World's second largest economy |
Home   >   Why China

World's second largest economy Updated: 2019-03-18



With a population of nearly 1.4 billion, China is the world's second largest economy by nominal GDP and is increasingly playing an important and influential global role. China has been the largest international economic contributor since the global financial crisis of 2008.

According to the National Economy and Social Development Statistical Bulletin 2018 released by the National Bureau of Statistics (NBS), China’s GDP has increased by 6.6 percent year-on-year, contributing 30 percent or so to the global economic growth and ranking No 1 among the world’s top 5 largest economies, which include China, US, Japan, Germany and the UK. It's reassuring to the world that the country’s economy has managed to maintain its steady growth and will continue to serve as a major engine for global growth.

In 2018, China’s GDP surpassed 90 trillion yuan ($13.09 trillion) for the first time, another new record since it exceeded 70 trillion yuan in 2016 and 80 trillion yuan in 2017. According to the year’s average exchange rate, it hit 13.6 trillion dollars, still the world’s second largest economy.

China’s economy has registered steady growth and the employment scale has been expanding. In 2018, around 13.61 million new urban jobs were created, setting a new record. The number has been above 13 million for six consecutive years. The urban jobless rate has been kept around 5 percent, lower than the 5.5 percent target. The newly established enterprises of foreign direct investment (excluding those in banking, securities and insurance sectors) numbered 60,533, nearly 70 percent more than in 2017, and the actual use of foreign investment reached $135 billion, up 3 percent year-on-year.