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China's economy in 2019: Year in review

Updated: Dec 31,2019 03:00 PM    Xinhua

China's GDP expanded 6.2 percent year-on-year in the first three quarters of 2019. The growth outpaces other major economies including the US, Japan, Germany and India.

China has delivered robust job gains with a stable unemployment rate. Every percentage point growth of China's economy can be translated into around 2 million new jobs.

China's foreign trade has remained steady, climbing 2.4 percent year-on-year in first 11 months.

China is expected to add about 8,000 km of railways this year. The country's highways are expected to extend by some 330,000 km this year. Five new civil aviation airports were built. China has world's largest high-speed rail network, which has a length of 35,000 km.

Singles' Day shopping bonanza on Nov 11 reported record sales of 268.4 billion yuan ($38.45 billion). The 2nd China International Import Expo (CIIE) concluded with $71.13 billion worth of tentative deals, reached for one-year purchases of goods and services, an increase of 23 percent from that of last year.

In June, China granted commercial-use 5G licenses to the country's top three telecom operators.

Over 10 million people are estimated to have been lifted out of poverty in 2019.

Global ratings agency Fitch in November maintained its A+ credit rating on China, affirming its stable growth outlook. 

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