Mon. Dec 9th, 2019

The Growth Domestic Product of 2028 of China Increased by Approximately 2.1 Percent

The increase in Chinese GDP in 2018 was almost 2.1 percent, making the second-largest economy of the world at the size of 91.928 trillion yuan (13.078 trillion dollars).

On Friday, the National Bureau of Statistics said that the revision of China’s nominal GDP that was dependent on the outcome of the latest census of national economy would not have any significant impact on the growth rate of 2019, as the increase this time was smaller than the previous revisions.

The Statistics bureau said that the GDP of China had increased by 16.8 percent, 4.4 percent and 3.4 percent, respectively, in the previous 3 national economic censuses.

The bureau also said it was still revising historical data that would be announced separately.

An economist at the Standard Chartered, Hunter Chan said that without the revised historical data serving as a reference, the Chinese government would likely set economic-growth target of almost 6 percent for the upcoming year, after an expected 6.2 percent expansion in the year 2019.

Chan said that if China wished to double their economy in 2020 from the year 2010 then they had to expand their GDP at least by 6.1 percent in 2020.

The Chinese economy has increased 6.6 percent in the year 2018, which happened to be its slowest pace in the last three decades. The economy, currently growing at a rate of slightly above 6 percent, shall probably face a lot more headwinds in 2019. It is expected to increase 5.8 percent in the year 2020, according to a forecast that was revised only recently by the International Monetary Fund.

Mr. Chan said that the recent efforts of Beijing for accelerating the local government bond issuance as well as cutting interest rates must start the provision of support for the next year’s economy.