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Economy

Factbox: Highlights of China's economy over past 5 years

October 23, 2020


Abstract : As China's 13th Five-Year Plan period (2016-2020) is coming to an end, the country has managed to achieve stellar growth while achieving positive changes to its economic and social landscape.

BEIJING, Oct. 22 (Xinhua) -- As China's 13th Five-Year Plan period (2016-2020) is coming to an end, the country has managed to achieve stellar growth while achieving positive changes to its economic and social landscape.

The following facts and figures highlight China's economic development over the past five years.

-- China's overall economic development reached a new level. Gross domestic product (GDP) totaled 99.1 trillion yuan (about 14.89 trillion U.S. dollars) in 2019, accounting for 16 percent of the global economy and contributing about 30 percent to world economic growth.

-- The per capita GDP in 2019 reached 10,276 U.S. dollars, exceeding the 10,000-dollar mark for the first time.

-- Over the past five years, more than 60 million new jobs were created in urban areas, and the labor participation and employment rates have maintained a relatively high level among major economies.

-- Grain output has remained above 650 million tonnes for five consecutive years.

-- In 2019, the value-added output of the service sector accounted for 53.9 percent of GDP, up 3.4 percentage points from 2015.

-- Retail sales of consumer goods, a major indicator of consumption growth, exceeded 40 trillion yuan in 2019.

-- Energy consumption per unit of GDP in 2019 declined 13.2 percent from 2015.

-- From 2016 to 2019, more than 50 million poor people in rural areas shook off poverty. Meanwhile, the per capita net income of the poor rose from 3,416 yuan in 2015 to 9,808 yuan in 2019, an average annual growth of 30.2 percent.

-- China's per capita disposable income stood at 30,733 yuan in 2019, an increase of 39.9 percent over 2015, and the size of the middle-income group continued to expand during the period.

-- By commencing renovation projects on 21.57 million homes from 2016 to 2019, China has already exceeded its target for housing renovation in rundown urban areas set for the 13th Five-Year Plan period.

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