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Trade, consumption to drive China's growth next year, according to the National Bureau of Statistics
China's economy will continue to recover at a steady pace in 2021 as trade retains its strong momentum while investment strengthens further and consumption continues to grow, according to a quarterly briefing by the National Bureau of Statistics on Monday.
Despite the pandemic, consumption recovered quarter by quarter and added 2.6 percentage points to the 6.5% growth in the fourth quarter, said Ning Jizhe, head of the NBS. External demand for covid related products would remain strong as the virus lingers, he said.
China will make efforts to keep economic growth in a "reasonable" range through precise and effective monetary, fiscal and consumption, investment and industrial-related polices, Ning said. Last year, gross domestic product reached a record high of CNY101.6 trillion, or about USD14.7 trillion, accounting for 17% of the global economy with growth beating expectations, he said.