China’s economy grew by 2.3 percent in 2020, crosses 100 trillion Yuan mark

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China’s gross domestic product (GDP) in 2020 crossed 100-trillion-yuan mark, the National Bureau of Statistics (NBS) said on Monday.

The country’s economy grew 2.3 percent year on year in 2020, according to official data.

With major economic targets achieving better-than-expected results, country’s annual GDP came in at 101.59 trillion yuan ($15.68 trillion) in 2020, surpassing the 100 trillion yuan threshold, the National Bureau of Statistics said on Monday.

GDP growth in the fourth quarter was 6.5 percent year-on-year, up from 4.9 percent in the third quarter, the bureau said.

Industrial output expanded by 2.8 percent year-on-year in 2020 and 7.3 percent in December.

Growth in retail sales came in at negative 3.9 percent year-on-year last year, but the growth recovered to positive 4.6 percent in December.

The country registered a 2.9 percent growth in fixed-asset investment in 2020.

A total of 11.86 million new jobs were created in China’s urban areas last year, 131.8 percent of the annual target.

The surveyed urban jobless rate nationwide was 5.2 percent in December and 5.6 percent on average in the whole year, the bureau said.

Despite the improving economic indicators, the NBS said that the economy faces mounting uncertainties from the COVID-19 and external environment, and the country will work hard to ensure that the economy continues to perform within the reasonable range.

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