2020 China’s Internet Economy ReportSource:iResearch
July 24,20205:41 PMOverview China’s GDP Growth
Final consumption expenditure continuously drive GDP growth
From 2010 to 2019, China's GDP grew at an average annual real growth rate of 7.7%, and reached 99 trillion yuan in 2019. From the perspective of the contribution of investment, consumption, and export to GDP, the benefit of the traditional investment-oriented approach of economic development has begun to fall in the case of overcapacity. At the same time, with the accelerated enhancement of per capita income level, and the "new economy" and "consumption upgrade" have gradually become the development direction of Chinese society. Therefore, in the past ten years, the contribution of gross capital formation to GDP has declined. Consumption expenditure has replaced investment with a contribution rate of over 50% and become the main driving force for GDP growth. The contribution of net exports to GDP in 2019 reached 11.0%, which was the largest in the past ten years, thanks to the Chinese policies' development and layout of the international trade market, the upgrading of the commodity structure, the improvement of export quality, etc. Driven by the steady development and improving the quality of China’s foreign trade, net exports of goods and services will continue to make a positive contribution to GDP.
In 2019, China's GDP reached 99 trillion yuan. Final consumption expenditure began to replace gross capital formation as the main driving force of China's GDP growth. Economic development promotes the continuous increase of urbanization rate and national per capita disposable income. At the same time, the digital economy has become an important part of the national economy. The digital reform of various industries promotes the development of the national digital economy. China has advantages in the scale of the digital economy and the proportion of the digital economy in the service industry. The enhancement of the digitalization of the service industry and the advancement of the digital reform process of agriculture and industry will be the core direction of the digital economy in China.
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