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China gains momentum in race to overtake US economy

Beijing's quick pandemic response gives an edge, as GDP reaches 70% of America's

A security personnel member stands guard in front of a construction site of Beijing Winter Olympic and Paralympic Village.   © Reuters

BEIJING -- China's economy surged closer to its American rival last year, achieving nominal gross domestic product of $14.73 trillion -- more than 70% that of the U.S., data released Sunday by the National Bureau of Statistics in Beijing shows.

The Asian country's economy grew at 3% in dollar terms during 2020, based on an average exchange rate of 6.8974 yuan to the greenback. China reached 101.59 trillion yuan in terms of local currency, topping 100 trillion yuan for the first time.

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