China Becomes the First Driving Force of World Economic Growth

A recent report released by the National Bureau of Statistics shows, China’s average contribution rate to the world economic growth from 2013 to 2021 had reached 38.6 percent, exceeding the total contribution rate of G7 countries. China has thus become the first driving force of global economic growth.

Over the past decade, China’s economy has maintained its rapid development momentum. During the period of 2013 to 2021, its average annual growth rate reached 6.6 percent, much higher than the world average rate of 2.6 percent. Despite the severe impacts brought about by the COVID-19 pandemic in 2020, China’s economy still grew by 2.2 percent, making it the only major economy to maintain positive growth.

Since 2012, China’s gross domestic product (GDP) has ranked second in the world, and its proportion in the total world economy has increased year by year. In 2021, China’s GDP rose to US $17.7 trillion, accounting for 18.5 percent of the global total, 7.2 percentage points higher than its share in 2012.