Italian think tank on China's economy transformation

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Added On October 6, 2019

An Italian think tank  recently says China's economy has undergone a "profound transformation" over the past seven decades.
 
Economy Report has more.
 
Italy China Foundation made the analysis in a report released on October the 2nd, a day after the 70th anniversary of the founding of the People's Republic of China.
 
The report said that China's GDP has grown from about 30 billion U.S. dollars in 1952, to 13.6 trillion U.S. dollars in 2018.
Citing figures of the WTO, the report also said that China's share of total world trade expanded from 0.8 percent in 1978 to 11.8 percent in 2018.
 
It noted that the shift from an export-driven economy to one reliant on internal demand was accompanied by an increase in Chinese foreign investments in the same period, marked by China's entry into the WTO in 2001.
 
The think tank also said that China faces two major challenges in the long term -- an aging population, which means fewer productive adults and more elderly people requiring care, and environmental concerns.