China's economy expands 6.1 percent in 2019

China's economy grew 6.1 percent year on year in 2019, within the government's annual target of 6 to 6.5 percent, the National Bureau of Statistics said on Friday.

The reading was lower than the 6.6-percent growth registered in 2018.

Growth in the fourth quarter came in at 6 percent, the same as the growth rate in the third quarter, but lower than the 6.2-percent growth in the second quarter and the 6.4-percent growth in the first quarter, NBS data showed.

Facing rising risks and challenges at home and abroad, the overall performance of the national economy has been stable, the quality of development has been improving with major targets being met, laying a solid foundation for completing the building of a moderately prosperous society in all respects, said Ning Jizhe, head of the NBS, at a press conference.

Gross domestic product totaled 99.09 trillion yuan (US$14.38 trillion) in 2019, with the service sector accounting for more than half of the total.

The per capita GDP in 2019 reached US$10,276 at the average exchange rate, exceeding the US$10,000 mark, said Ning.

As a country with 1.4 billion people and a per capita GDP of more than US$10,000, China will contribute more to the development and progress of the world, Ning said.

According to the World Bank, the population of countries with per capita GDP above US$10,000 was nearly 1.5 billion in 2018. As China enters the ranks of such countries, their collective population will approach 3 billion, representing major progress in the economic and social development of the world, Ning explained.

Value-added industrial output, an important economic indicator, expanded 5.7 percent year on year in 2019, slowing from the 6.2-percent growth in 2018.

Fixed-asset investment increased 5.4 percent year on year in 2019, flat with the level recorded in the first three quarters.

The retail sales of consumer goods, a major indicator of consumption growth, rose 8 percent year on year in 2019.