The Central Bank of China Predicts that the Growth Rate of the Country’s GDP in 2021 Will Accelerate to 7.5 %
OREANDA-NEWS. The People’s Bank of China predicted acceleration in the country’s gross domestic product (GDP) growth to 7.5 % in 2021. This is stated in a report published on November 30.
“Next year, GDP growth rates will be about 7.5 %. In terms of macroeconomy, China will continue to implement an active financial policy, monetary policy will become more flexible and accurate,” the document reads.
According to official statistics, from January to September of the current year, the growth rate of China’s GDP, despite the pandemic, was 0.7 %. In the third quarter of 2020, it accelerated to 4.9% . In October, the Plenary Session of the Central Committee of the Communist Party of China decided that the GDP by the end of 2020 should exceed 100 trillion yuan (about 14.87 trillion US dollars) for the first time in history.
Over the past years, China’s GDP growth rate has been gradually slowing down. In 2017, it amounted to 6.8 %, in 2018 decreased to 6.6 %, and in 2019 to 6.1 %.