A History of Innovation
The story of China is alluring. As the world’s oldest continuing civilization, China has thousands of years of history demonstrating its world leadership in innovation, trade, and economic activity, driven by the richness of its culture and character.
Historically, China proved itself an economic and technological powerhouse, responsible for developing the Four Great Inventions: paper, printing, the compass, and gunpowder. The Silk Road is credited as the most influential trade route in all of history. China also revolutionized the way we think mathematically through the conception of negative numbers.
China’s GDP has averaged 9.81% annual growth since the Chinese economic reform in 1978.
A Platform for Growth
China is once again stepping into its historic role as an economic world leader. The country’s fortunes and scale influence a large part of the worldwide markets, technological developments, and political practices. Since 1978, China has actively implemented economic reforms reinvigorating its market and transforming it into one of the fastest growing countries in the world. These actions quickly lifted hundreds of millions of people out of poverty.
Rapid urbanization, leadership in manufacturing, an expansion of economic trade, and the opening of its marketplace to global investment have brought China back to the forefront of economic world leadership. China now owns a wide number of the world’s largest industries and top productions including minerals and metals, energy, agriculture, motor vehicle consumption, and technology.
1 Source: CIA World Factbook, 2015
2 Source: CIA World Factbook, 2014 estimate
3 Source: People’s Daily Online, China overtakes US as world’s largest auto market, 12 January 2010
4 Source: “Mobile phone users in China October 2014”. Statista. October 2014
5 Source: World Steel, World Steel in Figures 2014
6 Source: People’s Daily Online, China Energy Report, Version 02, 27 January 2014