A profile of China's Economic Performance in Year 2020
驻挪威使馆
2021/02/08

1. GDP increased by 2.3%. China's economy improved season by season and gradually returned to normal. The main objectives and tasks of economic and social development were accomplished better than expected. Increased by 2.3%, total GDP reached a new level of 100 trillion yuan. Grain output remained over 650 million tons for 6 consecutive years. The residents' income grew at the same pace as the economy.

2. Decisive achievements were made in the three critical battles. 5.51 million rural population were lifted off poverty while 52 impoverished counties got removed from the poverty list. The quality of the ecological environment continued to improve, and the green development maintained a good momentum of growth. A number of major risks and hidden hazard were "precisely dismantled", and initial success was made in the control of financial risks.

3. Multiple measures were introduced to stabilize the overall employment. Employment is people's top living need and the biggest support for consumption. Under severe shocks rarely seen in history, China did not experience large-scale unemployment. The surveyed unemployment rate in urban areas rose after a short period of time and then gradually declined. It fell to 5.2% in November, and more than 11 million new urban jobs were added at the same time.

4. People's basic living needs were effectively guaranteed. Efforts were made to strengthen supply and ensure price stability, and even at the worst of the epidemic, the market was adequately supplied and prices were basically stable. Consumer prices rose by 2.5% throughout the year. Overcoming difficulties, nearly 300 million people's pensions were paid on time and in full. The work to strengthen areas of weakness in social development was accelerated.

5. The substantial growth of market players provided strong support for economic development. Small, medium and micro enterprises and individual business provided 85% of China's urban jobs. The strong resilience of hundreds of millions of market players played a fundamental role in stabilizing the employment and the basic economy in China. In the past 11 months, the average net increase of market entities was about 40,000 daily, and the total number of market entities exceeded 130 million, which created conditions for economic recovery and future development.

6. New growth drivers became stronger. The innovation-driven development strategy was firmly implemented, the investment in research and development continued to grow rapidly, and the rate of contribution by science and technology progress was close to 60%. In the World Intellectual Property Organization's Global Innovation Index rankings, China rose to the 14th place. People were busy launching businesses or making innovations, large, medium and small sized enterprises coordinated in innovation and integrated in development, giving birth to a large number of new technologies, new forms of business and new models.

7. Major breakthroughs were made in the opening up. Imports and exports and the actual utilization of overseas investment grew against the trend. The joint efforts to pursue the "Belt and Road" initiative yielded stable results. The Regional Comprehensive Economic Partnership (RCEP) was signed, becoming the world's largest free trade agreement, and the negotiation of EU-China comprehensive agreement on investment was concluded on time.

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