Posted on 19 Jan 2022
For the whole 2021, China's gross domestic product (GDP) growth had been pulled mainly by domestic needs, Ning Jizhe, head of the country's National Bureau of Statistics (NBS), highlighted at the press conference on January 17 regarding the country's economic performance.
Last year, domestic demand contributed to a total of 79.1% of the whole-year GDP growth, or up 4.4 percentage points on year, among which the whole society's consumer goods wholesale revenue surged 12.5% on year to over Yuan 40 trillion ($6.31 trillion) and the latter expanded 4.9% on year to over Yuan 50 trillion, he elaborated.
Another calculation including three elements including ultimate consumption, capital, and goods and services net exports showed that consumption contributed to 65.4% of the country's economic growth for the whole 2021 or 85.3% of the GDP growth for the fourth quarter, according to him.
"China has a mega-sized domestic market, as we have 1.4 billion population with over 400 million in the middle-income group, and this will serve as the solid foundation for us to counter any risks and challenges and build up our own strong market structure," Ning commented.
Among the three pillars including agriculture, industry and tertiary sector, tertiary accounted for 53.3% of China's GDP for 2021 or contributed to 54.9% of the country's GDP growth as against the 38.4% contribution from the industry, he said, though he also highlighted that the growth in the added-value in China's industry outpaced that of the 2021 GDP, up 9.6% on year.
In the domestic industry, manufacturing sector grew even higher by 9.8% on year with sizeable equipment manufacturing enterprises' added-value up 12.9% on year, both higher than the average, indicating that the country's manufacturing sector has been progressing in line with the country's initiative to strengthen the competitiveness of the manufacturers, he pointed out.
As for 2022, China will be able to achieve a stable economic development, as "our country has been with low inflation and low government debts, there is still room for our monetary policy adjustments and we can resort to a lot of macro-economic related policies and tools," Ning stated with confidence.
Besides, some infrastructure projects have been brought forward and related investments have been dispersed faster via the issuance of local government bonds for government budgets, all of which will be supporting the 2022 economy, he added.
A number of new projects have been launched across China since the start of 2022, and over January-December of 2021, the number of new construction projects across China already grew by 36,767 from the first 11 months to 287,760 with their total investment went up 3.3% on year, according to Ning, all being supportive to the positive prospect of the investment growth this year.
Source:Mysteel Global
