China’s economy grows 8.1% to $18 tn
The Hindu
Fastest expansion since 2011 was driven by exports, consumption; slump in birth rate clouds outlook
China’s economy grew 8.1% in 2021 and reached the $18 trillion mark, although slowing growth in the last quarter and the lowest birth rate since 1949 emerged as concerns for policymakers.
Last year’s expansion was the fastest since 2011 and marked a strong recovery after growth plummeted to a 44-year-low of 2.2% in 2020 as the country dealt with the COVID-19 outbreak in Wuhan and months of lockdowns.
The rebound was driven by a strong trade performance with 30% growth in imports and exports as well as recovery in domestic retail sales. Exports contributed to 20.9% of growth while consumption accounted for 65.4%, data released by the National Bureau of Statistics (NBS) on Monday show.
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