The Chinese Communist Party set an unprecedented goal to eradicate poverty in China by the end of 2020. While Chinese President Xi Jinping officially declared a “major victory” over poverty in December 2020, hundreds of millions of people in China continue to struggle with low incomes and poor standards of living.
The world economy is shaped not just by states, but also by an assortment of influential companies that act as critical elements of national economic power. In conjunction with China’s emergence as an economic superpower, Chinese companies have climbed the ranks to be among the largest in the world.
China’s economic development has lifted hundreds of millions of Chinese out of poverty and led to a burgeoning middle-class. Yet, this demographic shift has also led to new environmental, political, and social challenges to China’s domestic security.
