China’s economy grew 6.1 percent in 2019, according to the National Bureau of Statistics. Gross domestic product stood at 14.15 trillion dollars, while per capita GDP was up 5.7 percent year on year.
Against the backdrop of tepid global growth and incremental downward pressure on the domestic economy, China notched a sound and rapid economic growth over the past year. It also highlights the resilience and vitality of the Chinese economy.
Consumption remained the major driver of China’s economy, which contributed 58 percent to GDP growth. Additionally, capital formation and net exports of goods and services contributed 31 percent and 11 percent, respectively, to the growth.
China is the world’s largest developing country faced with unbalanced, inadequate development, requiring more efforts on public service including compulsory education, basic medical services, and safe housing.