China’s GDP Breaches 100 Trillion Yuan Threshold after Posting 2.3% Growth in 2020, Disposable Income up 4.7%

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Official data points to growth of over 2% in Chinese GDP in 2020 despite the adverse economic impacts of the COVID-19 pandemic.

China’s GDP saw growth of 2.3% in 2020 to reach 101.5986 trillion yuan (approx. USD$15.66 trillion) in total in 2020, according to data from the National Bureau of Statistics (NBS).

GDP fell by 6.8% YoY in the first quarter of 2020 as China grappled with its COVID-19 outbreak. In the second quarter however, Chinese GDP grew by 3.2% YoY, then 4.9% in the third quarter and 6.5% in the final quarter.

In 2020 the added vale of China’s primary industries was 7.7754 trillion yuan, for YoY growth of 3.0%. For secondary industries the figure was 38.4255 trillion yuan, for a YoY rise of 2.6%, while for primary industries was 55.3977 trillion yuan, for YoY growth of 2.1%.

New urban jobs in 2020 totalled 11.86 million, as compared to a target of 9 million, while average disposable income was 32,189 yuan, for nominal growth of 4.7% and inflation adjusted growth of 2.1%.

Average urban disposable income was 43,834 yuan, for nominal growth of 3.5% and inflation adjusted growth of 1.2%, while for rural Chinese the figure was 17,131 yuan, for nominal growth of 6.9% and inflation adjusted growth of 3.8%.

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