Economic reporting about China focuses far too much on total GDP and not enough on per capita GDP, which is the more revealing indicator. And this skewed coverage has important implications, because the two indicators paint significantly different pictures of China’s current economic and political situation. They also focus our attention on different issues.

2020 was an unprecedented year for the American business community due to twin pressures from a deteriorating US-China bilateral relationship and the very real human and economic challenges created by the COVID-19 pandemic. China’s success at controlling COVID-19 domestically is commendable and has played a large part in ensuring our member companies were largely able to resume regular operations in China by the middle of Q2 of this year. By the year’s end China’s economy had reported GDP growth of 2.3 percent, the only major economy in the world to do so.

It took China just 21 years to turn from an aging society to a deeply aging one, compared with 100 years for Europe. To get from deeply aging to ultra-aging, China will require only 11 years. The trend will have a profound impact on society.

China’s record 1st quarter performance will accelerate momentum and support global economic prospects. But new trade wars could once again derail global recovery.

The strengthening of the economy also means growing attractiveness for global investors. During the first quarter of 2021, FDI inflows to China accelerated tremendously, and there are good opportunities for U.S. investors, with no chance to lose.

China’s position in the global markets as a source of cheap labor has evolved into a dynamic new phase, that requires new solutions to bridge China’s past with its promising future.

The OECD is projecting an uneven K-shaped economic recovery from the pandemic in 2021. Richer countries with more extensive vaccine rollouts that can afford to reopen and reflate their economies will do so. Poorer economies will struggle to stay healthy and avoid debt crises. But the mantra that “no one is safe until everyone is” highlights the need to spread health, wealth, and self-respect to all. An increasingly prosperous China can and should play a central role in this effort.

The primary takeaways involve China’s military spending, development pattern and approach to relations with the United States. Both countries know that only by dealing with domestic issues will they be able to maximize their international role.

This year’s National People’s Congress was held at a historic juncture, with the country having largely achieved its goal of becoming a well-off society. GDP is rising to match the United States, and per capita income rose to more than $10,000. Absolute poverty in the country was eradicated. Here’s what it all means.

Because of its huge population and uneven development, China remains the largest developing country in the world. Everything is in transition. We ask that the country not be judged by imagination. Rather see it for what it is, in good faith. We are a hardworking nation setting great goals and striving to improve our lot.