China’s growth fundamentals strong, eyes global influence
Print Edition
THE National Bureau of Statistics yesterday released a communique on economic and social development in 2017, focusing on China’s firm economic fundamentals and its contribution to world economic growth.
The communique highlighted sound economic growth, greater overall national strength and international influence, better-quality growth, and new growth drivers, said the bureau’s chief statistician Sheng Laiyun.
Solid efforts have also been made in environmental protection and energy saving, Belt and Road construction, opening-up, poverty relief, and general improvement in quality of life, Sheng said.
The communique showed China’s contribution to world economic growth stood at around 30 percent in 2017.
“Chinese economy remained an important growth engine for the world’s economic recovery,” said Sheng.
World Bank data showed that China contributed to 34 percent of world economic growth from 2012 to 2016, more than that of the United States, EU and Japan combined.
China’s economy expanded 6.9 percent last year, picking up for the first time in seven years and well above the government target of around 6.5 percent.
The performance not only fuelled optimism for a global recovery, but secured greater sustainability through domestic consumption, trade and new technology, which increased external demand and international productivity.
Sheng stressed that China can maintain sound economic growth in 2018 through continued reform and opening up. Indeed, as reform and opening-up enters its 40th year, the policy is of even greater importance in a new era of high-quality development.
Reform and opening-up is the very reason behind China’s growth and will remain the key driving force of high-quality development, said Sheng.
China’s gross domestic product expanded 6.9 percent to 82.7 trillion yuan (US$13 trillion), around 15 percent of the world total, last year.
Foreign exchange reserves, the world’s largest, reached US$3.1 trillion.
Grain output stood at about 618 million tons.
A total of 13.5 million new urban jobs were created. Registered urban unemployment fell to 3.9 percent, the lowest since 2002.
Consumer prices rose by 1.6 percent, well within the government target.
Industrial capacity utilization hit 77 percent, the highest in five years.
The area of unsold commercial buildings decreased by 106 million square meters.
Profits of industrial companies with annual revenue over 20 million yuan rose 21 percent, 12.5 percentage points faster than in 2016.
The service sector expanded 8 percent to account for 51.6 percent of GDP.
Increased consumption contributed to 58.8 percent of GDP growth.
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