Capital Accumulation: China and Poverty Eradication

capital accumulation: The nation has formed a set of development models with Chinese characteristics through the advantages of a low-cost labor force, high capital accumulation and investment rates, continuous education investment and human capital accumulation, thereby joining the global industrial chain and reaping dividends now, according to Global Times China. It has also made unprecedented contributions to economic development, poverty eradication, environmental governance, scientific and technological innovation and international multilateral cooperation. Since China's reform and opening-up began in 1978, the country has experienced rapid and sustained economic growth. China has become the main engine of the world's economic growth. IMF data shows that China's contribution to world economic growth in 2018 was 21.74 percent, which is much higher than that of the US 16.25 percent and the eurozone 8.24 percent . In 1980, China's contribution to world economic growth was only 5.22 percent. According to data from the UN, China's GDP in 2018 totaled 13.61 trillion, accounting for 15.86 percent of the global GDP. At constant prices, China's GDP grew by 6.6 percent year-on-year in 2018, twice the average global GDP growth which was recorded at 3.03 percent year-on-year. (news.financializer.com). As reported in the news.