China’s economy up by 2.3% in 2020, says NBS


The surveyed urban jobless rate nationwide was 5.2% in December and 5.6% on average in the whole year, the bureau said

BEIJING: China’s economy grew by 2.3% in 2020, with major economic targets achieving better-than-expected results, the National Bureau of Statistics (NBS) said yesterday.

The country’s annual GDP came in at 101.59 trillion yuan (US$15.68 trillion) in 2020, surpassing the 100 trillion yuan threshold, the NBS said.

The Chinese economy is expected to be the world’s only major economy to achieve positive growth in 2020, said Ning Jizhe, head of the NBS.

GDP growth in the fourth quarter was 6.5% year-on-year, up from 4.9% in the third quarter, the bureau said.

Industrial output expanded by 2.8% year-on-year in 2020 and 7.3% in December.

Growth in retail sales came in at negative 3.9% year-on-year last year, but the growth recovered to positive 4.6% in December.

The country registered a 2.9% growth in fixed-asset investment in 2020.

A total of 11.86 million new jobs were created in China’s urban areas last year, 131.8% of the annual target.

The surveyed urban jobless rate nationwide was 5.2% in December and 5.6% on average in the whole year, the bureau said.

Despite the improving economic indicators, the NBS said that the economy faces mounting uncertainties from the Covid-19 and external environment, and the country will work hard to ensure that the economy continues to perform within the reasonable range. — China Daily/ANN

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