China’s GDP exceeds 100 trillion yuan in 2020

China’s GDP exceeded 101.6 trillion yuan in 2020, an increase of 2.3% year on year at comparable prices.

The news was announced at a press conference that was held by the information office of the State Council on January 18.

Quarterly, the year-on-year was 6.8% lower in the first quarter, an increase of 3.2% in the second quarter, 4.9% higher in the third quarter and a further increase of 6.5% in the fourth quarter.

NBS data showed that in 2020, Chinese residents’ per capita disposable income was 32,189 yuan, doubling that of 2010.

Ning Jizhe, head of NBS, said at a press briefing on Monday in Beijing that in the past two decades, China’s economic volume has expanded 10 times, and the world’s second-largest economy now accounts for about 17 per cent of the total global economy.

He also noted that China’s per capita GDP exceeded $10,000 for two consecutive years, making it “a member of the upper-middle-income countries and narrowing the gap with high-income countries.”

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