26 September 2022, Monday, 15:58 445

China contributes over 30 pct to world economic growth in 2013-2021

Редактор: Тимофій Борзенко

China contributes over 30 pct to world economic growth in 2013-2021. Photo by Xinhua.

China's average contribution to global economic growth exceeded 30% during the 2013-2021 period, ranking first across the world, a recent report showed. This was reported by The Xinhua News Agency.

In 2021 alone, China's economic aggregate accounted for 18.5% of the world's total after currency translation based on average annual exchange rates, the second largest in the world and up 7.2 percentage points from 2012, according to the report released by the National Bureau of Statistics.

China's gross domestic product (GDP) expanded at an average annual growth rate of 6.6% from 2013 to 2021, higher than the growth pace of 2.6% for the global economy and 3.7% for developing economies.

The country's per capita GDP hit ¥80,976 yuan (about $11,684) last year, surging 69.7% from 2012 after deducting the price factor.

The report highlighted China's progress in promoting innovation-driven development in the past ten years. The country rose to 12th on the Global Innovation Index 2021, up from 34th in 2012, according to the World Intellectual Property Organization.

Over the past decade, China has seen a better economic structure and more coordinated growth, as final consumption expenditure contributed 65.4% to the 2021 economic expansion. It is up ten percentage points from 2012, and the added value of the manufacturing sector jumped 74.3% during the same period.

On the green development front, China's accumulative afforestation area amounted to approximately 59.44 mln hectares from 2013 to 2021.

The report also showed that the total value of China's goods and services trade reached $6.9 trln in 2021, continuing to rank top globally.

China has also pursued more inclusive growth, aiming to make achievements that benefit all. From 2013 to 2020, China had lifted 98.99 mln rural residents living below the current poverty line out of poverty, it added.