China just took a big bite of the peace apple as they end their overstretched trade war with the U.S. after Donald Trump signs “Phase 1” agreements, signaling the long-drawn war with China coming to an end. While details remain sketchy as to what was concluded during the agreement talks, both U.S. and China can breathe a sigh of relief for some time at least as trading relations can resume between the two countries.
While the U.S. can be depicted as an emerging superpower with ambitions to control all aspects of international affairs, China’s economy still has the potential to overpower or withstand on its own. However, for the first time in around 30 years, data collected indicates that China’s economy slowed to 6.1% from last year’s 6.6%. Though from a global standpoint, China’s economy remains untethered at the very least, it shows the weakest expansion since 1990 within its internal walls.
This year will indicate extremely crucial for the ruling Communist Party in order to fulfill their global ambitions and double their GDP in the next decade. However, their first goal will be to bring China’s economy to modest standards before they can embark on their journey to supremacy.
However, on a different note, for the first time ever, the per capita GDP of China has exceeded USD’s 10,000-mark in 2019, according to official reports. “It showed that the quality of China’s economic development is improving,” Ning said, adding that “China’s pace of progress is unstoppable”.
The per capita Gross Domestic Product in 2019 reached 10,276 US dollars at the average exchange rate as quoted by the Director of the National of Statistics, Ning Jizhe. As a country with the world’s largest population ranging in around 1.4 billion people, China is bound to contribute more in terms of the development and progress to the world.