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China's GDP Crosses Threshold of RMB 80 Trillion

Submit Time:12-02-2018 | Zoom In | Zoom Out

Author:Zhang Yi | Source:Guang Ming Daily (January 19, 2018)

Abstract:

According to the statistical data released by the National Bureau of Statistics of China on January 18, 2018, the preliminary calculation findings suggest that China's gross domestic product (GDP) hit RMB 82,712.2 billion in 2017, representing an increase of 6.9% in terms of comparable price over the previous year. This is the first time for the country's GDP to cross the threshold of RMB 80 trillion. Furthermore, the GDP growth rate of 2017 was 0.2 percentage point higher than that of 2016. So it is also the first time for the Chinese economy to demonstrate an accelerating growth rate since 2010.  

Quarterly speaking, the GDP growth rate stood at 6.9%, 6.9%, 6.8% and 6.8% in the first, second, third and fourth quarters, respectively. In terms of industries, the primary industry yielded the value added totaling RMB 6,546.8 billion, up by 3.9% over the last year; the secondary industry reported the value added of RMB 33,462.3 billion, up by 6.1% over the previous year; and the tertiary industry generated the value added worth RMB 42,703.2 billion, up by 8.0% over the last year.  

As pointed out by Ning Jizhe, director of the National Bureau of Statistics, at the press conference hosted by the State Council Information Office, the year of 2017 witnessed the Chinese people from all regions and fields fully acted on the decisions and arrangements made by the CPC Central Committee and the State Council. Committed to the underlying principle of pursuing progress while ensuring stability and the new development philosophy, they took the supply-side structural reform as their main task, and worked hard for structural optimization, switch of driving forces, and quality enhancement. As a result of these efforts, the Chinese economy got stabilized, outperformed expectations, and realized smooth and healthy development.  

In 2017, the Chinese economy demonstrated the following major features: grain production brought in another harvest, and animal husbandry grew at a steady pace; industrial production growth gathered pace and enterprises generated fast-growing profits; service sectors maintained a fairly rapid growth, and the business activity index continued to stay within the range of prosperity; the investment structure was optimized with each passing day, and the areas of commodity housing for sale continued to decline further; the marketing sales secured the steady growth, and the consumption upgrade became more notable; the import and export volume further expanded, and the trade structure continued getting better; the consumer price index went up at a moderate pace, and the industrial producer price index ended its fall and started to rise; resident income increased faster, and rural resident income outpaced urban resident income; the supply-side structural reform went deeper, and the transformation and upgrade drive bore new fruit; the Chinese population demonstrated a steady growth pace, and the urbanization rate continued to pick up.  


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