The year is nineteen ninety-eight. China applied for WTO membership. It wasn't quite that simple for them. Because several European countries then took a stand against China. Of course there were reasons. Chinese companies are nothing more than replicas of famous brands or counterfeits, and have been covered in this bad name. The Chinese government does not take any legal action against these companies.
At that time, American President Bill Clinton broke the anger of those countries by standing on behalf of China, but if Clinton knew that within twenty years, China would leave his country behind in the global economy and move away from becoming a supergiant. Maybe he would never do this. At that time the American economy was nine trillion dollars. And China's economy was worth only one trillion dollars. There is no competition with a country that is nine times behind. Clayton may have thought so. But that was a big misconception. Americans know that now. Let's start with a little data. In the year 2020, a total of three and a half million units of electronic vehicles or electric cars have been sold in the whole world. In this, all the countries of Europe together have sold about fourteen lakh units of cars. On the other hand, 13.5 lakh units of cars have been sold in China alone and only 3.28 thousand units of electric vehicles have been sold in America. If you pay attention to the difference in numbers, a wonderful story will appear before your eyes.
A different story is China's rapid progress, turning overpopulation into a blessing rather than a curse. No, China didn't get to this point overnight, they have been working on electric vehicles for years. Especially the most carbon pollution is in China, to turn their country into a carbon neutral country within the year 2060. The country has been trying to increase the use of electric vehicles for more than a decade. Government and private enterprises have invested about seven billion dollars in the electric vehicle industry. A lot of subsidies are also provided in this sector. Incentives are given. China knew that electric vehicles are the future of vehicles. And so they entered this field a well-planned long ago to create their monopoly in this industry and are working accordingly. You can see the result in front of your eyes. All the countries of Europe are becoming news to compete with China.
And America is behind. Yojan away. Despite the victory of Tesla cars, America is still a child to China in terms of the number of the electric vehicle market. If you want, you can catch this sector only as a metaphor. It will be a small case study of Chinese hegemony in the modern world. How can a country full of a relatively poor population, which is plagued by war, transform its large population into manpower and occupy the seat of a world leader? China is one example of its wonders. China excels in the economy, technology, sports, military power, and political aggression. The rise of China will also be a good advertisement that one can write one's own destiny through precise planning, competent leadership, courage to take risks and skilled manpower. A little history. Don't be upset. Otherwise, you will not understand the story properly. China's journey to progress began in two ways. The first started during the Chinese Communist Revolution in 1959 and the second after the death of Mao Zedong in 1976. And it is still going on with great success. Mao Zedong separated China from the rest of the world and tried to build China as the world's greatest economic state within the socialist regime.
Mao Zedong wanted China to produce all its necessities itself. The concept of private business did not exist in communism. All business and industrial establishments were under the government. Therefore, during his tenure, he established many industrial and business institutions owned by the government. But China's economic boom began in a big way mainly after May's death. Asia left communism and walked the path of China capitalism in the 90s. Because the Chinese people and many top leaders of the Communist Party also realized that there is no way for economic development without private business enterprises. Deng Dia Ping visited America while he was president and brought foreign investment. Four economic zones were established in China. Thousands of factories were established in these economic zones. Those factories were allowed to export products to western countries. These factories in China's economic zone were privately owned and the tax was very low. When China released these products in the international market, these products sold out. Due to the easy availability of raw materials and the low cost of labour, the prices of Chinese goods were unusually low compared to those of other countries.
Thus the demand for Chinese products in the international market was created and China began to earn a lot of foreign exchange. This is just the beginning. The next story to proceed. We will tell that story but before that, we will give you a statistic. China's GDP in 1978 was equivalent to two hundred billion dollars. China's GDP was equal to four per cent of the world's total GDP. Today it exceeds eleven trillion dollars. More than eleven per cent of the world's total GDP comes from China. China has taken their economy to such a strong position that even if the economy of the whole world is facing the clutches of Corona, the economy of China, the place of origin of Corona, did not get a big shock. What China showed was an interesting achievement for the tiger economy of the whole world. In the year 2020, the per capita GDP of America has decreased by two point three per cent. China's GDP has been two point three per cent during the Corona period. It was said in various economic surveys over the past few years. China will overtake America in terms of GDP in 2026. But with the blessing of the epidemic, the country will achieve that achievement a couple of years before. Counter Fit Products. Never heard these two words before. At the very beginning, I said about replica products, remember? Counter-fit products mean counterfeit. Replica product to put it mildly. These fake or replica products have a huge contribution to making China's economy where it is today. China is a master at making replica products of famous brands. People in China are very skilled at copying products from other companies. It doesn't seem to be bothering behind the invention of a product. No need to think about design. Along with this, both time and cost are being saved on research and development. Profit from all aspects. Small and large Chinese companies do this work mainly thinking about the market of less developed and developing countries. A huge market for replica products.
There is a huge market for replica products all over the world. Especially in middle and lower middle countries like Bangladesh, and India. China does good business in these places. Chinese variants of everything from shoes to mobile electronic products to laptop computers can be found in these countries. This billion-dollar industry is dominated by China alone. There is no competitor here. Ninety per cent of fake or replica products in the international market are made in China. A huge industry has sprung up on making these replicas full. In the year 2088, an Italian chocolate company called Ferrero filed a case in the international court against a cheese company. Because the Chinese company was making and selling chocolates that copied the Ferrari design and flavour exactly. They were able to return and win a large amount of compensation in that case. But do not all multinational companies have the patience to leave the business and run to court? Therefore, China's replica product industry is growing day by day. And the country's economy is booming. The rise of Chinese companies in the smartphone industry has given a big boost to China's economy. Nokia has dominated the market held by Apple or Samsung. Companies like Xiaomi, One Plus, Vivo, Oppo and Realme. They have captured this market by offering phones with almost the same configuration at half the price. Not only that but to reduce the cost of manufacturing, Samsung and Apollo are using Chinese-made factories for their products. Brands have reduced production costs due to skilled manpower and relatively low labour costs.
And they have invested in China instead of America or Korea in the hope of extra profit. It also gave a strong wind to China's economy. One thing is very common. China can make a copy for you if you want. Although it is basically a word, the actual situation is very close to it. In 1999, China's contribution to manufacturing products in the world was only three per cent. In the year 2020, that number stood at twenty-seven per cent. That is, China alone produces a quarter of the manufacturing products produced throughout the world. These products range from clothes, mobiles, computers, electronic products, and household goods to cars, aeroplanes and even spaceships. Eighty per cent of the world's air conditioners are produced in China alone. In addition, China alone produces 70 per cent of the total production of mobile phones, 60 per cent of shoes, 60 per cent of solar cells or 74 per cent of solar power cells, 60 per cent of cement, 60 per cent of shipbuilding, and 50 per cent of steel. Think how big the number is. As the economy accelerates, China embarks on a mission to prove its superiority in other sectors as well.
If you want, you can take the Olympics as an example. Look at the data in the eighties or nineties where was the position of China in the Olympics? Much outside of the top three most of the time. And now China fights for excellence in every Olympics. Chinese athletes want to win the gold medal. They think of silver or bronze as a failure. China has challenged America's singular superiority here as well. They had won the most gold in the Olympics held in their country in 2088. They could not be the most successful country even for a while in the Tokyo Olympics that ended a few days ago. Only a few know that their number of gold medals was less than that of America. China knows well that artificial intelligence or AI is the future. And so Beijing is competing to occupy this market. The use of artificial intelligence has started in the productive factories of about twenty provinces of the country. A separate policy on artificial intelligence has also been published. Fifteen hundred new factories started based on AIA in 2016. About one hundred billion dollars of business has been done in this industry. China is now the number one exporter of artificial intelligence robots, drones and passenger cars. They are not behind in space research. For the first time, China has landed a robotic spacecraft on the far side of the moon that is never seen from Earth. They have successfully landed the spacecraft on Mars. So far only the United States has successfully landed a spacecraft. China as the second country in the world has announced their existence on Mars.
There is now only one space station in space. The International Space Station built by America is not allowed to be used by China. China has therefore started the work of building a permanent station in space. China has also built the world's largest solar power project. In their own country. Not just art. The whole world is looking forward to China in agriculture. For two thousand years, China has produced the greenest products needed by people. China's agricultural production is working to satisfy twenty-two per cent of people in the world today. Over time, China has also increased its military power manifold, as evidenced by its water power. Last year in Ladakh, the incident of face-to-face clash between Indian troops and Chinese troops. After killing about twenty-three Indian soldiers, the Chinese army entered the Indian Line of Control and captured an area of several kilometres. Let alone military or diplomatic protest, Delhi has not officially uttered a single word against Beijing. China's military equipped with state-of-the-art equipment is a huge threat to any country. Especially after Xi Jinping came to power in China, he has given great importance to economic development as well as the increase in military power. Attacking China anywhere on land, water or air is now a great folly. China's incredible progress is behind the country's stable political situation.
The policies of the Chinese government are very business-friendly and new entrepreneurs are still given various incentives such as VAT tax and various charges are waived. In terms of infrastructure, China is an exemplary model in the world. Chinese workers are more productive than workers in any other country. Through technical education, they acquire both working skills and management skills. China has shown us how important technical education is in addition to university education. According to the calculations of the World Bank, China has been able to free more than eighty million people from the poverty line since it began to emerge as the market's best economy in 1978. Other countries plan for five to ten years in mind. China's plan is estimated to take twenty-five to fifty years. Because of this China's growth ratio is much better than any other country. Do you know the story of Hambantota port in Sri Lanka? From the beginning, a Chinese company entered into an agreement with the Sri Lankan government to build a port in Hambantota. The Lankan government will not have to pay any money in cash as a loan but they will have to pay it back every year. That was the deal, but when the port was almost finished, the company began to press the Sri Lankan government for money. Sri Lanka could not afford the debt council of one hundred and ten million dollars. Then the Chinese government came to the stage. They mediated between the two parties. What is that mediation?
The Chinese company will own the Hambantota port for ninety-nine years. That is, the Sri Lankan government will lease the Hambantota port for ninety-nine years to a venture company led by Sport Cold Drinks of China in March in exchange for the loan. The city of Sri Lanka is the port of Sri Lanka but it became the owner of China. He saw the trick on the way to becoming number one, that Chin is not only walking with his fingers straight but also bending his fingers when necessary. The Hambantota port is a shining example of the global criticism of Chinese President Xi Jinping's Belt and Road initiative from Kenya to Myanmar. China is accused of putting the world's poor economies into a debt trap. This is because China gives billions of dollars in financial aid to various countries. What is China's interest in China's financing bridges, culvert bridges or large projects? A small percentage of interest, not at all, puts China in a debt trap and keeps these countries on their toes. occupied From the strategic point of view, the importance of Hambantota port in the Indian Ocean is immense. So China resorted to this trick to capture this port. In the next few years, such events may happen in more places in Asia and Africa. There are not many big startups or giant companies like Facebook, Google or Amazon in China. There is no economic zone like Wall Street. But they are also eyeing America with the number of billionaires. In the forties, the world saw world war. The sixties and seventies saw the Cold War. And now the economic war is going on, the war of technology, who will be ahead will win. China has taken the lead in that race, and America has already fallen behind.
After the collapse of the Soviet Union, a very important event is happening in the world very quietly. The incident that may be recorded in the pages of history twenty or thirty years from today. Overcoming America as a super giant as China's debut. We may be very lucky to witness this important turning point in world history. That's why.
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