Editorial:China's GDP reached RMB100 trillion

【明報專訊】China's economic figures for 2020 released the other day show that the country's gross domestic product (GDP) reached RMB101.5986 trillion last year, surpassing RMB100 trillion for the first time. In comparable terms, the growth rate was 2.3%, the lowest in 40 years. Still, China is the only major economy worth more than US$1 trillion to achieve growth amid the raging pandemic. This means that the gap between China's economy and the US's has narrowed further, making China the first country in modern history to reach 70% of the US economy. It also marks a critical moment for China, as it crosses the ''middle-income trap''.