02:17
China's National Statistics Bureau released some of the most crucial economic figures for 2018 on Monday. The country's gross domestic product, or GDP, exceeded 90 trillion yuan, or 13 trillion U.S. dollars for the first time, an increase of 6.6 percent from the year before. More than 13 million new jobs were created in cities and towns, that's over 120 percent of the employment target for the whole year.
Per capita disposable income reached nearly 30,000 yuan, or about 4,200 U.S. dollars. That amounts to an increase of 6.5 percent after deducting pricing factors. Foreign trade volume reached over 30 trillion yuan, growing by nearly 10 percent, and reaching a record-high. Also, the consumption of electricity witnessed an 8.5 percent increase, the highest since 2012. And natural gas increased by 17 percent in 2018. These numbers reflect economic vitality.
When it comes to economic restructuring, the economy is increasingly driven by consumption. For example, personal consumption now makes up 76.2 percent of China's GDP. Total retail sales have increased by 9 percent, and the Engel's coefficient for Chinese residents decreased by about one percent.
The Engel's coefficient measures the portion of money people spend on food. So the decrease in the number shows that people have more money left over after purchasing necessities. The growth of investment in manufacturing, especially high-end manufacturing and private investment, is also playing an increasingly strong supporting role in the economy.
China's trade with countries taking part in the "Belt and Road Initiative" grew by more than 13 percent. These are all pieces of evidence of a dynamic economy that remains very much on the move.