China's average GDP growth rate over ten years is 10.7%
Release Time:
2012-12-07 18:09
Source:
China General Chamber of Commerce
2012 marked the tenth year of China's sustained rapid economic development since the 16th National Congress of the Communist Party. Looking back over the decade, China's economy continued to grow rapidly, with the total economic volume reaching new heights. According to a series of reports on economic and social development achievements from the 16th to the 18th National Congress released by the National Bureau of Statistics, from 2003 to 2011, the annual average real growth rate of GDP was 10.7%, which was not only much higher than the world's average annual growth rate of 3.9% during the same period but also exceeded the 9.9% average annual growth rate since the reform and opening up. In 2010, the total economic volume ranked second in the world. In 2011, the GDP reached 47.2 trillion yuan, which, after adjusting for price factors, was 1.5 times higher than in 2002. The share of the world economy increased from 4.4% in 2002 to about 10% in 2011, with a contribution rate to global economic growth exceeding 20%. While the total economic volume steadily increased, the per capita GDP also rose rapidly, from 1,135 USD in 2002 to 5,432 USD in 2011.
Meanwhile, the living standards of the people have greatly improved. Over the past 10 years, the per capita disposable income of urban residents grew at an average annual rate of 9.2%, and the per capita net income of rural residents grew at an average annual rate of 8.1%, marking one of the fastest growth periods in history.
Over the past 10 years, the urban-rural structure has undergone historic changes. In 2011, China's urbanization rate exceeded 50% for the first time, reaching 51.3%, an increase of 12.2 percentage points compared to 2002. The income gap between urban and rural residents has narrowed.
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