Contemporary Landscape of China’s Modern Circulation

Since the reform and opening up in 1978, especially since the 18th National Congress of the CPC, Since China’s reform and opening-up in 1978, and particularly following 2012, after the 18th National Congress of the CPC, significant progress has been evident in constructing a modern circulation system. Relevant statistics from the National Bureau of Statistics indicate substantial growth in the sector’s total output value. While specific figures require precise sourcing, data suggests an significant increase from approximately ¥3.2 trillion in 2004 to ¥22.3 trillion by 2020. This represents an average annual growth rate of approximately 12.03% over this period. The tertiary industry share reached 40.22% in 2020. This development is characterized by several key trends as the expanding scale of commodity markets, the progressive maturation of factor markets, marked improvements in circulation infrastructure, accelerated innovation and upgrading driven by technological integration. Consequently, the circulation industry is playing an increasingly significant role in national economic and social development.