AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
China gdp mostrecent12/19/2023 ![]() And the country's addiction to coal is likely to endure for years. ![]() A Growing Climate Challenge : China’s greenhouse gas emissions rose last year at the fastest pace in a decade.Xi Tightens His Grip: Having secured a precedent-defying third term during the Communist Party congress, Xi Jinping is poised to push his vision of a nationalist China even further, with himself at the center.But activity is resuming now even in places like Wuhan, the central Chinese city where the new coronavirus first emerged. The affluent and people living in export-oriented coastal provinces were the first to start spending money again. And in recent weeks, the country has seen the beginning of a recovery in domestic consumption. This pattern has created jobs in China but placed a brake on growth elsewhere.Ĭhina’s economic recovery has also been dependent for months on huge investments in highways, high-speed train lines and other infrastructure. Still, China’s recovery has done less to help the rest of the world than in the past because its imports have not increased nearly as much as its exports. That has partly reversed a nosedive in commodity prices last spring and softened the impact of the pandemic on some industries. At the same time, China is now buying more iron ore from Brazil, more corn and pork from the United States and more palm oil from Malaysia. The vigorous expansion of the Chinese economy means that it is set to dominate global growth - accounting for at least 30 percent of the world’s economic growth this year and in the years to come, Justin Lin Yifu, a cabinet adviser and honorary dean of the National School of Development at Peking University, said at a recent government news conference in Beijing.Ĭhinese companies are making up a greater share of the world’s exports, manufacturing consumer electronics, personal protection equipment and other goods in high demand during the pandemic. It has almost no local transmission of the virus now, while the United States and Europe face another accelerating wave of cases. The United States and other nations are expected to report a third-quarter surge too, but they are still behind or just catching up to pre-pandemic levels.Ĭhina’s lead could widen further in the months to come. But China is the first to report growth that significantly surpasses where it was at this time last year. Many of the world’s major economies have climbed quickly out of the depths of a contraction last spring, when shutdowns caused output to fall steeply. The robust performance brings China almost back up to the roughly 6 percent pace of growth that it was reporting before the pandemic. The Chinese economy surged 4.9 percent in the July-to-September quarter compared with the same months last year, the country’s National Bureau of Statistics announced on Monday. For instance, many of the companies surveyed for economic data are large, state-owned enterprises and factories, and this sampling doesn't capture the fast-growing services sector and the smaller enterprises, said Zhuang.BEIJING - As most of the world still struggles with the coronavirus pandemic, China is showing once again that a fast economic rebound is possible when the virus is brought firmly under control. The country's methodology for measuring economic data has also not been updated in decades. Such issues result in a "constant error" for Chinese GDP data, said Zhuang. Some investments are also reported twice if they involve two different provincial governments. One issue with China's economic data traces back to the quality of information submitted to the central government, as local governments sometimes inflate local GDP data to get more central government subsidies. However, it's unlikely the central government was manipulating numbers, Zhuang said. China reported 8.1% GDP growth in 2021 - but it's likely lowerĮven though China reported 8.1% on-year GDP growth rate in 2021, the real two-year compound annual growth rate is likely lower, around 5.5% to 6%, said Zhuang.
0 Comments
Read More
Leave a Reply. |