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China’s annual GDP report 2018

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Category: Economy & Trade

The annual GDP report of China for year 2018

On the 22nd of January, the National Bureau of Statistics estimated the GDP in fourth quarter of 2018, and therefore added up to the annual GDP data of 2018. GDP as the gross domestic product is an important economic measurement. Let’s take a look at how China performed in 2018.

Keep reading to learn more about China’s 2018 GDP report!

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6% GDP growth rate

The annual GDP growth rate of 2018 is 6.6%. 2018 is the 30th year since the reform and opening up in 1978. During 30 years, there are 16 years that GDP growth rate is over 10%. Whereas, starting from 2012, GDP growth rate reduced to 7.9%, and gradually slowed to 6.6% last year.

*Calculated by current price
*Categorized by Regulation on Classification of three Sectors and industrial classification for national economic activities.
*Manufacturing is a subgroup of industry.
*GDP is calculated by production approach.
*In this chart, no mechanical adjustment is made for round-off error, the final version will be published in National Bureau of Statistics Databank

Key driving sector to GDP growth: The tertiary sector

The tertiary sector makes up more than 50% of the GDP. Tertiary sector is also known as the service sector. The secondary sector—also named manufacturing and industry sector—has played a more important role in the economic growth until 2014. With the service sector strengthening and the manufacturing and industry sector weakening, the key driving sector turned to be the service sector.

The promising industry : Information Technology

*The left axis is in units of trillion RMB
*Other services include scientific research, water conservancy, environmental and public utilities, community services, educational services, health care, social assistance, arts, sports, entertainment and recreation, public administration etc.

Among the 12 classifications, information technology stands out by a growth rate of nearly 30%. According to Chinese Internet Network Information Center, until the June of 2018, there are 8.02 billion Internet users, and the Internet penetration rate is 57.7%. Phone users are 7.88 billion. Internet users increased by 6.8%, and the phone users increased by 8.8%. Alipay and Wechat are two mostly used phone apps.

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