China’s Economy Grows 8.1% in 2021, Exceeding The Government Target

Official data showed today, Monday, that China’s economy achieved stable growth in 2021 despite challenges, including the re-spread of the epidemic and the complex external environment.

According to the National Statistics Authority, China’s gross domestic product rose 8.1 percent year on year to 114.37 trillion yuan (about 18 trillion US dollars) last year.

The data indicated that this growth rate was much higher than the government’s goal of “above 6%”, and made the average growth during the past two years 5.1%.

In the last quarter of 2021, the country’s GDP expanded by 4% year on year.

China’s economy continued its stable recovery in 2021, and led the world in both economic development and epidemic control, according to the National Statistics Authority, which at the same time warned of the triple pressure of demand contraction, supply shocks and weak expectations amid an increasingly complex external environment.

The final consumption contributed 65.4% to the expansion of the GDP, while net exports contributed 20.9%, said Ning Jie Zhe, head of the authority, at a press conference.

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

In detail, retail sales witnessed a remarkable recovery, jumping 12.5% ​​year-on-year. Fixed assets investments recorded a stable growth of 4.9%, while the value-added industrial output increased by 9.6% over the previous year.

The country’s employment market remained stable in general, with the unemployment rate based on the urban survey at 5.1%, down 0.5 percentage points from the previous year, which met the government’s target of “less than 5.5%.”

The Chinese people’s living standards rose in 2021, with their per capita disposable income reaching 35,128 yuan, up 9.1 percent year-on-year in nominal terms.