China’s GDP rose 6.1 percent on-year to 99.865 trillion yuan last year, the National Bureau of Statistics said Friday.
The National Bureau of Statistics made the remarks in a “Statistics Public Report of 2019” published on the same day.
Deputy director of the National Bureau of Statistics, said, “China’s economic total reached nearly 100 trillion yuan last year. In terms of the average annual exchange rate, it ranked second in the world with 14.4 trillion dollars.”
In addition, the GDP per-capita reached 78,92 yuan and the average annual rate was 12,276 dollars. Therefore entering the $10,000 range for the first time ever. Further narrowing the gap between high-income countries and high-income countries.
The real disposable income growth rate reached 5.8 percent last year. The figure slowed from 6.5 percent in 2018 and 7.3 percent in 2017.
The growth rate of disposable income in 2019 fell to 5.0 percent from 5.6 percent in 2018 for households in urban areas.
Due to the protracted trade war between the U.S. and China and the economic slowdown, the growth rate of consumption has also.
The per capita real consumption growth rate was 5.5 percent, down 0.7 percentage point from 6.2 percent in 2018.
While the overall employment rate remained stable, the number of new jobs in urban areas nationwide reached 13.52 million last year, marking the seventh consecutive year that the number of people at 13 million. Farmers numbered 290.77 million, up 0.8 percent from the previous year.
Despite the huge growth in 2019, China’s GDP growth Q1 2020 might plunge to 0
Meanwhile for the first quarter of this year, many forecast China’s growth last year will plunge to 0. Quoting Ed Hyman, CNBC reported that due to the coronavirus outbreak, China will have no growth this quarter.
“We are so solid,” Hyman said. “It’s not the virus, it’s the trade that matters. People are not going out. They are not shopping, and that’s what’s hurting particularly China.”
Meanwhile, 60% companies in China still have their employees telecommuting to prevent further spread of the coronavirus.