China’s gross domestic product (GDP) grew by 2.3pc in 2020 overcoming the economic challenges posed by the COVID-19 pandemic, according to preliminary estimates of China’s National Bureau of Statistics (NBS). In 2020, China’s GDP is expected at CNY101.598 trillion ($15.68 trillion), breaching the one trillion milestone for the first time.
With only one quarter of degrowth, Q1 down by 6.8pc, China is the only major economy likely to post growth in GDP in 2020. After succumbing to the COVID-19 pandemic, robust recovery boosted China’s GDP by 3.2pc in Q2, 4.9pc in Q3 and 6.5pc in Q4. In 2021, China’s GDP is expected to grow by 7.5pc, higher than 6.1pc GDP growth in 2019.
In terms of industries, the added value of China’s primary sector rose by 3pc from the prior year and the secondary sector increased by 2.6pc, while the tertiary sector rose by 2.1pc.
Chinese were quick to recover and resume production, ahead of the rest of the world. China’s share in the world economy in 2020 has increased to 17pc from 16.3pc in 2019.
The Chinese regime aims to reach a per capita GDP of moderately developed country by 2035 by doubling its GDP to CNY200 trillion from the CNY101.5 trillion in 2020.