China’s economy is growing faster now

Posted by freemexy on February 2nd, 2021

China’s economy is growing faster now

A year ago, the coronavirus began spreading rapidly in China. Today, China's economy is bouncing back hard, and expanding even faster than it did before the pandemic.To get more Shanghai economy news, you can visit shine news official website.

Economic data published Monday showed that China logged 2.3 percent growth for 2020, becoming the only major economy that grew during a year when the virus exacted a devastating global toll. As other major nations and geopolitical competitors, from the United States to Europe to India to Japan, struggle to beat back a winter wave, China’s containment success has buoyed its economy and the ruling Communist Party’s claims to global leadership in the post-pandemic world.

In a sign of how quickly China has managed a turnaround, the National Statistics Bureau said that its gross domestic product rose 6.5 percent during the fourth quarter of 2020, exceeding the 6 percent pace at the end of 2019, before the coronavirus took hold. China’s GDP surpassed a milestone in 2020, topping 100 trillion yuan, or about trillion.In an extraordinary year, China’s economy was able to record an extraordinary accomplishment,” Ning Jizhe, head of the statistics bureau, told reporters. “It’s a performance that is satisfactory to the people, watched by the world, and can be recorded in the annals of history.”

China’s new GDP milestone, Ning added, reflected how “our country’s economic strength, science and technology strength, and overall national strength have jumped to a new level.”As President-elect Joe Biden enters office this week, he’ll be confronted with a China that does not seem diminished, at least superficially, in economic health or international stature. Chinese President Xi Jinping recently struck a bullish tone during his New Year’s Eve address, when he declared he was “proud of his great motherland” and the sacrifice and unity his countrymen displayed to quickly beat back the coronavirus through strict lockdown measures and an all-hands mobilization of medical and manufacturing workers.

With the virus essentially contained by late spring 2020 — and only re-emerging on a small scale in recent weeks — Chinese sectors such as construction, heavy industry and export manufacturing were jump-starting last year just as other countries plunged into crisis. China’s economy only dipped into negative territory once, during the first quarter of 2020, when authorities locked down Hubei Province and its capital, Wuhan, and enforced softer lockdown measures around the country.

In recent weeks, Chinese state media and its globe-trotting foreign minister, Wang Yi, have told world leaders from Myanmar to the European Union, as well as global investors, that China’s fast recovery could lift the rest of the world. Thanks to Xi’s leadership and diplomatic outreach, Wang claimed earlier this month, China “has brought hope for the world economy to step out of the doldrums.

Like it? Share it!


About the Author

Joined: December 6th, 2018
Articles Posted: 2,579

More by this author