Mon, 01 Mar 2021

BEIJING, Jan. 23 (Xinhua) -- Experts have spoken highly of the resilience of China's economy, after the country unveiled a raft of figures for its economy in 2020.

China's gross domestic product (GDP) exceeded the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold in the past year, according to official data.

The country is expected to be the only major economy to post growth in the pandemic-ravaged year, according to the National Bureau of Statistics (NBS).

The hard-earned achievement marked a new economic milestone for the Chinese economy after the country's GDP per capita exceeded 10,000 U.S. dollars in 2019 for the first time in history.

The advance also came as the world's second-largest economy won a decisive victory in poverty eradication last year while making historic achievements in the building of a moderately prosperous society in all respects.

Shakeel Ramay, director of China Study Center at the Sustainable Development Policy Institute in Islamabad, said, "I think the key for the recovery of China and the better performance of China, even to cross a 100 trillion yuan mark is only due to the strong and better governance system led by the Communist Party of China, because they put in place the right instruments at the right time."

Michele Geraci, a former undersecretary of state at Italy's Ministry of Economic Development, told Xinhua that he believes that China is "really showing resilience from internal and external shocks."

Horst Loechel, a professor of economics at the Frankfurt School of Finance and Management in Germany, said that for the German economy, it's very important that the Chinese economy is growing fast because "that means we can also from our industry export more goods and services to China."

"So the role of China has changed. China has now become the locomotive of the world economy," said Loechel.

Looking forward, China is expecting its per capita GDP to reach the level of moderately developed countries by 2035, according to the Communist Party of China leadership's proposals for formulating the 14th Five-Year Plan (2021-2025) and long-range goals.

The World Bank Group said earlier this month that it expects China's economy to expand by 7.9 percent this year, while the global economy is on track to grow by 4 percent.

Produced by Xinhua Global Service

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