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Most major economies are shrinking. Not China’s.
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Last Updated: Jan 18, 2021, 11:08 AM IST
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Synopsis
Keeping the virus at bay has been critical to China’s economic success over the past year. While the pandemic ravages other nations, Beijing’s aggressive top-down approach kept the virus from spreading rapidly across the country.
Agencies
Already the world’s largest manufacturer, China widened its lead this year. Despite the trade war and tariffs, American and European companies turned to China parts and goods, when factories elsewhere struggled to meet demand. Factories within China turned to nearby suppliers to replace imports as transoceanic supply lines became less dependable.
Most major economies are shrinking. Not China’s
The Chinese economy grew 2.3 percent last year, the country’s National Bureau of Statistics announced on January 18 in Beijing. New York Times January 18, 2021 / 11:53 AM IST
File image: A worker uses a shovel outside a construction site in Beijing, China on January 13, 2021. (Image: Reuters/Tingshu Wang)
As most nations around the world struggle with new lockdowns and layoffs in the face of the surging pandemic, just one major economy has bounced back after bringing the coronavirus mostly under control: China.
The Chinese economy rose 2.3% last year, the country’s National Bureau of Statistics announced Monday in Beijing. By contrast, the United States, Japan and many nations in Europe are expected to have suffered steep falls in economic output.