NBS statistics point to sound economic growth, poverty alleviation for China in the last 5 years

Source:Globaltimes.cn Published: 2017/10/4 11:26:44

China's economy has achieved moderate but stable and sound development in the last five years, with economic structures becoming optimized and people's living standards improving against the backdrop of a difficult adjustment to sluggish global economic growth and a domestic economic new normal.

The latest data from the National Statistics Bureau (NBS) released on September 30 show that China's manufacturing PMI, a gauge of industrial activity, reached 52.4, the highest since May 2012. This figure indicates that the country's industrial performance is improving.

During the last five years, China's economy maintained a medium to high level growth, with the average GDP standing at 7.2 percent, far higher than the global level of 2.5 percent, the Xinhua News Agency reported Tuesday, citing NBS data. 

From 2013 to 2016, China's average contribution to the global economy reached more than 30 percent, surpassing the total individual contributions of the US, the Eurozone and Japan, the report said.

In fact, since the 18th National Congress of the Communist Party of China (CPC) held in 2012, the country has paid more attention to optimizing economic structures to drive its economy to a higher level, the report continued.

The services sector in particular is becoming a major industry for the country's economy. Meanwhile, social consumption, represented mainly by tourism, is injecting dynamic power into China's economic development.

China National Tourism Administration estimated that around 710 million tourist trips will be made across China during the the eight-day National Day and Mid-Autumn Festival holidays, from October 1 to 8.

Meanwhile, urbanization progress has also been contributing to the balanced development between regions and between rural and urban areas, according to Xinhua. As of the end of 2016, the country's urbanization rate was 57.35, 4.78 percentage points higher than that at the end of 2012.

Along with economic development, people's living standards are continuously improving, Xinhua noted. In fact, NBS data show that the national average disposable income per person was 23,821 yuan ($3,580) a year in 2016, with an annual increase of 7.4 percent.

In addition, poverty relief efforts have produced precise notable results, with the country's poverty-stricken population at 43.4 million in 2016, a reduction of nearly 56 million from 2012, according to Xinhua.

Posted in: ECONOMY

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