China’s economy grows by 8.1 per cent in 2021

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Beijing: China’s economy grew by 8.1 per cent in 2021 to about USD 18 trillion despite challenges, including epidemic resurgences and a complicated external environment, the government said on Monday.

According to the official figures released by the National Bureau of Statistics (NBS), China’s economy grew by four per cent in the fourth quarter of last year, slowing from the 4.9 per cent growth in the third quarter, rounding off the full year’s growth rate to 8.1 per cent in 2021.

The GDP increase is also above the six per cent target set by the government for the year.

China’s economy posted stable growth in 2021 despite challenges including epidemic resurgences and a complicated external environment, state-run Xinhua news agency reported.

The country’s GDP expanded 8.1 per cent year on year to 114.37 trillion yuan (about USD 18 trillion) last year, the NBS said on Monday.

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 NBS data showed.

China’s economy has continued a 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.

The Chinese economy, which was the first to be hit by a coronavirus and early to recover from the pandemic grew 2.3 per cent in 2020, the lowest annual growth rate in 45 years.

The GDP of the world’s second-largest economy grew by 2.3 per cent expanding to USD 15.42 trillion in dollar terms in 2020.

According to Monday’s NBS data, China’s fixed-asset investment went up 4.9 per cent year on year in 2021.

Last year, the fixed-asset investment amounted to over 54.45 trillion yuan (about USD 8.56 trillion) as per the NBS.

The growth came in at 8 per cent compared with the 2019 level, and the two-year average growth stood at 3.9 per cent.

Investment by the private sectors rose seven per cent year on year to nearly 30.77 trillion yuan last year, the NBS data showed.

China’s retail sales of consumer goods, a major indicator of consumption growth, rose 12.5 per cent year on year in 2021. (PTI)