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China Remains as the No. 1 Engine of World Economic Growth with Economic Indicators Ranking Steadily at the Top of the World since the 18th National Congress of the CPC

Submit Time:18-07-2017 | Zoom In | Zoom Out

Author:Zhang Yi | Source:Guangming Daily

Abstract:

  Data published by the State Statistics Bureau on June 21 show that, from 2013 to 2016, the annual average economic growth rate of China is 7.2%, significantly higher than the world average level of 2.5% in the same period, with all economic indicators steadily ranking at the top of the world. In 2016, the contribution of China to the world economic growth reached 34.7%, driving up the world economic growth by 0.8 percentage points, as the No. 1 engine of world economic growth.

  According to the estimation by the World Bank, during 2013--2016, the contribution of China to the world economy was 31.6% by average, exceeding the total of contributions from the United States, the Euro region and Japan. Since 2010 when China became the second largest economic entity in the world exceeding Japan, the GDP has ranked steadily at the second place in the world, with the proportion in the world economic aggregate increasing year by year. According to the IMF data, in 2016, the GDP of China was 11.2 trillion US dollars, accounting for 14.9% of the world total, 3.4 percentage points higher than that of 2012.

  In the past 5 years, the economic strength of China has substantially enhanced, with main indicators ranking at the top of the world: in 2012--2015, the output of main industrial and agricultural products of China steadily ranked at the first place of the world; the number of outbound tourists grew at 12% annually by average, reaching 120 million person-trips in 2015, and making China the largest outbound tourism market in the world; the spending in outbound tourism reached 292.2 billion US dollars in 2015, ranking at the top of the world.

  The 2015--2016 Global Competitiveness Report of the World Economic Forum shows that in 2015, China ranked at the 28th place among 140 countries and regions in terms of international competing power, one place higher than that of 2012, ranking at the front among developing countries. In 2016, the proportion of total volume of cargo import and export of China in the world raised from 10.4% in 2012 to 11.5%. In 2015, the outbound foreign direct investment of China leapt to the second place in the world for the first time, reaching a record high in history.


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