<p><em>China grows economy by a margin unexpected in a pandemic era.</em><br />
<strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that the economy of China grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic.<br />
The world&#8217;s second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.<br />
It&#8217;s China&#8217;s slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.<br />
But during a year when a crippling pandemic plunged major world economies into recession, <strong>China</strong> has clearly come out on top. The expansion also beat expectations. The International Monetary Fund, for example, predicted that China&#8217;s economy would grow 1.9% in 2020. It&#8217;s the only major world economy the IMF expected to grow at all.<br />
The pace of the recovery appears to be accelerating, too: GDP grew 6.5% compared to a year ago, faster than the third quarter&#8217;s 4.9% growth.<br />
&#8220;The performance was better than we had expected,&#8221; said Ning Jizhe, a spokesman for China&#8217;s National Bureau of Statistics, at a press conference in Beijing.<br />
The country scrapped its growth target last year for the first time in decades as the pandemic dealt a historic blow to the economy. GDP shrank nearly 7% in the first quarter as large swaths of the country were placed on lockdown to contain the spread of the virus.<br />
Since then, though, the government has attempted to spur growth through major infrastructure projects and by offering cash handouts to stimulate spending among citizens.<br />
Industrial production was a particularly big driver of growth, jumping 7.3% in December from a year earlier.<br />
&#8220;In and out of lockdown ahead of everybody else, the Chinese economy powered ahead while much of the world was struggling to maintain balance,&#8221; wrote Frederic Neumann, co-head of Asian economics research at HSBC, in a Monday research report.</p>
<p>China&#8217;s economy grows 2.3% in 2020 as recovery quickens<br />
This has &#8220;put a floor under growth&#8221; in other regional markets, he added. Surging Chinese investment in infrastructure and property, for example, has been a boon to countries like Australia, South Korea and Japan that exported supplies to China.<br />
Trade has also been strong. China&#8217;s overall surplus for the year hit a record $535 billion, up 27% from 2019, according to statistics released last Friday. Analysts pointed out that the country benefited from a lot of demand for protective gear and electronics as people around the world worked from home.<br />
Chinese markets reversed opening losses Monday to rise following the announcement. The Shanghai Composite (SHCOMP) gained 0.8%, while the Shenzhen Component Index — a benchmark for the city&#8217;s tech-heavy exchange — rose 1.6%. Hong Kong&#8217;s Hang Seng Index (HSI) increased 1%.<br />
There are still some weak spots, though. Retail sales lost a little steam in December, rising 4.6% compared to November&#8217;s 5%. For the entire year, retail sales slumped 3.9%. Ning, the National Bureau of Statistics spokesperson, blamed the waning sales on a resurgence of coronavirus in some places.<br />
The &#8220;sporadic&#8221; cases in China &#8220;will bring uncertainty to [our] economic recovery,&#8221; he added.<br />
Even so, Ning said the country believes the pandemic is under control, and said authorities expect people to spend more money this year.<br />
Analysts from Capital Economics, meanwhile, believe the outlook is &#8220;bright&#8221; in the near term.<br />
&#8220;Despite the latest dip in retail sales, we see plenty of upside to consumption as households run down the excess savings they accumulated last year,&#8221; wrote Julian Evans-Pritchard, senior China economist for Capital Economics, in a Monday note. &#8220;Meanwhile, the tailwinds from last year&#8217;s stimulus should keep industry and construction strong for a while longer.&#8221;<br />
Hong Kong (CNN Business)China&#8217;s economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic.<br />
The world&#8217;s second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.<br />
It&#8217;s China&#8217;s slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.<br />
But during a year when a crippling pandemic plunged major world economies into recession, China has clearly come out on top. The expansion also beat expectations. The International Monetary Fund, for example, predicted that China&#8217;s economy would grow 1.9% in 2020. It&#8217;s the only major world economy the IMF expected to grow at all.<br />
The pace of the recovery appears to be accelerating, too: GDP grew 6.5% compared to a year ago, faster than the third quarter&#8217;s 4.9% growth.<br />
&#8220;The performance was better than we had expected,&#8221; said Ning Jizhe, a spokesman for China&#8217;s National Bureau of Statistics, at a press conference in Beijing.<br />
The country scrapped its growth target last year for the first time in decades as the pandemic dealt a historic blow to the economy. GDP shrank nearly 7% in the first quarter as large swaths of the country were placed on lockdown to contain the spread of the virus.<br />
Since then, though, the government has attempted to spur growth through major infrastructure projects and by offering cash handouts to stimulate spending among citizens.<br />
Industrial production was a particularly big driver of growth, jumping 7.3% in December from a year earlier.<br />
&#8220;In and out of lockdown ahead of everybody else, the Chinese economy powered ahead while much of the world was struggling to maintain balance,&#8221; wrote Frederic Neumann, co-head of Asian economics research at HSBC, in a Monday research report.</p>
<p>China&#8217;s economy grows 2.3% in 2020 as recovery quickens<br />
This has &#8220;put a floor under growth&#8221; in other regional markets, he added. Surging Chinese investment in infrastructure and property, for example, has been a boon to countries like Australia, South Korea and Japan that exported supplies to China.<br />
Trade has also been strong. China&#8217;s overall surplus for the year hit a record $535 billion, up 27% from 2019, according to statistics released last Friday. Analysts pointed out that the country benefited from a lot of demand for protective gear and electronics as people around the world worked from home.<br />
Chinese markets reversed opening losses Monday to rise following the announcement. The Shanghai Composite (SHCOMP) gained 0.8%, while the Shenzhen Component Index — a benchmark for the city&#8217;s tech-heavy exchange — rose 1.6%. Hong Kong&#8217;s Hang Seng Index (HSI) increased 1%.<br />
There are still some weak spots, though. Retail sales lost a little steam in December, rising 4.6% compared to November&#8217;s 5%. For the entire year, retail sales slumped 3.9%. Ning, the National Bureau of Statistics spokesperson, blamed the waning sales on a resurgence of coronavirus in some places.<br />
The &#8220;sporadic&#8221; cases in China &#8220;will bring uncertainty to [our] economic recovery,&#8221; he added.<br />
Even so, Ning said the country believes the pandemic is under control, and said authorities expect people to spend more money this year.<br />
Analysts from Capital Economics, meanwhile, believe the outlook is &#8220;bright&#8221; in the near term.<br />
&#8220;Despite the latest dip in retail sales, we see plenty of upside to consumption as households run down the excess savings they accumulated last year,&#8221; wrote Julian Evans-Pritchard, senior China economist for Capital Economics, in a Monday note. &#8220;Meanwhile, the tailwinds from last year&#8217;s stimulus should keep industry and construction strong for a while longer.&#8221;</p>

Rema Speaks On Pain Behind Fame OpenLife reports that Nigerian music star Rema has…
Former Senate President OpenLife Nigeria reproduces a piece by former President of the Senate, Bukola…
FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund OpenLife…
Bobrisky Creates Upset On Social Media OpenLife reports that a heated exchange has unfolded…
I Will Use Legislative Instrument To Reshape Maritime Enterprise For Enhanced Benefits For Host Community---Dr.…
Temi Turns Miami Skyline To Love To Celebrate Hubby's Birthday OpenLife reports that Temi…
This website uses cookies.