Updated Jan 19, 2021 | 06:36 IST
Covid-19, which has ravaged the world economy, first emerged in central China in late 2019. But the world s second-largest economy also became the first to bounce back after imposing strict lockdowns. China’s economy grows 2.3% in 2020 despite pandemic pain | Photo Credit: BCCL
Beijing: China s GDP grew at the slowest pace in more than four decades in 2020, official data showed Monday, but it was still expected to be the only major economy to grow at all after a strong rebound from the coronavirus crisis.
Covid-19, which has ravaged the world economy, first emerged in central China in late 2019. But the world s second-largest economy also became the first to bounce back after imposing strict lockdowns and virus control measures.
China GDP outperforms
China starts week with strong data
China’s GDP for Q4 showed an increase of 6.50% YoY for Q4, leaving China on track to expand by 2.30% for 2020. Industrial Production rose by an impressive 7.30% as the rest of the world’s insatiable demand for Made in China showed no signs of slowing down. By contrast, domestic data still showed the caution that has been prevalent throughout the year. Retail Sales for December rose 4.60% versus 5.50% expected, a cause for joy in any other country but China. That likely reflects the Covid-19 restrictions in parts of the country and the freezing weather that has sent energy prices soaring. Unemployment, though, held steady at 5.20%, and this metric will leave Chinese authorities still in their comfort zone.
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