Economy making progress despite risks, challenges

China announced the results of its fifth national economic census on Thursday, which was the first one conducted following the global COVID-19 pandemic.

The census revealed that in 2023, China's GDP approached 130 trillion yuan ($17.8 trillion), ranking second in the world. For the past five years, China's contribution to global economic growth averaged around 30 percent, making it the largest source of global economic growth.

Structurally, there are three clear trends in the nation's development. First, there has been a significant increase in the number of service industry operators, which have become an important force in supporting economic growth and promoting high-quality employment. By the end of 2023, the number of employees in the secondary industry was 164 million, a decrease of 8.26 million from the end of 2018, while those in the tertiary industry reached 265 million, an increase of 54.01 million.