China’s Economy Recovered Steadily in 2020 with Main Goals Accomplished Better Than Expectation

05.19.2021

The national economy recovered steadily, employment and living standards were ensured forcefully, and the main goals and tasks of economic and social development were accomplished better than expectation. GDP was 101,598.6 billion yuan in 2020, an increase of 2.3 percent over last year.

The year-on-year GDP for the first quarter went down by 6.8 percent, up by 3.2 percent for the second quarter, 4.9 percent for the third quarter and 6.5 percent for the fourth quarter. By industries, the value added of the primary industry was 7,775.4 billion yuan, up by 3.0 percent, that of the secondary industry was 38,425.5 billion yuan, up by 2.6 percent and that of the tertiary industry was 55,397.7 billion yuan, up by 2.1 percent.

1. The Grain Output Reached Another High and Production of Pigs Sustained a Fast Recovery.

2. Industrial Production Continued to Grow and High-tech Manufacturing and Equipment Manufacturing Enjoyed Faster Growth.

3. Service Sector Recovered Gradually and Modern Service Industries Demonstrated Favorable Momentum.

4. Market Sales Recovered Fast and Upgraded Consumer Goods Witnessed Accelerated Growth.

5. Investment in Fixed Assets Rebounded Steadily and Investment in High-tech Industries and Social Sector Grew Fast.

6. Foreign Trade Achieved Positive Growth and Trade Structure Continued to Optimize.

7. Growth of Consumer Price Slowed and Producer Prices for Industrial Products Dropped.

8. Employment Was Generally Stable and Surveyed Unemployment Rate in Urban Areas Lowered to the Level of Last Year.

9. Resident Income Grew at the Same Pace as the Economy and Urban-Rural Per Capita Income Ratio Continued to Narrow Down.

The full version of the article is available here.

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