China's economy expanded 8.1 percent year-on-year in 2021, bringing the average growth rate from 2020 to 2021 to 5.1 percent, the National Bureau of Statistics said on Monday.
The country's gross domestic product reached 114.4 trillion yuan ($18 trillion) in 2021, with major indicators reaching the expected targets, NBS said. China, the world's second-largest economy, is expected to cover over 18 percent of the global economy in 2021, said Ning Jizhe, head of NBS, at a news conference in Beijing. China's GDP grew by 4 percent in the fourth quarter, down from 4.9 percent in the third quarter, the bureau said. The country's total added value of industrial enterprises above a designated size grew 9.6 percent on a yearly basis in 2021, bringing the average growth rate from 2020 to 2021 to 6.1 percent, the NBS data showed. During the first 11 months of 2021, profits at major industrial companies surged 38 percent, with an average growth rate of 18.9 percent between 2020 and 2021. For the whole year of 2021, total retail sales of consumer goods came in at 44 trillion yuan, up by 12.5 percent over the previous year. In 2021, investment in fixed assets (excluding rural households) increased 4.9 percent to 54.5 trillion yuan. A total of 12.69 million jobs were created in China's urban areas last year, an increase of 830,000 over the previous year. The surveyed unemployment rate in urban areas was 5.1 percent in December and 5.1 percent on average for the whole year, the bureau said. Going forward, Ning also warned of a more complicated external environment and uncertainties, saying the domestic economy is facing multiple pressures from shrinking demand, supply shock and weakening expectations. He added that the country will make efforts to coordinate efforts in epidemic prevention and control as well as ensure "six priorities" and stability in six areas for steady economic momentum, to stabilize the overall economy and keep it within a reasonable range. The central government has released a new set of measures to stabilize China's foreign trade, a key driver of economic growth, as officials and experts expect stronger headwinds faced with the sector this year. In a guideline published on Jan 11, the State Council, China's Cabinet, unveiled a host of measures to explore the growth potential of national imports and exports and ensure the stability and unimpeded operation of industrial and supply chains.
