Chinese economy expanding at faster rate than before Covid-19 virus

Monday, January 18
Newsday and Agencies

China says it’s economy grew 2.3% in 2020, recovering from the novel coronavirus pandemic that brought the global economy to a screeching halt.   

The world’s second-largest economy was boosted by a 6.5% increase in the fourth and final quarter of the year, according to data released Monday by the government’s statistics bureau, up sharply from the 4.9% increase in the previous quarter.  Analysts  attribute the rise to a continuing demand for Chinese-made products, such as face  masks and other protective items and electronics.   

Industrial output rose 7.3% in December from a year earlier. 

The final numbers indicate China is the only nation in the world to avoid contraction last year as it dealt with the rapid spread of COVID-19, which was first detected in the central city of Wuhan in late 2019. But it was China’s weakest economic year since 1976 when the decade-long Cultural Revolution was coming to a disastrous end.   

China’s economic rebound is all the more remarkable considering it had shut down all social and economic activity in an effort to contain the virus, which led to a steep 6.8% decline in the first months of 2020.