On January 17th, China’s economic report card was unveiled!
In 2021, China’s GDP increased by 8.1% over the previous year, and its economic growth rate was among the best in the world. The total economic output reached 114.4 trillion yuan, exceeding 110 trillion yuan, reaching 17.7 trillion US dollars at the annual average exchange rate, ranking second in the world, accounting for more than 18% of the global economy. The per capita GDP was 80,976 yuan, which reached $12,551 at the annual average exchange rate, exceeding $12,000. At the end of the year, the balance of foreign exchange reserves was US$ 3,250.2 billion, ranking first in the world.
"In the past year, through the joint efforts of the whole country, China’s economic development and epidemic prevention and control have both maintained a leading position in the world, the national economy has generally operated in a reasonable range, the main objectives and tasks of the annual development have been completed, new steps have been taken to build a new development pattern, and new achievements have been made in high-quality development. ‘ Fourteenth Five-Year Plan ’ Achieved a good start. " Ning Ji Zhe, director of the National Bureau of Statistics, said.
What about 8.1%?
In March last year, the "Government Work Report" adopted by the Fourth Session of the 13th National People’s Congress put forward the main expected goals of economic and social development in 2021. According to the statistics released on the 17th, the main expected goals have been fully achieved, and the 14th Five-Year Plan has made a good start.
The economy grew rapidly.In 2021, the economic growth rate will be 8.1%, which is higher than the expected target of more than 6%.
"The economic growth rate in the first, second, third and fourth quarters was 4.9%, 5.5%, 4.9% and 5.2% respectively. The average economic growth rate in the fourth quarter was higher than that in the third quarter, and the economic operation was generally stable." Ning Jizhen said.
Employment is generally stable.In 2021, 12.69 million new jobs were created in cities and towns, achieving the expected target of more than 11 million. The national urban survey unemployment rate averaged 5.1%, which was lower than the expected target of about 5.5%.
Consumer prices rose moderately.In 2021, the consumer price will increase by 0.9% over the previous year, which is lower than the expected target of about 3%.
The balance of payments is basically balanced.At the end of 2021, the balance of China’s foreign exchange reserves remained above $3.2 trillion for eight consecutive months.
Residents’ income growth is basically synchronized with economic growth.In 2021, the per capita disposable income of the national residents increased by 8.1% compared with the previous year, with an average increase of 5.1% in two years, which was basically in sync with economic growth and met the requirement of steady growth of residents’ income.
Energy consumption per unit GDP decreased.According to preliminary accounting, the energy consumption per unit GDP in 2021 will decrease by 2.7% compared with the previous year, which is close to the expected target of reducing by about 3%.
While the economic operation is generally stable, high-quality development has also achieved new results.
The kinetic energy of innovation was effectively enhanced, and industrial upgrading continued to advance.In 2021, the expenditure on research and experimental development (R&D) of the whole society increased by 14.2% over the previous year, and the growth rate was 4 percentage points faster than that of the previous year, continuing the growth trend of more than double digits since the "Thirteenth Five-Year Plan"; The ratio of R&D expenditure to GDP reached 2.44%, an increase of 0.03 percentage points over the previous year; The added value of the equipment manufacturing industry above designated size increased by 12.9%, which was 3.3 percentage points higher than that of all industries above designated size; Investment in high-tech industries increased by 17.1% over the previous year, with an average increase of 13.8% in two years, 9.9 percentage points faster than the total investment.
The reform and opening up have been steady, and foreign investment and foreign trade have reached new highs.With the deepening of economic system reform, the vitality of development is further stimulated. By the end of 2021, the total number of market players in China exceeded 150 million, including more than 40 million enterprises and more than 100 million individual industrial and commercial households. In 2021, in dollar terms, China’s trade volume reached 6.05 trillion US dollars, and its share in the world market continued to increase. The actually used foreign capital was 1,149.4 billion yuan, up by 14.9%, and the scale of foreign investment reached a new high.
What does 110 trillion yuan mean?
Last year, China’s total economic output reached 110 trillion yuan, and its per capita GDP is expected to exceed 12,000 US dollars, which is close to the threshold of high-income countries of the World Bank. What does this mean for China?
"This is indeed a.A landmark event.Ning Jizhe said that in the past year, China’s economic aggregate scale and GDP per capita level continued to increase, which means that China’s comprehensive national strength, social productivity and people’s living standards have been further improved, which also means that China’s development foundation is firmer, conditions are better and motivation is more sufficient, and it also contributes to global development.
110 trillion yuan means that China’s comprehensive national strength has been further enhanced.In 2021, China’s GDP will increase from 101 trillion yuan to 114 trillion yuan, with an increase of about 13 trillion yuan. This increment is equivalent to US$ 2 trillion at the average annual exchange rate, which is equivalent to the annual economic aggregate of a relatively large major economy in the world. If the appreciation of RMB is taken into account, the calculated increment is as high as $3 trillion according to the two-year economic aggregate.
At the same time, the added value of all industries and manufacturing industries in China has been ranked first in the world for more than ten years. Trade in goods and foreign exchange reserves rank first in the world, and the scale of service trade, foreign investment and domestic consumption market ranks second in the world.
"China’s per capita GDP exceeds 80,000 yuan, which is converted into 12,551 US dollars at the average annual exchange rate. Although it has not yet reached the lower limit of the per capita level of high-income countries, it is approaching year by year. According to preliminary estimates, the world’s per capita GDP in 2021 is about 12,100 US dollars, and ours is 12,500 US dollars, which has exceeded the world’s per capita GDP level. " Ning Jizhen said.
110 trillion yuan means that China’s social productive forces have been further improved.In 2021, China’s total grain output was more than 1.3 trillion Jin. According to world statistics, grain output ranked first in the world, and seed cotton, peanuts (one of the main sources of oil), meat, tea and fruit all ranked first in the world. The output of more than 220 major industrial products ranks first in the world. By the end of 2021, the effective number of invention patents in China was 3.597 million, and the number of high-value invention patents per 10,000 population reached 7.5, an increase of 1.2 over the previous year, and the scientific and technological strength was also significantly enhanced.
110 trillion yuan means that the living standards of our people have been further improved.In 2021, the number of new jobs in China exceeded 12 million, and the per capita disposable income of residents was 35,000 yuan, an actual increase of 8.1% over the previous year; The per capita consumption expenditure of the national residents was 24,000 yuan, a real increase of 12.6%. Engel’s coefficient reflecting the consumption structure, that is, the proportion of food expenditure in consumption expenditure decreased. In 2021, the Engel coefficient of national residents was 29.8%, which was 0.4 percentage points lower than the previous year.
110 trillion yuan means that China’s international influence has further expanded.China’s economy has maintained rapid growth, which has boosted world economic growth. In 2020, the world economy will grow negatively, and China’s economy will grow positively, which will play a very significant role in pulling the world. In 2021, the contribution rate of China’s economic growth to world economic growth is expected to reach about 25%, which is an important force leading the recovery of the world economy.
At the same time, China’s overall planning of epidemic prevention and control and economic and social development has made great contributions to the world.Over the past year or so, China has taken the lead in controlling the local epidemic, and insisted on "importing foreign defense and rebounding internal defense", ensuring the health and safety of 1.4 billion people, which in itself is a major contribution to the world’s anti-epidemic work. At the same time, by the end of last year, China had provided about 372 billion masks, more than 4.2 billion protective clothing and 8.4 billion human test reagents to the international community, and provided more than 2 billion doses of COVID-19 vaccine to more than 120 countries and international organizations, making it the country that provided the most vaccines to the outside world.
What are the factors driving economic growth?
2021 is the first year for China to build a new development pattern. In the face of the complicated and severe international environment and the frequent spread of domestic epidemics, based on the advantages of ultra-large-scale market, we will continue to deepen reform and opening up, actively unblock the internal and external circulation of the economy, and take new steps in building a new development pattern.
The three major demands have made positive contributions to economic growth.In 2021, final consumption expenditure, total capital formation and net exports of goods and services will drive economic growth by 5.3, 1.1 and 1.7 percentage points respectively, and their contribution rates to economic growth will be 65.4%, 13.7% and 20.9% respectively.
"Although the contribution rate of total capital formation to economic growth in the fourth quarter was negative, the investment in fixed assets in the month of December turned from decline to increase, and the planned total investment of newly started projects was 1-mdash; In December, it increased by 3.3% year-on-year, and it continued to rise in November and December, showing signs of declining to rising. " Ning Jizhen said.
The role of the main body of the domestic macro-cycle has been enhanced.In 2021, the total retail sales of consumer goods in China exceeded 40 trillion yuan, an increase of 12.5% over the previous year; The investment in fixed assets exceeded 50 trillion yuan, an increase of 4.9%. The contribution rate of domestic demand to economic growth reached 79.1%, an increase of 4.4 percentage points over the previous year.
"The strategy of expanding domestic demand has been implemented in depth, and the driving role of domestic circulation in economic development has been significantly enhanced. Economic growth is still driven by domestic demand. " Ning Jizhen said.
Domestic and international circulation promote each other.In 2021, China’s total import and export of goods reached a record high, with imports and exports increasing by 21.5% and 21.2% respectively over the previous year. Both internal and external needs have played a very good role and are combined with each other.
Production, distribution, circulation and consumption cycle are improved.In the production process, the expansion of production laid the foundation for the improvement of circulation. In 2021, the added value of industrial enterprises above designated size increased by 9.6% over the previous year, and the growth area of industrial industries reached 95.1%. In the distribution link, the growth of business income, wages and profits of enterprises is the main source of initial distribution. In terms of circulation, in 2021, China’s total social freight volume and port cargo throughput increased by 12.4% and 6.8% respectively over the previous year, and the smooth flow of freight ensured economic recovery and foreign trade. In the consumption link, the expansion of employment and the increase of income support the recovery growth of consumption. In 2021, the per capita consumption expenditure of the national residents actually increased by 12.6% compared with the previous year. Due to the great impact of the previous year, it increased by 4.0% on average in two years.
"Faced with a complicated and severe economic environment,The fundamentals of China’s long-term economic improvement have not changed, and the favorable conditions for building a new development pattern have not changed.New economic growth points will continue to emerge. Ning Ji Zhe said that in the next step, the kinetic energy of China’s economic growth comes not only from the pull of demand troika, but also from the promotion of supply; Not only from the expansion of domestic demand, but also from the expansion of external demand; Not only from the growth of consumption, but also from the development of investment; Not only from the promotion of reform, but also from the drive of innovation."We have confidence, confidence, ability and conditions to achieve sustained and healthy economic development."