China's GDP Exceeded 100 Trillion Yuan for the 1st Time

China's GDP topped 100 trillion yuan ($15.4 trillion) for the first time in 2020, marking a milestone that demonstrates China's economic, technology strength and the country's comprehensive national power has embarked on a huge new step, Chinese officials said.

China's GDP grew 2.3 percent in light of 101.6 trillion yuan in 2020, and it is expected to be the only major economy in the world to have positive growth, according to data released by the National Bureau of Statistics (NBS) on Monday. It also marked the first time that the country's economic volume stepped into a new era to exceeding 100 trillion yuan.

This economic output has a "very important symbolic meaning" for China as it completes its task of building a moderately prosperous society in all aspects — a goal laid out in its 13th Five-Year Plan (2016-20) and leads into the new journey in 2021 which involves building a great modern socialist country in an all-round way, Ning Jizhe, head of NBS, said at a press briefing on Monday in Beijing.

 The year 2021 marks the first year of China's 14th Five-Year Plan (2021-25) period. By 2035, China’s per capita GDP will reach that of a “middle-level advanced country,” with a significantly bigger middle-income group at home, according to the communique of the fifth plenary session of the 19th Communist Party of China (CPC) Central Committee released last November, which set ambitious targets for the 14th Five-Year Plan (2021-25) and long-range goals up to the year 2035.

In the past two decades, China's economic volume has expanded 10 times, and the world's second-largest economy now accounts for about 17 percent of the total global economy, according to Chinese officials. 

Chinese Foreign Ministry  Spokewoman Hua Chunying commented in the scocial media, it is A hard-earned achievement and another milestone of China's economy: GDP exceeded 100 trillion yuan for the 1st time in 2020(≈US$15.42 trillion). The per capita disposable income rose 2.1% to 32,189 yuan, basically keeping pace with the GDP growth rate.

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