China's rapid
growth in its economy and its emergence as a global
economic power plays an important role in world economy
development. Ever since China implemented reform polices
and opening up its economy to the outside world in
1979, it's economy has maintained robust growth, with
the average annual growth rate in GNP reaching 9.6
percent 28 years in a row. Such growth gave China
an opportunity to make increasingly significant contribution
to the world.
According to the statistics released
by the World Bank, China has made the largest contribution
to the growth rate worldwide over 13% on the average since China joined
the WTO in 2001. Now, China's economy ranks at the
fourth largest in the world in terms of gross domestic
product (GDP) at current exchange rates. In 2005,
China contributed 14.3% to the world economy growth
as the second largest country to contribute the
world economy growth after USA.
| Country |
2002 |
2003 |
2004 |
2005 |
| USA |
27.0% |
29.9% |
31.4% |
28.0% |
|
China |
20.1% |
15.6% |
11.4% |
14.3% |
| Japan |
1.1% |
9.2% |
7.9% |
10.3% |
| India |
3.1% |
4.6% |
3.3% |
4.4% |
| UK |
5.0% |
4.2% |
3.5% |
2.4% |
| Germany |
0.2% |
-0.4% |
2.4% |
1.5% |
China was once the largest economic nation in the early 19th century. In
1983, its percentage of world GDP dropped sharply, lowest as 2.6% in
1913. Ever since, China’s entry to WTO in 2001 and open up its closed door
economy, its output rate had consistently grown throughout the recent 20
years. China’s percentage of world GDP had increased by 5.5% in 2006 and experts
projected that China will eventually account for 25.6% of global output by
2020, becoming the world’s second largest economic nation after U.S.
Below is the chart of percentage of China's contribution to global economy
since year 1830 and forecast to 2020:
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