China’s GDP expands 8.1% in 2021
Print Edition
China’s economy posted stable growth in 2021 despite challenges including sporadic epidemic resurgences and a complicated external environment, official data showed Monday.
The country’s gross domestic product expanded 8.1 percent year on year to 114.37 trillion yuan (US$18 trillion) last year, the National Bureau of Statistics said.
The pace was well above the government target of “above 6 percent,” and put the two-year average growth at 5.1 percent.
In the fourth quarter, the country’s GDP expanded 4 percent 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.
Also yesterday, China’s central bank cut the rate on its one-year policy loans to 2.85 percent — the first drop since early 2020 at the height of the pandemic and a clear signal that the year’s outlook remains uncertain.
Final consumption contributed 65.4 percent to the GDP expansion, while net exports contributed 20.9 percent, 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 percent of the global total.
In breakdown, China’s value-added industrial output, an important economic indicator measuring the activity of designated large enterprises with an annual business turnover of at least 20 million yuan, went up 9.6 percent year on year in 2021.
The figure brought the average growth rate in the past two years to 6.1 percent. In December alone, the industrial output grew 4.3 percent from a year earlier, and 0.42 percent from November.
In terms of ownership, the output of state-holding enterprises climbed 8 percent in 2021, and that of joint-stock companies went up 9.8 percent.
Fixed-asset investment went up 4.9 percent year on year with the value amounting to over 54.45 trillion yuan, and the two-year average stood at 3.9 percent. Investment by the private sectors rose 7 percent year on year to nearly 30.77 trillion yuan last year, the NBS data showed.
Retail sales saw a notable recovery, jumping 12.5 percent year on year. It came in when the Chinese people are getting increasingly affluent in 2021, with per capita disposable income standing at 35,128 yuan, up 9.1 percent year on year in nominal terms.
The country’s job market remained generally stable, with the surveyed urban unemployment rate standing at 5.1 percent, 0.5 percentage points lower than the same period in the previous year and meeting the government target of “below 5.5 percent.”
Population
China’s population on the mainland has grown to 1.4126 billion by the end of last year. The latest population figure increased by 480,000 compared with the end of 2020. The figure does not include Hong Kong, Macao, and Taiwan residents and foreigners who live in the mainland’s 31 provinces, autonomous regions, and municipalities.
China’s population living in urban areas on the mainland increased by 12.05 million from the end of 2020 to 914.25 million by the end of 2021, representing 64.72 percent of the total.
The NBS also said the country’s birth rate hit a record low at 7.52 births per 1,000 people, with analysts warning faster-than-expected ageing could deepen economic concerns.
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