Economic Daily:

Hello, Mr. Ning, you have just introduced that China's GDP exceeded 110 trillion yuan in 2021, and its share in global GDP has continued to increase. The per capita GDP is projected to exceed $12,000, which is close to the World Bank's threshold for high-income countries. What does the National Bureau of Statistics say about this? What do these changes mean? Thanks.

Ning Jizhe:

China's GDP reached 110 trillion yuan, which is indeed a landmark event, and the per capita GDP has also increased accordingly. Last year, both the size of China's economy and its per capita level continued to grow. It means that China's comprehensive national strength, social productivity, and people's living standards have been further improved. It also means that China has a firmer foundation, better conditions, and stronger driving force for development and is contributing to the global development as well.

First, this means that China's comprehensive national strength has been further enhanced. Our economy has further expanded. In 2021, China's GDP exceeded 110 trillion yuan, ranking second in the world. Last year, nominal GDP rose from 101 trillion yuan to 114 trillion yuan, an increase of about 13 trillion yuan. This increase, converted at an average annual exchange rate, amounts to $2 trillion, which is equal to the annual economic aggregate of a quite large major economy. If the exchange rate factor was considered, the increase would be more than $2 trillion. According to the statistics released earlier, China's GDP is equal to $17.7 trillion this year, and it was $14.7 trillion last year. Due to the appreciation of the RMB last year, the calculated increment is $3 trillion. The total size of the economy and the amount of economic growth have not come easily. At the same time, the added values of the total industry and the manufacturing industry were 37.3 trillion yuan and 31.4 trillion yuan, respectively, ranking first in the world for more than 10 consecutive years. China's total trade in goods and foreign exchange reserves both rank first in the world. And there is no doubt that China ranks second in the areas of trade in services, outbound investment, and domestic consumption market, even though figures for several countries have not yet been made available. China's per capita GDP exceeded 80,000 yuan, which is equal to $12,551 at the average annual exchange rate. Although it has not yet reached the lower limit of the per capita level of high-income countries, it is approaching. In 2021, China exceeded the global average per capita GDP. According to preliminary estimates, the global average per capita GDP will be about $12,100, while China's is $12,500.

Second, this means that China's social productivity has further improved. The output of major industrial and agricultural products continued to rank among the top in the world. In 2021, China's total grain output exceeded 1.3 trillion jin (650 million metric tons). According to global statistics, China ranks first in total grain output in the world. The outputs of seed cotton, peanuts (one of the main oil crops), meat, tea, and fruit all rank first in the world. These outputs are real and comparable. In the past, grain was taken as the top priority in agriculture, and steel was taken as the top priority of industry. Now, the output of crude steel was 1.03 billion metric tons, and power generation reached 8.1 trillion kWh. Meanwhile, fertilizer output was 54.46 million metric tons, cloth output was 39.6 billion meters, and automobile output was 26.53 million. The output of microcomputer equipment was 470 million units, and the output of mobile phones was 1.66 billion units. These all rank first in the world. China also leads the world in the output of more than 220 major products, and in fact, it is more than this, and it indicates social productivity has increased. At the same time, China's scientific and technological strength has also improved significantly. Currently, the full-time equivalent of research and development personnel in China exceeds 5 million person-years. By the end of 2021, the number of in-force patents issued in China was 3.597 million, and the number of high-value invention patents per 10,000 people reached 7.5, an increase of 1.2 over the previous year.

Third, it also means the living standards of the Chinese people further improved. Employment continued to expand. In 2021, more than 12 million new jobs were created. Residents' income and consumption maintained rapid growth. China's per capita disposable income stood at 35,000 yuan in 2021, up 8.1% year on year in real terms. The nationwide per capita consumption expenditure reached 24,000 yuan, up 12.6% in real terms. The Engel coefficient, which reflects the consumption structure, states that the percentage of income allocated for food expenditure decreases as income rises. In 2021, the Engel coefficient was 29.8%, 0.4 percentage point lower than the previous year.

Fourth, it means that China's international influence has further expanded. China's economy has maintained rapid growth, which has driven global economic growth. In 2020, the world economy saw negative growth, while China's economy grew positively, playing a significant role in driving economic recovery globally. In 2021, China's contribution rate to the world's GDP growth was expected to reach about 25%, making it an important force leading the world's economic recovery. This can only be forecast because data from around the world has not yet been collected. At the same time, China's coordinated fight against the epidemic has made a huge contribution to the global anti-pandemic development. Over the past year or so, sticking to the approach of “preventing the coronavirus from entering the country and stem its domestic resurgence,” China has taken the lead in bringing the epidemic under control on its home soil, ensuring the health and safety of its 1.4 billion people. This in itself is a major contribution to the world's anti-pandemic efforts. By the end of last year, China had provided 372 billion masks, more than 4.2 billion protective suits, 8.4 billion test reagents, and more than 2 billion doses of COVID-19 vaccine to more than 120 countries and international organizations, making China the largest supplier of COVID-19 vaccines.

At the same time, we should be soberly aware that China remains a upper-middle-income country and its per capita GDP has not reached the threshold for high-income countries, and there is still a big gap between China and developed countries. China remains the largest developing country in the world. Its basic national condition remains unchanged, and it will remain in the primary stage of socialism for a long time. Right now, China is facing the triple pressures of shrinking demand, supply shock, and weakening expectations. Based on the new stage of development, we need to fully, accurately, and comprehensively implement the new vision of development. We need to work hard and tirelessly to speed up the building of a new development paradigm, keep the economy operating within a proper range, promote high-quality development, and further enhance China's overall national strength, social productivity, and people's living standards. Thank you.