Grows at 8.1% to US$17.7 Trillion while Untied States Tops US$23 Trillion
China’s NBS (National Bureau of Statistics) recently unveiled that the national GDP (Gross Domestic Product) grew 8.1% year-on-year and topped 114.1 trillion RMB (US$17.7 trillion; US$1= 6.27 RMB) in 2021, the China Daily reported on January 18. According to NBS’s data, China accounted for more than 18% of the global economy in 2021, with the per capita GDP exceeding US$12,000, higher than the global average. Four-quarter GDP rose by 4% year-on-year, higher than Reuter’s forecast of 3.6% growth. Compared to 2020, investment in manufacturing grew by 13.5% in 2021, fixed asset investment grew by 4.9%, and investment in real estate and in infrastructure increased by 4.4% and 0.4%, respectively.
The United States’ GDP in 2021 topped about US$23 trillion, indicating the GDP gap of the two countries is narrowing. Goldman Sachs estimated the economic growth forecast for China and the United States in 2022 will be 4.2% and 3.8%, respectively.
Moreover, China’s central and local governments have reportedly rolled out 102 mega infrastructure projects worth 3 trillion RMB (US$480.8 billion) and listed in the 14th Five-year Plan (2021 to 2025). Announced by eleven provincial governments such as Guangdong, Jiangsu, and Henan provinces, these mega projects reportedly include the construction of roads, railways, public transit systems, airports, nuclear power plants, power transmission lines, and pipelines.