China corrects its 2021 GDP upwards: it grew 0.3 percentage points more

By: News Team

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China corrects its 2021 GDP upwards: it grew 0.3 percentage points more

China’s gross domestic product (GDP) in 2021 was 114.9 trillion yuan (16.52 trillion dollars, 15.52 billion euros), according to an adjustment announced today by the country’s National Bureau of Statistics (ONE).

The agency increased by 556,700 million yuan (80,000 million dollars, 75,113 million euros) the preliminary data published in January of this year.

After the adjustment, the year-on-year growth of the Chinese economy in 2021 stood at 8.4%, 0.3 percentage points higher than originally published.

Beijing had set itself the goal of the national economy growing “more than 6%” throughout 2021, a conservative goal considering the small comparative base of the previous year (+2.3%).

In the first half of 2022, the Chinese economy grew by 2.5% year-on-year, a slowdown from the 12.7% achieved in the first half of 2021, although at that time the statistic benefited from the comparative base of the first half of 2020, the period in which the pandemic began.

China has set a growth target of around 5.5% for its GDP in 2022, a year marked by strict restrictions against covid-19 in the country and by the XX Congress of the Communist Party of China (ruling), held last November and in which the general secretary and leader of the country, Xi Jinping achieved an unprecedented third term among his predecessors in recent decades.

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