China's economy grows 5.5 pc per year in 14th 5-yr plan period, well above global average: official

China’s economy grew at an average annual real rate of 5.5 percent during the 14th Five-Year Plan period, well above the global average of 3.9 percent, according to the National Bureau of Statistics. 

The country’s contribution to global economic growth remained around 30 percent each year in the period, it said. 

Its gross domestic product expanded from 103.5 trillion yuan (HK$112.9 trillion) in 2020 to 134.9 trillion yuan in 2024, while per capita GDP has exceeded US$13,000 (HK$101,400) for two consecutive years, placing China among the top of upper-middle-income economies, the NBS said, adding that household income growth kept pace with overall economic growth, and the national urban unemployment rate remained stable between 5.1 and 5.5 percent from 2021 to 2024.

The country’s innovation capacity ranked first among upper-middle-income economies, with research and development investment hitting record highs, the bureau said. The services sector also played a growing role, contributing an average of 60.6 percent to economic growth between 2021 and 2024, it noted.

China successfully withstood the severe impact of the pandemic and navigated sharp changes in the external environment, achieving major progress in economic and social development in the five years, the bureau said. These accomplishments, it said, laid a solid foundation and built strong momentum for the country to advance toward its next goal under the upcoming 15th Five-Year Plan.