In 2021, the contribution of domestic demand to economic growth will reach 79.1%

In 2021, China will remain a global leader in economic development and epidemic prevention and control, and the 14th Five-Year Plan will get off to a good start.In 2022, facing the triple pressure of demand contraction, supply shock and weakening expectations not seen in many years, how will the Chinese economy fare?”In the face of complex internal and external development situation, the strong leadership of the CPC Central Committee with comrade xi for the core, the overall domestic and international two overall situation, we as a whole the epidemic prevention and control and economic and social development, firmly implement the strategy of expanding domestic demand, and strive to open the domestic economic cycle, promote the formation of a strong domestic market, provides strong support for the sustained economic recovery.”The National Development and Reform Commission said.In order to maintain steady economic performance, various regions and relevant departments introduced a series of policies and measures last year to stabilize investment, promote consumption, and cultivate and expand the domestic market. The consumer market continued to recover, investment maintained growth, and domestic demand remained the main driving force for China’s economic development.In 2021, domestic demand will contribute 79.1 percent to economic growth, up 4.4 percentage points from the previous year.”In 2021, the giant ship of The Chinese economy will move steadily, the market will continue to expand, the level of supply will continue to improve, reform and opening-up will be further advanced, and people’s living standards will continue to improve. All these will help cement the foundation for domestic demand development and expand the space for domestic demand development in 2022.”The chief said.The market has further expanded, and there is still huge potential for domestic demand.In 2021, China’s GDP will reach 114 trillion yuan, an increase of 8.1%.Per capita GDP exceeded us $12,000, which is expected to exceed the global per capita GDP level.China’s commodity consumption market remains the second largest in the world.Further progress was made in the new type of urbanization, with 64.72 percent of permanent residents living in urban areas, 0.83 percentage points higher than at the end of the previous year.”China remains a global leader in economic development and epidemic prevention and control, and its super-large market will continue to show its advantages and unleash the potential of domestic demand in the future.”The person in charge said.The quality of supply continued to improve, and the virtuous cycle of supply and demand became more smooth.In 2021, supply-side structural reform will continue to deepen, the industrial Internet, big data, intelligent manufacturing and reverse customization will be promoted and applied, and the development of new industries and products will be accelerated.China has built the world’s largest 5G independent network, with shipments of 5G phones reaching 266 million in 2021, up 63.5 percent.The production and sales of new energy vehicles are booming. In 2021, the production and sales of new energy vehicles in China will reach 3.545 million and 3.521 million respectively, up 159.5% and 157.5% respectively.”Looking ahead to 2022, China’s advantages of a sound industrial system, stable production capacity and improving enterprise innovation capability will have a stronger leading and creating role in demand.”The chief said.People’s living standards continued to improve, and people’s willingness to spend gradually picked up.In 2021, employment will remain basically stable and personal income will continue to rise.A total of 12.69 million urban jobs were created, 830,000 more than last year.The surveyed urban unemployment rate in December was 5.1%, 0.1 percentage point lower than the same period last year.Per capita disposable income rose by 8.1% in real terms, basically keeping pace with economic growth.The level of social security will continue to improve, and the basic pension for retirees will be raised by another 4.5 percent in 2021.Basic old-age insurance and basic medical insurance cover 1.03 billion and 1.36 billion people respectively, with more than 90 percent and 95 percent participating respectively.In 2021, the Engel coefficient of Chinese residents was 29.8 percent, 0.4 percentage points lower than the previous year.”Against the backdrop of the spread of the epidemic, China has ensured people’s livelihood and laid a good foundation for promoting a sustained rebound in people’s willingness to consume.”The chief said.Reform and opening up deepened, and domestic demand grew stronger.In 2021, we will advance the building of a unified national market in an orderly manner, carry out comprehensive trials for market-based allocation of factors of production, and plan to build a modern distribution system. As a result, the vitality of market players has been further enhanced. The number of market players in China has reached 150 million, and business activity has remained at around 70%.All regions and departments earnestly implemented policies and measures to stabilize foreign trade, continued to reduce the negative list for foreign investment, and improved facilitation of cross-border trade and investment. In 2021, China’s import and export volume exceeded 6 trillion US dollars, and foreign investment exceeded 1.1 trillion yuan, both hitting record highs.”The dividends of reform and opening-up will continue to be released, injecting more impetus into the development of domestic demand.”It should be noted that the spread of the epidemic has continued to restrict the recovery of consumption, while the foundation for domestic demand development is still not solid and the momentum for growth remains weak, the official said.The next step is to deepen supply-side structural reform in accordance with the deployment of the CPC Central Committee and The State Council, firmly implement the strategy of expanding domestic demand, promote sustained recovery of consumption, actively expand effective investment, strengthen the internal driving force of economic development, and keep the economy operating within a reasonable range on the basis of scientific and precise epidemic prevention and control.

Leave a Reply

Your email address will not be published.