China’s GDP expands 8.1% in 2021

BEIJING: China’s economy posted stable growth in 2021 despite challenges including sporadic epidemic resurgences and a complicated external environment, official data showed on Monday.

The country’s gross domestic product (GDP) expanded 8.1 per cent year on year to 114.37 trillion yuan (about $18 trillion) last year, the National Bureau of Statistics (NBS) said.

The pace was well above the government target of “above 6 per cent,” and put the two-year average growth at 5.1 per cent, the data showed.

In the fourth quarter, the country’s GDP expanded 4 per cent year on year.

China’s economy has continued stable recovery in 2021, leading the world in both economic development and epidemic control, the NBS said, while warning of the triple pressure of demand contraction, supply shocks and weakening expectations amid an increasingly complicated external environment.

Final consumption contributed 65.4 per cent to the GDP expansion, while net exports contributed 20.9 per cent, said NBS head Ning Jizhe at a press conference.

“China’s growth was among the fastest in major economies in the world last year,” said Ning, adding that the country’s GDP is expected to account for more than 18 per cent of the global total.

In breakdown, retail sales saw a notable recovery, jumping 12.5 per cent year on year. Fixed-asset investment posted stable growth of 4.9 per cent, while value-added industrial output expanded 9.6 per cent from a year earlier.

The country’s job market remained generally stable, with the surveyed urban unemployment rate standing at 5.1 per cent, 0.5 percentage points lower than the same period in the previous year and meeting the government target of “below 5.5 per cent.”

The Chinese people are getting increasingly affluent in 2021, with per capita disposable income standing at 35,128 yuan, up 9.1 per cent year on year in nominal terms.

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