China has made major breakthroughs in both the scale of social net wealth and GDP, both of which are important indicators for measuring  overall national strength, The Paper reported.

By the end of 2016, China’s social net wealth totalled 437 trillion yuan (US$63.34 trillion), of which domestic non-financial assets were 424 trillion yuan and external net assets were 13 trillion yuan, according to a report published by Institute of Economics at the Chinese Academy of Social Sciences.

The net wealth is equivalent to 70.7% of the US wealth level in the same period, ranking second in the world.

Also, China’s GDP was 74.4 trillion yuan, equivalent to 57.2% of that of the US, also ranking second in the world.

In 2016, 73% of China’s social net wealth was owned by residents, with the remaining 27% held by government.

While the government’s net wealth in developed economies remains small, both the US and the UK are negative, and Japan and Germany are less than 5%, said Zhang Xiaojing, deputy director of the Institute of Economics at CASS.