OVER the past 75 years since the founding of the People’s Republic of China, the country’s economic strength, scientific and technological capabilities, and overall national power have significantly increased, and its international influence has greatly expanded, according to a report from the National Bureau of Statistics.

From 1979 to 2023, China’s economic growth averaged 8.9 per cent annually, far exceeding the average global economic growth of three percent during the same period. China’s average annual contribution to world economic growth was 24.8 percent, ranking first in the world, according to the report.

Following are some highlights of the country’s economic achievements over the past 75 years:

— In 1952, China’s GDP was only US$30 billion. In 1978, China’s GDP increased to $149.5 billion dollars, accounting for 1.7 per cent of the world economy. Since the reform and opening up, China’s economic aggregate has continued to expand.

In 2023, China’s GDP reached $17.8 trillion, accounting for 16.9 percent of the world’s total and solidifying its position as the world’s second-largest economy.

— In 1985, the number of invention patent applications in China was 8,558. This number had soared to 526,000 by 2011, making China the world leader in this area. As of the end of 2022, China’s number of accepted applications for invention patents reached 1.619 million, firmly securing its position as the world leader.

— In 1950, China’s foreign trade of goods was only $1.1 billion, accounting for 0.9 percent of the world’s total. In 2013, China became the world’s largest goods trading nation. By 2023, China’s total goods trade had reached $5.9 trillion, accounting for 12.4 percent of the global share, and has consistently ranked first in the world for seven consecutive years.

— Service trade has also undergone tremendous expansions. At the beginning of the founding of the People’s Republic of China, China’s service trade was almost zero. In 2023, the country’s total service trade import and export volume reached $933.1 billion, ranking fourth in the world. —Xinhua

Source- The Global New Light Of Myanmar

STATE Administration Council Member Deputy Prime Minister General Mya Tun Oo, who is Chairman of the Myanmar Investment Commission, attended the 8/2024 commission meeting in Nay Pyi Taw yesterday.

During the meeting, the commission allowed eight new investments in industrial, service, oil and natural gas, transport and communication sectors, including increasing the capital of the ongoing investment activities. The investment amount of these businesses reached US$9.255 million and over K46 billion, creating

1,972 job opportunities.

Electric vehicle assembling projects were included among the permitted businesses.

Among 53 countries and territories that have invested in Myanmar until the end of August 2024, Singapore, China and Thailand are the leading investors in 12 economic sectors, with 28.43 per cent of the total investment in the energy sector, with 24.39 per cent in the oil and natural gas sector and 14.46 per cent in the manufacturing sector. 

The Myanmar Investment Commission verifies and approves the investment proposals submitted by domestic and foreign investors. Investment services for current investors are being provided under the Myanmar Investment Law. MNA/KTZH

THE third Global Digital Trade Expo (GDTE), concluding here on Sunday, has been a vibrant platform for fostering global partnerships in digital commerce and

thus sustainable growth. Held in Hangzhou, a city known for blending ancient charm and modern innovation, the expo featured more than 1,500 enterprises, including

over 300 international companies.

Attendees experienced cutting-edge innovations like AI-driven robots and hydrogen-powered drones and were presented with over 400 new products and tech-

nologies. Kazakh Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev highlighted China’s role as a global leader in e-commerce and digital technologies, noting that China is accelerating the digital transformation of marketsworldwide. In a written interview with Xinhua, Madiyev said China’s experience offers valuable insights for countries in the early stages of developing their digital markets, aiding global growth and helping reduce digital inequality. He cited Kazakhstan’s efforts to improve telecommunications and cybersecurity by learning from China.

In addition to cutting-edge technologies, China’s experience in e-commerce also set an example for countries seeking to capitalize on the rapid growth of digital trade.

Kilimall, an e-commerce platform founded by Chinese entrepreneurs in Africa in 2014, has become one of the most popular shopping websites among Africans. It has generated about 10,000 local jobs in logistics, courier services, customer support and regional sales. — Xinhua

Source- The Global New Light Of Myanmar