China is rapidly becoming an economic powerhouse. By focusing on the expansion of its middle class, investing in renewable energy sources, and fostering strong digital infrastructure. China’s economy is positioned to remain strong for years to come.
These are the top 9 China economic data that demonstrate why China will continue to be one of the most competitive countries in the world, that the leaders and entrepreneurs of other countries might want to keep an eye on.
1. China has massive GDP growth
China’s GDP in 2021 reached 17.7 trillion dollars, showing an increase of about 3 trillion dollars compared to 2020, or 8.1 percent growth year-on-year.
According to the National Bureau of Statistics or NBS, this makes China’s GDP higher than the United States’s 15.37 trillion dollars and Japan’s 5.18 trillion dollars in 2021. And yet, this is just one of many reasons why China is becoming one of the most powerful economies.
2. China’s retail sales of consumer goods
China’s retail sales of consumer goods grew to 6.77 trillion dollars in 2021, an increase of 8 percent year-on-year, according to the NBS data.
3. China is the largest e-commerce market
China became the world’s largest e-commerce market recently, with an estimated market size of 2.3 trillion dollars by the end of 2022 according to GlobalData.com
On the other hand, the estimated size of the global e-commerce market by the end of 2022 is 5.4 trillion US dollars. That means China is taking 42% of the world of e-commerce!
4. China is the largest exporter in the world
China became the largest exporter of goods in the world for the first time in 2009.
This position was taken over by the United States later and for quite some time, before China was back into the first position again in 2013. Today China’s export value is already exceeding 2.6 trillion dollars per year.
5. The country has the largest foreign reserve in the world
China’s foreign exchange reserves exceeded 3 trillion dollars at the end of 2021. Making it the country with the largest foreign exchange reserves in the world, according to statistics from China’s State Administration of Foreign Exchange.
6. The country’s employment growth 6-years in a row
Before the 2019 pandemic, China added 11 million industrial jobs between 2018 and 2019. That represents the most rapid employment growth rate since 2013, according to China’s National Bureau of Statistics.
7. China has the highest rise of the middle class population
China has seen a rise in its middle class population, with 136 million households falling into the ‘middle-class income’ bracket in 2020. That compared to 105 million five years earlier. This growth rate is higher than that of most other developed countries.
8. China has the highest mobile payments penetration rate in the world
According to a study released by China’s Payment & Clearing Association, The rate is at 73 percent in 2020, compared with the United States’s 45 percent, and India’s 26 percent.
9. The country is the largest producer of renewable energy
China is the world’s largest producer of renewable energy sources such as solar energy and wind power. China has also built more than 60 nuclear reactors that generate clean electricity, making it one of the top countries in terms of nuclear power production.
These are only some of China’s economic data that demonstrate why China will continue to be one of the most competitive countries that the leaders and entrepreneurs might want to keep an eye on.