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The Chinese economy， which plays a key role in driving global economic growth in the era of globalization， has seen steady progress during the 13th Five-Year Plan（2016-20） period. Despite worldwide economic slowdown and volatility during the period， China’s growth has brought it to the forefront of the world’s major economies and made it a key driving force of the global economy. After bringing the novel coronavirus disease epidemic under control domestically， China has resumed economic and social activities.
During the 13th Five-Year Plan period， China’s economy has faced severe domestic and external challenges. The global economy has entered a phase of economic slowdown and volatility in the long economic cycle since 2014， which may last for 10-15 years. The rise in the cost of production factors including land and labor as well as the emergence of asset bubbles starting from the 11th Five-Year Plan （2006-10） period have made it increasingly hard to achieve sustainable growth through traditional economic modes. The pressure caused by the aging population since the 12th Five-Year Plan （2011-15） period is also mounting.
Internationally， the United States listed China as its largest strategic competitor in 2017. In 2018， it launched a trade war against China. Besides the threat of decoupling and a new cold war triggered by the U.S.， the multilateral trade systems repre- sented by the World Trade Organization are on the verge of collapse. Since the beginning of this year， the unprecedented novel coronavirus epidemic has affected China severely.
Facing the challenges， the Chinese economy has still made strides during the 13th Five-Year Plan period. China saw its GDP expand from more than 68 trillion yuan （$10.3 trillion） in 2015 to some 99 trillion yuan （$14.7 trillion） in 2019， joining the United States as the world’s only two economies with $10-trillion annual GDP， far higher than that of other economic powers. In 2010， China’s nominal GDP surpassed that of Japan for the first time. Although Japan ranks third in the world in terms of the economic scale， its GDP is now about one third of that of China. The GDP of other top 10 economies such as Italy， Canada and Brazil is less than 20 percent of China’s.
During the 13th Five-Year Plan period， China’s economy has faced severe domestic and external challenges. The global economy has entered a phase of economic slowdown and volatility in the long economic cycle since 2014， which may last for 10-15 years. The rise in the cost of production factors including land and labor as well as the emergence of asset bubbles starting from the 11th Five-Year Plan （2006-10） period have made it increasingly hard to achieve sustainable growth through traditional economic modes. The pressure caused by the aging population since the 12th Five-Year Plan （2011-15） period is also mounting.
Internationally， the United States listed China as its largest strategic competitor in 2017. In 2018， it launched a trade war against China. Besides the threat of decoupling and a new cold war triggered by the U.S.， the multilateral trade systems repre- sented by the World Trade Organization are on the verge of collapse. Since the beginning of this year， the unprecedented novel coronavirus epidemic has affected China severely.
Facing the challenges， the Chinese economy has still made strides during the 13th Five-Year Plan period. China saw its GDP expand from more than 68 trillion yuan （$10.3 trillion） in 2015 to some 99 trillion yuan （$14.7 trillion） in 2019， joining the United States as the world’s only two economies with $10-trillion annual GDP， far higher than that of other economic powers. In 2010， China’s nominal GDP surpassed that of Japan for the first time. Although Japan ranks third in the world in terms of the economic scale， its GDP is now about one third of that of China. The GDP of other top 10 economies such as Italy， Canada and Brazil is less than 20 percent of China’s.