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CHN | Sep 20, 2022

China contributes over 30% to world economic growth from 2013-2021

/ Our Today

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People stand at a cold rolling plant during a government-organised media tour to Baoshan Iron & Steel Co., Ltd. (Baosteel), a subsidiary of China Baowu Steel Group, in Shanghai, China September 16, 2022. (Photo: REUTERS/Aly Song)

China’s average contribution to global economic growth exceeded 30 per cent during the 2013-2021 period, ranking first across the world, a recent report showed.

In 2021 alone, China’s economic aggregate accounted for 18.5 per cent of the world’s total after currency translation based on average annual exchange rates, the second largest in the world and up 7.2 percentage points from 2012, according to the report released by the National Bureau of Statistics.

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

The country’s per capita GDP hit 80,976 yuan (about US$11,684 ) last year, surging 69.7 per cent from 2012 after deducting the price factor.

The report highlighted China’s progress in promoting innovation-driven development in the past ten years. The country rose to 12th on the Global Innovation Index 2021, up from 34th in 2012, according to the World Intellectual Property Organization (WIPO).

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

On the green development front, 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 US$6.9 trillion in 2021, continuing to rank top globally.

China has also pursued more inclusive growth, aiming to make achievements that benefit all. From 2013 to 2020, China had lifted 98.99 million rural residents living below the current poverty line out of poverty, it added. 

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