Total value of China’s GDP makes up 90.0309 trillion yuan in 2018

Tashkent, Uzbekistan (UzDaily.com) -- China’s 2018 economic performance was sound, remaining the biggest contributor to the world economy, according to the National Bureau of Statistics (NBS) Monday, CCTV reported.

Ning Jizhe, head of the NBS, announced that China’s GDP registered a 6.6-percent year-on-year growth in 2018, outstripping the official target of 6.5 percent.

"This is the highest growth of the world’s top five economies. China contributed to nearly 30 percent of the world economic growth and continued to be the largest contributor to global economic growth," Ning said.

According to preliminary estimates, the total value of China’s GDP was 90.0309 trillion yuan, growing by 6.8 percent in the first quarter, 6.7 in the second, 6.5 in the third and 6.4 in the fourth, NBS data showed.

China also saw a 6.2-percent increase in added value of industrial output in real terms in 2018, according to Ning.

"The added value of industrial production of enterprises with an annual turnover of 20 million yuan grew 6.2 percent in real terms. Although it was slower than that of 2017, it was trending toward stability. In ownership terms, the state-holding enterprises registered a 6.2-percent growth; the collective enterprises dropped by 1.2 percent; the joint stock enterprises registered a 6.6-percent growth; and the foreign-invested enterprises and enterprises with investment from Hong Kong, Macao and Taiwan registered a 4.8-percent growth," he said.

Chinese industries, from the primary to the tertiary industry, all enjoyed rising investment in 2018.

"The investment in fixed assets was 63.5636 trillion yuan, up 5.9 percent over the previous year," Ning said.

Specifically, investment in the manufacturing industry grew by 9.5 percent, 4.7 percentage points higher than that of 2017; and private investment was up 8.7 percent, 2.7 percentage points higher than that of 2017.

The sound economic performance boosted the people’s income.

"The annual per capita disposable income stood at 28,228 yuan in 2018, a nominal increase of 8.7 percent over the previous year, and an actual increase of 6.5 percent after deducting the price factor, higher than the per capita GDP growth, and was basically in line with the national economic growth," Ning said.

More jobs were also created during the past year in the fast-growing Chinese economy. Around 13.61 million people around the country got new jobs in the year, 100,000 more than that in 2017. The unemployment rates changed between 4.8 percent to 5.1 percent from January to December 2018, all lower than the expected 5.5 percent.

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