Chinese Economy for the Last Ten Years

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Chinese Economy of the Last Ten Years
China has been experiencing a real GDP year-on-year growth of more than 5 percent for the last ten years, except for 2020 when the company reported a year-on-year change of 2.24 percent. The country reported the highest year-on-year growth in 2011 at 9.55 percent followed by 8.08 percent growth in 2021 (World Bank 1). From 2011 to 2021, China's gross domestic product (GDP) grew at a mean rate of around 7 percent, making its economic growth significantly faster than the growth rates of many other major economies.
The country has also seen its GDP per capita more than double from US$ 5,614 in 2011 to US$ 12,566 in 2021. At the same time, the nominal GDP has grown from 7.551 trillion in 2011 to US$ 17.734 in 2021, which is more than double the growth (World Bank 1).
For the large part of the last ten year, China has maintained an inflation rate below 3 percent, with 2011 being the notable exception when the inflation levels hit 5.4 percent. 2021 saw China record the lowest inflation levels in the last decade at 0.85 Percent. The rate was an improvement from the 2.9 percent inflation reported in the country in 2019; largely attributable to the global pandemic (World Bank 1).
China has a large and developed industrial sector, which has contributed significantly to its economic growth. The country has become a major global manufacturer of a wide range of products, including electronics, clothing, and machinery. In 2021, the industrial sector contributed 39.4 percent of the country’s GDP. The contribution of manufacturing has been declining from as high as 46.5 percent in 2011 to as low as 37.8 percent in 2020 (Statista 1). Notably, the service sector's contribution to the economy has experienced significant growth in the last ten years and now accounts for a larger share of China's GDP than manufacturing. The sector contributed 44.3 percent and was the second largest sector in 2011. Since 2015, the sector has been contributing more than 50 percent of China’s GDP, contributing 53.3 percent in 2021 (Statista 1). Despite being a relatively small contributor to China's overall GDP, the agriculture sector has also played a role in the country's economic growth. China remains one of the world's largest agricultural producers. The sector’s contribution to the economy has declined from 9.2 percent to a low of 7 percent in 2018. Agriculture contributed 7.3 percent to the Chinese GDP in 2021 (Statista 1). Many other sectors have contributed to China's economic growth, including finance, mining, and energy. These se...