politics

China’s GDP expands 2.3 pct in 2020

BEIJING, Jan. 18 (Xinhua) — China’s gross domestic product (GDP) expanded 2.3 percent year on year in 2020, exceeding the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold to 101.5986 trillion yuan, official data showed Monday.

The pace was faster than the 0.7-percent increase in the first three quarters, data from the National Bureau of Statistics (NBS) showed.

In the fourth quarter of 2020, the country’s GDP expanded 6.5 percent year on year, faster than the 4.9-percent growth in the third quarter, the data showed.

The country’s economic operation has recovered steadily with employment and people’s well-being effectively guaranteed, the NBS said, adding that the major tasks of economic and social development have been completed better than expected.

China’s job market remained stable in 2020, with the surveyed unemployment rate in urban areas standing at 5.6 percent, below the government’s annual target of around 6 percent, the data showed. 

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