China is getting closer to overtaking the US as the world’s biggest economy, experts said here on Friday while commenting on the report of National Bureau of Statistics (NBS)
BEIJING,(Pakistan Point News - 19th Jan, 2018 ) : China is getting closer to overtaking the US as the world’s biggest economy, experts said here on Friday while commenting on the report of National Bureau of Statistics (NBS). Ning Jizhe, head of NBS announced earlier that China's gross domestic product (GDP) grew 6.9 percent in 2017 and exceeded Dollar 12.5 trillion for the first time. According to the experts, the last time the Chinese economy clocked up full-year acceleration like this was in 2010, when it overtook Japan to become the world’s second-largest economy.
National economy maintained the momentum of stable and sound development and exceeded the expectation. In the recent year, under the strong leadership of President Xi Jinping, all regions and departments implemented the decisions and arrangements made by the CPC Central Committee. Important macroeconomic data shows a robust trend. The producer price index turned positive for the first time in five years, and the prices of coal and steel rebounded.
It was the result of the new development philosophy, focused on the supply-side structural reform and pushed forward structural optimization, shifting of driving forces and quality improvement. As a result, the national economy has maintained the momentum of stable and sound development and exceeded the expectation with the economic vitality, impetus and potential released and the stability, coordination and sustainability strengthened.
The credibility of China's national economic data will not be threatened by statistics calculated at regional level. "The data quality has been improved, both at national and regional levels,", in response to data fabrication reported in Tianjin and some other regions. The positive signs for the Chinese economy include the consumption boom. Retail sales increased by 10.2 per cent in 2017 year-on-year, down from 10.4 per cent in 2016. Industrial production rose 6.6 per cent last year, compared to six per cent in 2016, while fixed-asset investment climbed 7.2 per cent for the year, the slowest pace since 1999, compared with 8.1 per cent in 2016. Real estate investment growth rose by 7 per cent, compared with 6.9 per cent in 2016.
