China's economy posted steady growth in 2022 with the country's GDP topping 121 trillion yuan or $18 trillion, setting a new record high. A total of 12.06 million new urban jobs were created in 2022.
China's foreign trade grows 7.7% y-o-y to 42.07 trillion yuan ($6.26 trillion) in 2022, making the country the No.1 goods trading nation around the world for a sixth consecutive year. Import and exports to ASEAN countries saw a significant increase of 15%.
The just concluded three-day New Year's Day holiday is the first official holiday after China on December 7, 2022 adjusted its response to COVID-19. With many regions across the country have experienced the infection peak during the COVID-19 exit wave, some foreign media had painted a rather grim picture for business activities during the holidays. However, as these charts show, busy scenes on streets of Beijing and other major cities and at factories, ports and construction sites across the nation pointed to a bustling start to 2023 and portend a robust recovery this year.
As 2022 draws to a close and China's response to the COVID-19 pandemic also enters a new chapter, it is of great significance to take stock of how the Chinese economy fared over the past three years under the pandemic. While Western media outlets spared no effort in smearing the economic impact of China's anti-epidemic measures, with some constantly peddling the cliché "China collapse" theory, China's economy - whether in terms of headline GDP growth or improvement of livelihood or investment in future higher-quality development - fared much better than other major economies, particularly Western economies, during the pandemic. Numbers don't lie. As this infographic shows, China's economic miracle remains unstoppable despite mounting challenges from the pandemic and other global crises.
Chinese society picks up recovery momentum as country optimizes epidemic response measures.
China has taken multiple measures to reinvigorate economy. Several provinces sent business delegations abroad to attract investment as industries such as film and tourism that were impacted by the epidemic gradually recover.
As inflation outpaces wage growth in the US, the traditional shopping season at the end of the year seems to have lost steam, with spending per consumer falling sharply. The number of gifts US consumers plan to buy during the holiday season has also fallen, with a heavier reliance on debt spending. Meanwhile, Made-in-China clearly remains indispensable for US consumers despite Washington's “decoupling” push.
Infographic: Made-in-China empowers World Cup Qatar Infographic
A trial run of the Jakarta-Bandung High-Speed Railway (HSR) will shine Indonesia's presidency of the G20 Summit this year. Being the first high-speed rail in ASEAN and the first high-speed rail project launched overseas that fully uses Chinese technology, standards and equipment, the Jakarta-Bandung HSR is also a landmark project promoting the China-proposed Belt and Road Initiative (BRI) and Indonesia's Global Maritime Axis strategy. The Jakarta-Bandung HSR, which will help boost regional economic development upon completion, is among other BRI railway projects that have become the new models of international cooperation.
-More than $73.52 billion worth of tentative deals inked, up 3.9% y-o-y -2,800+ enterprises from 127 countries and regions participated -438 new products, technologies and services showcased
As Europe preps for cold winter, China's exports of heating equipment skyrocketing
China's economic data from Jan to Sep, 2022: GDP: 87.03 tln yuan Value-added industrial output: up by 3.9% y-o-y Total retail sales of consumer goods: 32 tln yuan Newly created urban jobs: 10.45 mln Foreign trade: up by 9.9% y-o-y
Since the 18th CPC National Congress when China entered a new era of socialism with Chinese characteristics, the CPC Central Committee had committed to a people-centered development philosophy, and made it the immutable aim of all its work to deliver a better life for the people over the past decade.
For more than half a century since World War II, the US has frequently used various policies and sanctions to make other countries pay for its economic problems. Taking advantage of the dollar hegemony, the US has triggered catastrophic capital outflows from other countries, imported inflation and other problems throughout the world. US' economic and trade sanctions harmed global industrial and supply chain and its tech blockade disturbed global division of labor.
With a record high value of new contracts signed at the fair, the 19th China-ASEAN Expo (CAEXPO) concluded on Monday in Nanning, South China's Guangxi Zhuang Autonomous Region.
Since 2015, the production and sales of new-energy vehicles (NEVs) in China have ranked first in the world for seven consecutive years. The related industrial chain has been gradually stood up, with supporting infrastructure constantly improved. China's NEV industry has become an important force in leading the transformation and upgrade of the global automobile industry. The country's leading position in NEV has helped domestic auto industry enter a fast lane, where it used to lag behind countries such as Germany, Japan and the US. Now, China has become globally renowned for auto innovation and manufacturing.
As China and South Korea celebrate 30 years of rapidly developing bilateral relations, the two countries' massive economic and trade ties are also a highlight. However, as the US steps up pressure on South Korea and other allies to join its containment strategy against China, China-South Korea bilateral relations are also facing hurdles. Still, given the huge shared economic and trade interests between what officials call "eternal neighbors," there are still great prospect for further cooperation, including in chips and other advanced sectors, as shown on this page.
Taiwan has been an inalienable part of China since ancient times. Recently, as the US steps up its efforts to use Taiwan as a pawn to undermine China's development and progress, some Western politicians and media outlets are relentlessly distorting history and spreading lies about cross-Straits relations. But facts always prevail and numbers speak louder than words. The fact is Taiwan has, is and will always be an inalienable part of China. And in terms of social and economic development, riding the giant ship of the mainland's economy is the only path forward for Taiwan.
Shanghai's development in the past decade: -GDP: more than doubled -Per capita disposable income: more than doubled -Container throughput: ranked 1st globally for 12 consecutive years -Transaction volume in the financial market: over 4 times that of 2012
Northwest China's Xinjiang region was an important node of the ancient Silk Road, and is now a core area for the construction of the Silk Road Economic Belt, and the forefront of China's westward opening-up. Over the past few years, despite mounting Western pressure, Xinjiang's development has never been stalled and it has witnessed robust economic growth. During his inspection tour in Xinjiang last week, President Xi Jinping stressed that as the Belt and Road cooperation advances, Xinjiang is no longer a remote corner but a core area and a hub. By integrating into the country's overall plan of westward opening-up, Xinjiang is now embracing a period of strategic opportunities for high-quality development.
Performance of China's national carbon market after one-year operation: -Total trading volume: 194 million tons -Total turnover: 8.49 billion yuan -Compliance rate: 99.5% -Stable price: 41.46-61.38 yuan per ton
It's been more than four years since former US President Donald Trump launched a trade war against China. After multiple rounds of back-and-forth tariff hikes and adjustments between the world's two largest economies, it has become clear to global observers that a trade war is not going to fix the US' domestic economic problems, and has only served to stoke inflation, create unemployment and slowdown GDP growth.
In the first half of 2022, China's foreign trade hit 19.8 trillion yuan ($2.94 trillion), a y-o-y increase of 9.4%.
Amazing Xinjiang shines despite West smears
China is the world's largest laptop producer, responsible for about 90 percent of the world's total output. In 2021, China exported 221.83 million laptops, up 22.4 percent year-on-year. Chinese laptops account for about 90 percent of the EU's total imports from non-EU markets. It is said that one out of every three laptops in the world comes from Southwest China's Chongqing. How laptops made in Chongqing reach the desks of European consumers? A roughly two-week journey on the China-Europe freight train shows how the rail network has boosted China-Europe trade over the past six years since the trains merged into a unified brand.
China's economy was on an impressive recovery in May, as latest official data show: -value-added industrial output up 0.7% -total retail sales of consumer goods decrease 6.7%, a decrease of 4.4% from April -foreign trade up 9.6%
China's industrial output logged avg. annual growth of 6.3% in past decade as manufacturing sector gained strength. - Industrial value-added output rose to 37.3 trl yuan in 2021 - China built world's largest network infrastructure with 413 mln 5G mobile phone users
China's total imports & exports expanded 8.3% y-o-y to 16.04 trillion yuan($2.4 trillion) from Jan-May of 2022 - ASEAN continues to be China's largest trading partner, accounting for 14.8% of total foreign trade - Trade with Belt and Road countries jumped by 16.8% y-o-y
The Association of Southeast Asian Nations (ASEAN) remained China's largest trade partner, according to data released on Monday, and China has remained ASEAN's largest trading partner for 13 consecutive years from 2009 onwards. The two sides have remained committed to multilateralism and free trade, maintaining open markets, laying a solid foundation for future cooperation in new areas such as the digital economy. While an US-ASEAN summit will be held from Thursday, a Global Times survey found that 77.8 percent of people surveyed agree that the US is the biggest obstacle to productive China-ASEAN relations.
Northwest China's Xinjiang Uygur Autonomous Region, which produces nearly 90 percent of all cotton in China, entered its peak season of cotton sowing in April. Despite a relentless smear campaign by Western anti-China forces, the Xinjiang cotton industry still stands strong and has even greater prospects. Supported by advanced technologies and various efforts, the Xinjiang cotton industry has been improved in many aspects, from seedling to quality to market share, dealing a major blow to Western anti-China forces seeking to cripple a major industry that supports the livelihood of millions of Xinjiang residents.
The global energy landscape has been reshaped significantly with the ongoing Russia-Ukraine conflict, especially for the EU, which heavily relies on Russia for its energy supply. The bloc imports over 45 percent of its total natural gas from Russia. As Moscow, in response to Western sanctions, demanded ruble payment for natural gas trade starting on April 1, Europe is facing the risk of an unprecedented energy crisis, which could also create a ripple effect throughout other sectors.
State-owned enterprises undertook a number of projects and service tasks during the Beijing 2022 Winter Olympic Games, from venue construction to 5G signal to hydrogen fuel to solar and wind power. Their advanced technologies, products and services have been used everywhere to empower the Games. Their performance showcased the innovation and development of China's manufacturing industry.
The Beijing Winter Olympic Games will bring direct and indirect economic benefits in more than 50 industries, including environment, health, ecology, sport, science and technology and transportation. The 2022 Beijing Olympics will focus more on industrial upgrading, green and sustainable development, people's well-being and the coordinated development of the Beijing-Tianjin-Hebei region. According to the National Bureau of Statistics, the 2008 Beijing Olympics boosted China's GDP by an average of 0.3 percent a year from 2002 to 2008.
China's GDP expanded 8.1% in 2021, the fastest in nearly a decade, well above the government's annual target of achieving a growth rate above 6%.
China's exports and imports topped $6 trillion for the first time in 2021. The growth volume in 2021 hit $1.4t, equivalent to the annual foreign trade volume in 2005, customs data showed Friday.
The Beijing 2022 Olympic and Paralympic Winter Games will start from February 4. More than 200 technologies, including 5G, high-speed rail and new energy, have been tested and used in various aspects of the event to offer smart and convenient experiences for athletes and other guests. The use of advanced technologies will also ensure a green Olympics with 100 percent green power supply, the first time in Olympic history.
Workers of Jiangsu Power Transmission and Transformation Co erect an iron tower at a high altitude.
"To encourage 300 million people to participate in ice and snow sports" is the solemn promise China made to the intl community when Beijing made its bid for the 2022 Winter Olympic Games. The total scale of China's ice and snow industry is expected to reach 1 trillion yuan by 2025.
The RCEP will come into effect on Jan 1, 2022, marking the formation of the world's largest free trade zone in terms of trade volume. The agreement will come into effect in the first batch of 10 countries – six ASEAN members and China, Japan, New Zealand and Australia.
With Christmas just several days away, Americans are facing shortages of a wide variety of holiday items, including Christmas trees and gifts. Even if they can find things to buy, they will face higher prices for everything from meals to electricity to gasoline due to logistics woes and record high inflation in the country. That will weigh on consumer spending during the holidays and in turn on US economic activities, which are already struggling to recover from the COVID-19. This infographic shows how tough this Christmas will be for many Americans and why.
Joining the World Trade Organization (WTO) in 2001 has become a watershed event in China's development, and China has delivered global dividends by contributing nearly 30 percent on average to world economic growth over the past 20 years. China now boasts the largest middle-income population in the world and is a major trade partner for over 120 countries and regions. With openness as the hallmark of its development, China has seen its economy increasingly intertwined with its partners.
Since joining the WTO in 2001, #China's average contribution to global economic growth has been close to 30%. China has been an important engine driving the recovery and growth of the global economy. Check out the graphic for more information:
An opening ceremony will be held for the launch of China-Laos Railway on Friday. The railway, connecting Kunming in SW China's Yunnan Province to Laos' capital Vientiane, is more than 1,000 km long and will shorten the travel time to around 8 hours.
Can you imagine the total length of tunnels and bridges accounts for 87% of a 1,035-km-long railway? Click to read more about the miracles in China-Laos Railway with high construction difficulty.
The China-ASEAN comprehensive strategic partnership in numbers: - 150 mln COVID19 vaccine doses to ASEAN - Buying up to $150 bln of agricultural products from ASEAN -$1.5 bln in the next 3 years to support ASEAN's fight against COVID19 & economic recovery.
China has achieved rapid economic growth over the past decades. Here is the secret recipe for the economic miracle:
The 4th China International Import Expo (CIIE) ended on Wednesday, offering enterprises channels to expand their businesses and trade amid the COVID-19 pandemic. The event underscored China's vow to pursue an innovative, green and open development, offering opportunities for all to develop. The outcomes of the CIIE not only reflect China's huge consumption potential, but also boost confidence in global economic recovery. The CIIE is one of the most vivid scenes to show the resilience and efficiency of China's supply chain in the face of the pandemic.
Highlights of the 4th CIIE -$70.72 billion total intended transactions reached at the 4th CIIE -420+ new products, technologies and services unveiled at the expo -3,000 businesses from 127 countries and regions attended the 4th CIIE
The CIIE 2021 is just around the corner with more participants than ever: - Nearly 3,000 businesses from 127 countries & regions - 58 countries & regions and 3 intl organizations - Over 80% of Fortune Global 500 companies returning
20 years in the WTO: China's contribution to global trade growth - China's annual contribution to the world's economic growth is close to 30% - China has lowered its import tariffs to 7.5% on average - China has absorbed 25% of export products from the world's least-developed countries
China's GDP grew by 9.8% year-on-year and hit a total of 82.31 trillion yuan ($12.8 trillion) in the first three quarters of 2021. China's Q3 GDP expanded 4.9%, slowing down due to a range of economic challenges including a power crunch and supply chain issues.
Highlights of the 130th Canton fair - World's largest physical exhibition amid the pandemic - 2.82 million online exhibits will be uploaded, a record high. - held both online and offline for the 1st time
Where there is a five-star red flag, there is a beacon of faith. If faith has a color, it must be China red.” -Huawei CFO Meng Wanzhou said at Shenzhen airport after returning home from Canada
Thanks to the unremitting efforts of the Chinese govt, Huawei's Meng Wanzhou has left Canada on a chartered plane by the Chinese govt and is about to arrive back home and reunite with her family.
China's economy picked up pace in Aug: - Value-added industrial output up 5.3% y-o-y - Urban unemployment rate stable at 5.1% - Investment in fixed assets from Jan-Aug grew 8.9%
China's manufacturing industry ranked first for 11 consecutive years
Trade between China and Europe remained robust in the first eight months of this year despite a rising set of hurdles posed by the COVID-19 pandemic and growing tensions, as the number of China-Europe cargo train trips exceeded 10,000 at the end of August - two months earlier than last year, data showed on Thursday.
This infographic focuses on figures and indexes that underscore China's common prosperity roadmap. China's central authorities in June issued a guideline on building East China's Zhejiang Province into a demonstration zone for achieving common prosperity. The story was published on September 1.
The number of internet users in China surpassed 1 BILLION in June 2021.
On July 1, China declared that it has reached its first centennial development goal – building a moderately prosperous society, or xiaokang, in all respects and is marching in confident strides toward the second centennial goal of building the nation into a great modern socialist country. To decipher what that means in the context of where China is now and where it's heading, the Global Times is publishing a series of multimedia products about the achievements under the xiaokang goal in various aspects. This infographic focuses on figures and indexes that underscore China's poverty-eradication miracle. The story has been published on August 20.
Growth of foreign trade in numbers in China
From 40 to more than 230 trading partners worldwide, China's opening-up has seen foreign trade soaring upward during the past four decades.
China has reached its first centenary development goal – building a moderately prosperous society, or xiaokang, in all respects and is marching in confident strides toward the second centenary goal of building the country into a great modern socialist nation. To decipher what that means in the context of where China is now and where it's heading, the Global Times is publishing a series of multimedia products about the achievements under the xiaokang goal.
CPC's vision, Chinese ingenuity underpin manufacturing prowess as foundation of China's growth and stability.
China has reached its first centenary development goal - building a moderately prosperous society, or xiaokang, in all respects and is marching in confident strides toward the second centenary goal of building the country into a great modern socialist nation. To decipher what that means in the context of where China is now and where it's heading, the Global Times is publishing a series of multimedia products about the achievements under the xiaokang goal.
Big leaps in China's technology strength and innovative capabilities are the foundations to accomplish a moderately prosperous society, or xiaokang, China's Minister of Science and Technology said on Tue.
On July 1, China declared that it had reached its first centenary goal – building a moderately prosperous society, or xiaokang, in all respects, and it is marching confidently toward the second centenary goal of building China into a great modern socialist country. To decipher what that means in the context of where China is and where it is heading, the Global Times is publishing a series of multimedia products about various aspects of the achievements under the xiaokang goal. This is an infographic focusing on figures and indexes that underscore China's economic miracle
China's economic data of H1 2021
Economic miracle of China
China's national carbon market, the largest emissions trading system (ETS) in the world, was launched on Friday, marking a milestone for the nation's institutional innovation in pushing ahead green development.
China records best trade volume in H1 2021, shrugging off mounting pressure from a set of challenges. -Foreign trade reached 18.07 trillion yuan; up 27.1% y-o-y -An increase of 22.8% from the pre-epidemic level in 2019 -13 consecutive months of growth Check the info for more:
Editor's Note: From a backward agrarian economy in the early days of the People's Republic of China to an economic and technological powerhouse today, China's economic success story under the CPC's leadership has arguably become the envy of the world and the source of great confidence for the Chinese nation. What's the secret code behind such miraculous achievements?
Win-win cooperation! The total trade value between China and Central and Eastern Europe reached $103.45 billion in 2020, showing a closer connection between the two. The connection was also strengthened in fighting against COVID-19. Check the graphic for more:
China's Foreign Trade volume grew 26.9% y-o-y to 3.14 trillion yuan ($491 billion) in May, with exports and imports rising 18.1% and 39.5%, respectively: customs data
The China-Pakistan Economic Corridor (CPEC) links Kashi, Northwest China's Xinjiang Uygur Autonomous Region with Gwadar Port on the southwestern coast of Pakistan, with a total length of 3,000 kilometers between them.
In Q1 2021, the world is struggling with economic recovery under the influence caused by COVID-19. #China, South korea, France and US showed positive growth in this period. Among them, China showed the fastest speed with a y-o-y growth of 18.3%. Check this chart for more:
Record-breaking! Chinese people made 230 million domestic trips during the 2021 May Day holiday, with 113.2 billion yuan in tourism-related income. The Chinese mainland box office also broke the May Day holiday record, hitting 1.67 billion yuan until 10 pm of May 5.
By 2020, China's achievements in intellectual property right (IPR) protection have been widely recognized by innovation entities around the world and the international community. China has become the country with the largest number of international patent applications under the Patent Cooperation Treaty (PCT) system. Social satisfaction with IPR reached a new high of 80.05 points out of 100, according to a white paper published by the China National Intellectual Property Administration (CNIPA) on Sunday.
The ongoing Boao Forum for Asia in Hainan, is the first major international conference, held in person as well as via video link. This year's forum will focus on topics such as closer integration of Asian economies, and how to better promote #BeltandRoad cooperation.
Fastest in 3 decades! China's Q1 GDP in 2021 grew 18.3% y-o-y to $3.82 trl, compared with a 6.8% contraction the same period last year due to epidemic. The GDP in Q1 2021 represents a growth of 10.3% compared with that of Q1 2019.
Hubei, the first province in China that was hit by the COVID-19, has gone through a remarkable journey of recovery in the past year.
China's Q1 foreign trade surged 29.2% y-o-y to 8.47 trillion yuan ($1.29 trillion), giving it a headstart for 2021. Exports rose 38.7%, while imports gained 19.3%. Trade surplus reached 759.29 billion yuan, up 690.6% y-o-y: customs data
goal indicates China's firm determination to take the path of green, low-carbon and high-quality development. The Research Reports on China's CO2 Emission Peak and Carbon Neutrality released recently in Beijing by the Global Energy Interconnection Development and Cooperation Organization (GEIDCO), presented, for the first time, a systematic scheme that was put forward to achieve carbon reduction via China's energy interconnection.
China's Jan-Feb retail sales, a reflection of nation-wide consumption, surged 33.8% from 2020, and up 6.4% from 2019, while despite the rebound, officials and analysts cautioned time still needed for a pre-epidemic level.
China convened its annual legislative session on Friday and released sweeping plans and goals, including an over 6 percent GDP growth target for 2021 and a 6.8 percent increase in military spending, clearly displaying its resilience and confidence in all-round development in the post-COVID era, from the economy, to carbon emission reductions, to national defense.
What will China's transport sector be like in 2035? According to an industry development plan by the State Council, China will complete 200,000 km of railway, 460,000 km of freeway and complete building up Ice Silk Road in 2035.
As Chinese New Year draws near, interest in holiday-related goods is surging, with sales of recreational and fitness equipment such as mahjong skyrocketing, foreshadowing a more relaxed holiday.
The IMF expects global growth to be 5.5% in 2021 and 4.2% in 2022. The IMF projects China's economy to grow by 8.1% in 2021 and 5.6% in 2022.
China climbed to the No.1 ranking globally attracting foreign direct investment (FDI) of $163 billion in 2020 amid a raging global pandemic, according to the UN's latest report on global investment, knocking the US, which attracted $134 billion, off the first spot.
The relationship between China and the US went through a hard time in the past four years under the Trump administration. As Joe Biden takes office, the world is waiting to see the future direction of China-US relations. As the situation changes, there is growing hope that the two sides can find a way to resolve and manage their differences. However, prior to any reset to bilateral relations, events of the past four years need to be addressed and resolved.
President Xi Jinping will attend Davos Agenda 2021 of WEF and deliver a special speech via video link on Jan 25. With COVID-19 pandemic underscoring the need for greater global cooperation, more than 2,000 political and business leaders will attend. Check the info to learn more:
China ranked first with 74.1 points in an Ipsos consumer confidence index survey in Jan 2021, up 4.5 points from that of Jan 2020. US ranked 7th with 50.2 points while the global average index stood at 43.4 points, according to the survey of more than 17,500 adults in 24 nations.
Despite a complex environment combined with the COVID-19 fallout, China's annual GDP in 2020 exceeded 100 trillion yuan ($15.4 trillion) for the first time, a 2.3 percent growth year-on-year. Key indicators including employment, foreign trade and investment all displayed resilience, exceeding expectations.
China's GDP topped 100 tln yuan for first time, reaching 101.59 tln yuan with 2.3% y-o-y expansion in 2020, said NBS official on Mon. It is estimated to account for 17% of global total for the year, with China expected to become only major economy with positive growth in 2020.
China expected to become the only major economy with positive growth in 2020. China ranks first in these fields: -38,000km operating mileage of high-speed railway -Exceeding 200 million 5G terminal connections -669.49 million tons grain output -32.16 trillion yuan trade in goods
Chinese economy in 2020 expanded 2.3 percent, the country's statistics bureau said on Monday, boosted by a strong recovery in the second half after consumption, investment and export all gained pace.
China's foreign trade rose by 1.9% in 2020; exports up 4%, imports down 0.7%.
Chinese and European leaders announced on Wed night that they have completed the negotiations on the China-EU bilateral investment agreement as planned.
China's agriculture ministry stresses importance of ensuring food security, vows to put grain production as top priority and major political task in 2021.
From the first anti-monopoly case between software developer Qihoo and Tencent in 2014 to the latest probe into Alibaba's alleged monopolistic acts, China is dedicated to creating a better business environment for all of its market participants.