Economic momentum continues in February
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The container terminal of Xiuying Port in Haikou, Hainan province. [Photo/China News Service]
China was confirmed to have been the only major economy that expanded in the crippling pandemic year of 2020, and it also sustained its growth momentum in February, making it a key engine of global economic rebound, officials and experts said on Sunday.
With an annual growth of 2.3 percent, the Chinese economy was the world s only major economy to have avoided contraction in 2020. Its 101.6 trillion yuan ($15.7 trillion) GDP is estimated to account for more than 17 percent of the world s economy, the National Bureau of Statistics said on Sunday.
MIL-OSI China: Nation builds on growth momentum | ForeignAffairs co nz foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
Nation builds on growth momentum-China was confirmed to have been the only major economy that expanded in the crippling pandemic year of 2020, and it also sustained its growth momentum in February, making it a key engine of global economic rebound, officials and experts said on Sunday.
Nation builds on growth momentum--China Economic Net en.ce.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from en.ce.cn Daily Mail and Mail on Sunday newspapers.
Investment will continue to play a key role in energizing the Chinese economy this year, with input into manufacturing and high-tech industries playing the lead role, experts said.
China s fixed asset investment grew steadily by 2.9 percent on a yearly basis in 2020 with high-tech and the social sector leading the growth, the National Bureau of Statistics said on Monday. The country s total fixed asset investment amounted to 51.89 trillion yuan ($7.99 trillion) in 2020. Investment grew by 0.9 percent in the basic infrastructure sector, but declined by 2.2 percent in the manufacturing sector, the NBS said on Monday.
Investment growth in the agricultural, secondary and services sectors all turned positive last year. In particular, investment in high-tech industries grew by 10.6 percent on a yearly basis, 7.7 percentage points above the overall level. Private-sector investment stood at 28.93 trillion yuan, up by 1 percent on a yearly basis.