BEIJING – China’s economy came in closer to its American rival last year, achieving a nominal gross domestic product of $ 14.73 trillion – more than 70% of the U.S., data released Sunday by the Bureau of National Statistics Center in Beijing shows.
The Asian country’s economy grew at 3% in dollar terms in 2020, based on an average exchange rate of 6.8974 Yuan to green. China reached 101.59 trillion yuan in local currency, surpassing 100 trillion yuan for the first time.
China’s action to eradicate the coronavirus uprising early last year helped to bring some rapid yields in the spring, fueling property development and other economic activity. Overseas demand also gave impetus.
In contrast, the U.S. struggled with a first response to the pandemic, hampering the economy. Name GDP rose 2.3% last year to $ 20.93 trillion, the Commerce Department said.
As a result, China’s nominal GDP was the equivalent of 70.4% of the US, climbing 3.6 percentage points from 2019 for the first increase in two years. China now accounts for 17% of global GDP, the Bureau of Statistics says, up from 10% in 2010.
The discrepancy in pandemic responses indicates that China will overtake the US as the leading global economic power sooner than expected. The Japan Center for Economic Research in December expected China to surpass the U.S. in nominal GDP as early as 2028. The center had predicted in 2019 that the U.S. will not “take over before 2035. “