China's economy expanded 8.1 percent year-on-year with major indicators reaching the expected targets, showcasing its strong resilience and vitality despite the impact of the COVID-19 pandemic, officials and experts said on Monday.
According to the National Bureau of Statistics, the country's gross domestic product reached 114.4 trillion yuan ($18 trillion) in 2021 with an increase of about 13 trillion yuan, or $2 trillion, which is equivalent to the GDP of a major economy like Italy or Canada.
China's Ministry of Commerce is willing to join with economic and trade authorities of the five Central Asian countries — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — to further propel economic and trade cooperation, Commerce Minister Wang Wentao said.
Wang made the remarks at the China-Central Asia economic and trade cooperation forum, held via video link on Monday as this year marks the 30th anniversary of diplomatic ties between China and the five Central Asian countries.
In the past three decades, China and the five Central Asian countries have been deepening pragmatic cooperation in economics and trade. They have established comprehensive, energetic and mutually beneficial economic and trade ties, Wang said.
"China, the world's second-largest economy, is expected to account for more than 18 percent of the global economy in 2021," Ning Jizhe, head of the bureau, said at a news conference in Beijing.
The country's per capita GDP stood at $12,551 last year, approaching the World Bank's threshold for a high-income country, Ning added.
Ning also warned that China is now facing pressures from shrinking demand, a supply shock and weakening expectations, saying that more efforts should be made to ensure the economy performs within a reasonable range.
Looking at the year ahead, he said that China has the capabilities to pursue progress while ensuring stability, fueled by the government's effective measures to prevent and control COVID-19, China's complete industrial supply system, the ultra-large domestic market and manifold policy tools.
"We have the confidence, capabilities and conditions to achieve sustainable and healthy economic development (this year)," Ning added.
"The GDP growth of 4 percent year-on-year in the fourth quarter and 8.1 percent in 2021 as a whole came in a bit higher than what we've expected, amid stronger-than-expected industrial production in December," said Tommy Wu, lead China economist at British think tank Oxford Economics, who highlighted that economic stability is the top focus in 2022.
