Xinhua
China’s economy expanded 8.1 percent year-on-year with major indicators reaching the expected targets, showcasing its strong resilience and vitality despite the impact of the COVID-19 pandemic, officials and experts said.
According to the National Bureau of Statistics, the country’s gross domestic product reached 114.4 trillion yuan ($18 trillion) in 2021 with an increase of about 13 trillion yuan, or $2 trillion, which is equivalent to the GDP of a major economy like Italy or Canada.
“China, the world’s second-largest economy, is expected to account for more than 18 percent of the global economy in 2021,” Ning Jizhe, head of the bureau, said at a news conference in Beijing.
“It is estimated that the contribution of China’s economic growth to the world economy is expected to reach about 25 percent in 2021, playing a key role in supporting the global economic recovery.”
The country’s per capita GDP stood at $12,551 last year, approaching the World Bank’s threshold for a high-income country, Ning added. Ning also warned that China is now facing pressures from shrinking demand, a supply shock and weakening expectations, saying that more efforts should be made to ensure the economy performs within a reasonable range.
