizations. It is time to expose the hypocrisies of the West and celebrate the achievements of the Chinese people over the last 75 years. These achievements offer hope for working-class people around the world. China is the first to reduce tariffs to zero for all goods from least developed countries including Bangladesh.
China and Bangladesh are good neighbors with mutual political trust. China is our time-tested friend. Since the establishment of diplomatic relations 49 years ago, the two countries have treated each other with respect and equality, and engaged in mutually beneficial cooperation. China is committed to helping the development of Bangladesh, and the BRI cooperation projects have created historic miracles for Bangladesh’s development. Recently, the Chinese Ambassador to Bangladesh Yao Wen said that China and Bangladesh are traditionally friendly neighbors and comprehensive partners. No matter what changes have taken place in the domestic situation of Bangladesh, China’s commitment to developing China-Bangladesh relations is unchanged. He also said, China firmly supports Bangladesh in safeguarding its national sovereignty, independence, and territorial integrity, maintaining national unity and stability. Both the country is preparing to celebrate the 50th anniversary of the establishment of diplomatic relations in 2025.
China at 75 has made the successful transition from a regional power to a global power, or as President Xi Jinping told the CPC’s 19th Congress on October 18, 2017 in Beijing that China has now ” become a great power in the world, and it is time for us to take centre stage in the world and to make a greater contribution to humankind”
Today, China has become the second-largest contributor to the UN regular budget, the second-largest contributor to peace-keeping operations, and the largest troop-contributing country among the permanent members of the UN Security Council. China has always been committed to promoting world peace and development.
Nasim Mahmmud is Chairman of the Centre for East Asia Foundation, Bangladesh.
