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China's economy enters new rank, buoys optimism on global growth
2020-01-19 09:55     Source : Xinhua

The Chinese economy thrived amid downward pressure with major economic targets well met in 2019, showing more upbeat signs, data from the National Bureau of Statistics (NBS) showed Friday.

The world's second-largest economy's gross domestic product (GDP) grew to 99.09 trillion yuan (14.38 trillion U.S. dollars) last year, within the government's annual target of 6 to 6.5 percent, data from the National Bureau of Statistics (NBS) showed Friday.

China's economy in 2019 was generally stable with quality steadily improving, fulfilling major annual targets and boding stable growth for 2020, Ning Jizhe, head of the NBS, told a press conference.

GLOBAL GROWTH CHAMPION

The 6.1-percent growth rate, although lower than the 6.6-percent growth in 2018, still leads global economic growth. China's growth rate is the fastest among world economies with GDP over 1 trillion U.S. dollars, said Ning.

Ning pointed to positive signals of year-end growth expansion and better-than-expected 6-percent growth in the fourth quarter.

"China remains the 'locomotive' of world economic growth and is expected to contribute around 30 percent of global growth," said Ning, while acknowledging China's unchanged status as the largest developing nation.

All major economic indicators including employment, consumer inflation, per capita disposable income and foreign trade fell within the targeted range last year, he said.

Friday's data also reflected the country's efforts in deleveraging and cutting overcapacity. The industrial capacity utilization rate rose to 76.6 percent last year, while the debt-to-asset ratio of industrial companies edged down 0.3 percentage points over a year ago by the end of November.

China's economy is undergoing a much-needed structural transformation, as companies trade short-term pressure in profitability for long-term sustainable growth, said Patricia Xia, a tax leader with the consulting firm Ernst & Young.

Editor: 谭晶