China’s Auto Industry Has Made Great Progress in the Past Decade and Its Future Looks Promising
Over the past decade, China’s auto industry has made great progress. In 2012, China’s car sales were 19.306 million, accounting for 23.87% of global car sales. In 2021, this number reached 26.275 million, which is equivalent to the sum of sales in the United States and Europe, accounting for 32.42% of global car sales; in terms of new energy vehicles, sales in China’s auto market ranked first in the world for seven consecutive years.
The automobile industry is an important pillar industry for the development of China’s national economy. Accelerating the development of new energy vehicles is of great positive significance for cultivating the innovation capabilities and growth momentum of related enterprises. Significant progress has been made in the integration of new energy vehicles and renewable energy development. China’s auto industry is standing at the forefront of the global industry as a winner, participating in and leading the next industrial transformation.
China’s Insurance Industry Reports Steady Expansion and Great Progress for the Past Decade
As an important part of the financial industry, China’s insurance sector is moving from a stage of rapid development to a new phase of high-quality development. The total assets of the insurance industry have increased from 7.4 trillion yuan at the end of 2012 to 24.9 trillion yuan at the end of 2021, making it the second largest insurance market in the world.
In the past ten years, the insurance industry has launched a number of policies to open up to the outside world, making it increasingly attractive to foreign investment. As of the end of May 2022, overseas insurance institutions have established a total of 67 insurance institutions and 80 representative offices in China. In 2013, the premium income of China’s insurance industry was still the fourth in the world. Since 2017, China’s premium income surpassed Japan and ranked second in the world. Nowadays, China’s insurance industry has continued to contribute strength to the global market.
China is Rapidly Gaining Innovation Advantage
In the past ten years, China’s technological innovation industry has developed rapidly, and technological innovation capabilities have continued to improve. China has achieved breakthroughs in many fields. Ten years ago, China’s high-speed rail relied on the introduction of foreign technology. Today, people in China’s cities could take the “Fuxing” trains to travel from Beijing to Shanghai in four hours.
These technological breakthroughs that have changed our way of life are behind the joint efforts of the entire industry chain. In China, science and technology are considered the primary productive forces. But China’s scientific and technological innovation capabilities in some fields need to be enhanced. The cultivation of core talents is the next important topic. Only by cultivating a steady stream of talents can a virtuous circle of scientific and technological innovation be realized.
China’s High-Quality Development Paves Path to Prosperity
More than 40 years later, China’s GDP has reached 114.37 trillion yuan in 2021, which is 309 times that at the beginning of reform and opening up. The per capita housing area in the country is 41.76 square meters. The famous economist Justin Yifu Lin commented that China’s economic performance since the reform and opening up can be called a miracle.
Especially in the last ten years, China’s economy has been developing rapidly. In 2010, China overtook Japan to become the world’s second largest economy and surpassed Germany to become the largest exporter. In 2013, China surpassed the United States to become the world’s largest trading nation.
More than 700 million people have been lifted out of poverty in China. In addition, China is the only emerging market economy in the world that has not been affected by the local financial crisis. Justin Yifu Lin predicted that China could become a high-income country by 2025.
