A series of bright data highlights china's growing influence in the world economy and its growing economic outlook, according to an article published on january 7th (in advance) by japan's economist, entitled \"the influence of china in terms of numbers.\" The article is compiled as follows:
First, China's gross domestic product has grown in global share. In 2018, China's GDP was about $trillion, or% of global GDP (or about $85 trillion), compared with the US's percentage of global GDP. Although China's share is less than that of the United States, it has far exceeded Japan's share. Moreover, these changes have taken place so quickly that they are so different from what they were 10 years ago. In 2008, when the world financial crisis erupted, China's GDP accounted for% of the world, less than Japan's. After a decade, China may catch up with the US.
Second, China's influence as a \"world factory\" has grown. For example, in terms of the global share of smartphones, although South Korea's Samsung Electronics Co. ranks first in the world, and Apple Inc. ranks second in the world, the third is followed by a number of Chinese companies, including Huawei, Xiaomi and OPPO. More than a decade ago, there were no Chinese companies in the world's top five. It can be said that the pattern has been completely changed. Moreover, the increase in global manufacturing direct investment in China has led to China's leading investment globally. China's high saving rate over Japan is also contributing to the expansion of investment.
Third, the import force increases. Twenty years ago, China's imports amounted to only 15% of that of the United States; a decade ago, China's imports amounted to no less than 50% of that of the United States. In recent years, china's imports have increased to about 80% of u.s. imports.
The expansion of China's import forces is also due to the government's push to move from investment-led to consumer-led structural reforms. China's personal consumption is only about a quarter of that of the US, but has grown at an average annual rate of% over the past decade. China sold 28.08 million cars in 2018, well over 17.3 million in the United States.
These amazing developments depend on the advancement of scientific and technological power. For example, the number of international patent applications in the United States in 2018 is about 10,000, and the number of applications in China is about 10,000. Although the United States still ranks first, China has overtaken Japan. China is still a long way from catching up with the United States in science and technology, but the trend of technological innovation around the world will not stop.