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China Sets 2021 Economic Growth Rate at Above 6%

5th March 2021 | Hong Kong

China, the world’s 2nd largest economy with more than $14 trillion GDP, has set the 2021 economic growth rate at above 6%.  The announcement was made by China’s Premier Li Keqiang at the opening of China’s 2021 National People’s Congress on 5th March 2021 (Friday) in Beijing.

” China Sets 2021 Economic Growth Rate at Above 6% “

In 2020, China recorded economic growth of 2.3% and is the only major economy in the world to record positive growth, despite the global pandemic (COVID-19).  The lowest economic growth rate recorded by China is an economic growth rate of 1.6% in 1976, which is recorded at the end of China’s Cultural Revolution.

 

GDP stands for Gross Domestic Product.  GDP calculates the value of all products & services produced by a country.  It also represents the total economy or economic output of a country.

The National People’s Congress is the highest state power in China.  The National People’s Congress Meeting is considered the most important political meeting in China.  

 

2021 National People’s Congress on 5th March 2021

Shanghai Pudong City | Leading Financial Centre in Asia

At the 2021 National People’s Congress on 5th March 2021, Premier Li Keqiang delivered a government work report on behalf of the State Council to the legislature for deliberation.  President Xi Jinping and other Chinese leaders, Wang Yang, Wang Huning, Zhao Leji, Han Zheng and Wang Qishan also attended the opening meeting of the 13th National People’s Congress (NPC).

Premier Li Keqiang reviewed the work of 2020 and the achievements made during the 13th Five-Year Plan (2016-2020) period.  He also introduced primary goals for the 14th Five-Year Plan (2021-2025) period and major tasks for 2021.

China Key Statistics in 2021

  • China 2021 economic growth rate target at above 6% (2020: 2.3%)
  • Target 11 million urban jobs (2020 Target: 9 million, Actual: 11.6 million)
  • Target urban unemployment 5.5% (2020 Target: 6%, Actual 5.5%)
  • Consumer Price Index (CPI) growth at 3% (2020 Target: 3.5%, Actual: 2.5%)
  • Population rises to 1.4 billion in 2019 (2018: 1.39 billion)
  • China life-expectancy to rise by 1 year to 78.3 years (Previous 77.3 years)
  • Statutory retirement age to be raised (Current 60 for men, 55 for women)

The State Council has drawn up a draft outline for the 14th Five-Year Plan period, for national economic and social development and the long-range objectives through the year 2035.  The draft focuses on improving the quality and efficiency of development to maintain the economy’s sustained and healthy growth.

For 2021, key tasks includes keeping major economic indicators within an appropriate range, advancing reforms in key areas and further energizing market entities.

 

China is World’s 2nd Largest Economy, $14.3 trillion GDP

China is the world’s 2nd largest economy with more than $14.3 trillion GDP.  The world’s largest economy is United States with $21.4 trillion GDP and the 3rd largest economy is Japan with $5 trillion GDP.  China also have the world’s largest population with 1.4 billion people.  (India: 1.32 billion, United States 330 million).

 

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