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China Economy Rises 2.3% in 2020 From Coronavirus Gains

Despite a partial recovery, China shows promising growth in Q1 2021

The Global Economics by The Global Economics
January 19, 2021
in Finance, Top Stories
Reading Time: 1 min read
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China Economy Rises 2.3% in 2020 From Coronavirus Gains

China Economy Rises 2.3% in 2020 From Coronavirus Gains

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China reports speak positively of the economy growth of 2.3% in 2020, expanding to US$15.42 trillion, while the rest of the world grappled to contain the novel coronavirus pandemic.

According to the National Bureau of Statistics, the gross domestic product (GDP) rose by 6.5% in the Q1 last year, surpassing analysts’ predictions. In the local currency, the GDP passed from 100-trillion yuan to 101.5986 trillion yuan, added NBS. The growth owes its recovery partly with global exports of medical supplies, especially associated with the coronavirus.

However, activity contracted by 6.8% in Q1 with nationwide lockdowns which prompted shops and factories to be closed. In March, the nation saw a 3.2% growth after declaring control over the COVID-19 virus, showing progress ahead of other economies. 

Apart from travel restrictions, the majority of the country remains unaffected this month. 

Yet, punctuating the global impact of COVID-19, China’s GDP last year was at its weakest since 1976. Highlighting the slump in consumption of goods, the retail spending fell 3.9% in 2020 as demand slowed. The proportion of online sales of consumer goods remained steady at around 1/4th, despite the rapid growth of 14.8%.

Forecasting the current situation, the International Monetary Fund (IMF) expects an economic growth to rise above 8% this year with vaccines and subsequent recovery in external demand.

Tags: China Economycoronavirus gains
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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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