The Manila Times

China contributed over 30% to global growth in last decade

BEIJING:China’s average contribution to global economic growth exceeded 30 percent from 2013 to 2021, according to a report by the East Asian country’s National Bureau of Statistics.

The report said that in 2021 alone, China’s economic aggregate accounted for 18.5 percent of the global total after currency translation based on average annual exchange rates, making it the second largest in the world and rising 7.2 percentage points from 2012.

China’s gross domestic product (GDP) expanded at an average annual growth rate of 6.6 percent from 2013 to 2021, higher than the growth pace of 2.6 percent for the global economy and 3.7 percent for developing economies.

The country’s per capita GDP hit 80,976 yuan (about $11,684) last year, a 69.7-percent increase from 2012 after deducting prices.

The report highlighted China’s progress in promoting innovationdriven development in the past decade. The country rose to 12th on the Global Innovation Index 2021, up from 34th in 2012, according to the World Intellectual Property Organization.

Over the last decade, China has seen a better economic structure and more coordinated growth, as final consumption expenditure contributed 65.4 percent to the 2021 economic expansion. It is up 10 percentage points from 2012, and the added value of the manufacturing sector jumped 74.3 percent during the same period.

On green development, China’s accumulative afforestation area amounted to approximately 59.44 million hectares from 2013 to 2021.

The report also showed that the total value of China’s goods and services trade reached $6.9 trillion last year.

China has also pursued more inclusive growth, aiming to make achievements that benefit all. From 2013 to 2020, 98.99 million people living below the current poverty line were lifted out of poverty, the report said.

FOREIGN BUSINESS: CHINA

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2022-09-21T07:00:00.0000000Z

2022-09-21T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281930251840659

The Manila Times