Wang Changlin and Guo Liyan of the China Institute of Macroeconomics wrote an article in the People's Daily and pointed out that despite the current downward pressure on my country's economy and the complex causes, the fundamentals of my country's economy are stable and improving, and the fundamentals of long-term improvement have not changed. , the basic characteristics of sufficient potential, great resilience, strong vitality, large room for maneuver, and many policy tools have not changed, and the multi-faceted advantages and conditions for my country's development have not changed. We are fully qualified and capable to overcome the current difficulties and challenges we are facing and stabilize the macroeconomic market.
The factors of production are supported. From the perspective of labor force factors, our country has a working-age population of 880 million with an average age of 38.8 years old. The demographic dividend still exists. At the same time, talent dividends are being formed and released at an accelerated pace. In 2021, the average number of years of education for my country's working-age population will reach 10.9 years. The population with college education will exceed 218 million. There are about 10 million college graduates every year. A large number of strategic scientific and technological talents, scientific and technological leaders, and young people are at the international level. Scientific and technological talents and high-level innovation teams are being formed.
Innovation and entrepreneurship are dynamic. In 2021, the national R&D investment intensity was 2.44, reaching the average level of developed countries; 696,000 invention patents were authorized, five times that of 2010, with an average annual growth rate of 16. In recent years, our country has established an average of more than 20,000 new companies every day, and the number of market entities nationwide has exceeded 150 million. A number of companies with promising prospects have emerged. The scale of early investment and venture capital continues to grow. In 2021, the scale of private equity and venture capital funds will reach 12.79 trillion yuan. my country has become the world's second largest venture capital market. The innovation vitality of enterprises is enhanced.
The industrial system is resilient. my country is the only country in the world that has all industrial categories in the United Nations industrial classification. The added value of its manufacturing industry has ranked first in the world for 12 consecutive years, and the output of more than 220 industrial products ranks first in the world. A number of industrial clusters with complete industrial supporting facilities and high concentration have been formed in the fields of light industry, textiles, automobiles, electronic information, etc., which occupy a key position in the global industrial chain and supply chain.
The market demand has potential. Our country has a population of more than 1.4 billion and the largest middle-income group in the world. The per capita GDP has exceeded US$12,000, and the huge market demand potential will continue to be released.
There is room for macroeconomic policies. my country's inflation rate and fiscal deficit rate are both at a low level, the government debt ratio is within a reasonable range, foreign exchange reserves are sufficient, there is considerable room for proactive fiscal policy and prudent monetary policy, and the tools in the macro-control policy toolbox are sufficient.