GDP is the most important indicator that reflects a country's comprehensive strength, but per capita GDP is the indicator that reflects the development level of a country. As we all know, my country has long been the second largest economy in the world. Although there is still a gap with the United States, it is shrinking, especially in the 2020 epidemic, the US GDP declined, while China continued to grow by 2.3%, further narrowing the distance.
Entering 2021, China's economic growth is still good, and its growth rate in the first three quarters is still significantly ahead of the United States. Therefore, many institutions and experts predict that within 8-10 years, China's GDP will replace the United States and become the world's largest economy. In fact, if calculated based on the average growth rate, it will not take long to achieve surpassing.
However, if the per capita GDP reaches the US level, it will take longer. After all, my country's population is more than 4 times that of the United States.
China's per capita GDP will exceed US$12,000 in 2021?
Per capita GDP is the total GDP divided by the total population. The smaller the population, the higher the per capita GDP. For example, many developed countries in Europe have fewer populations, only a few million, and some small countries have only hundreds of thousands, so the per capita GDP is among the best.
my country has always been a country with a large population. In the early days of the founding of the People's Republic of China, it was said that there were 400 million, or 400 million. By the 1980s, my country became the first country to have a total population of 1 billion. After that, the total population reached 1.41 billion by the seventh census.
Of course, my country's total GDP has been growing rapidly, which makes the average GDP grow very fast. Data shows that in 2000, my country's per capita GDP was only US$959, less than US$1,000. By 2019, it exceeded US$10,000 for the first time, reaching US$10,100. Despite the decline in GDP growth in 2020, the per capita GDP still exceeded US$10,500, reaching US$10,500.
So where is China's per capita GDP ranking in the world? Statistics from IMF show that the highest per capita GDP in 2020 was Luxembourg , reaching US$116,000; the United States' per capita GDP was US$63,400, ranking fifth and very rich; the richest country in Asia is Singapore , with per capita GDP of US$59,800, ranking seventh; Japan's per capita GDP was US$40,000, ranking 23rd; and China ranks 63rd, surpassing two-thirds of the world's countries.
As GDP continues to grow in 2021, per capita GDP will inevitably increase. It is understood that some institutions and experts predict that my country's total GDP will reach 110 trillion yuan in 2021, and the per capita GDP will exceed 12,000 US dollars, a lot of increase.
When will the per capita GDP reach the level of developed countries?
per capita GDP reached US$12,000, which has reached the national standard for high-income income. However, it is still far from the standards of developed countries, and the per capita GDP generally reaches more than US$30,000. According to this standard, a total of 29 countries and regions have a per capita GDP of more than US$30,000 in 2020.
In June this year, Zhu Guangyao, former vice minister of the Ministry of Finance, said at a meeting that to enter the ranks of high-income countries during the 14th Five-Year Plan period, it is necessary to maintain an economic growth rate of 5%. By 2035, the average growth rate of will reach 3.7%. There should be no problem with this growth rate,
However, the famous economist Lin Yifu is more optimistic. He predicts that by 2035, my country's per capita GDP will reach US$23,000. So there is still a long way to go to reach $30,000.
Although this is the case, many cities will enter the developed country level ahead of schedule. In 2020, there will be about 15 cities with per capita GDP exceeding US$20,000, of which Beijing has reached US$23,908. Perhaps it will not take long to reach US$30,000.
Overall, the gap with the United States is not small. In 2020, my country's total GDP accounted for 70.46% of the United States, but its per capita GDP was only 16.56% of the United States. However, with the rapid development of the economy, I believe that both the total GDP and per capita GDP will continue to grow.
