Chinese Economy Growth Soars 2.3 Percent in 2020

Published January 18th, 2021 - 11:30 GMT
Chinese Economy Growth Soars 2.3 Percent in 2020
The growth was greater than many analysts had expected - the International Monetary Fund (IMF) predicted the growth would have been around 1.9 percent. (Shutterstock)
Highlights
China is the only major economy that did not shrink in 2020, despite the challenges of the coronavirus pandemic, which the country has largely managed to get under control, Deutsche press agency (dpa) reported.

China's economy grew 2.3 percent in 2020, the statistics office in Beijing said on Monday.

According to predictions, China is the only major economy that did not shrink in 2020, despite the challenges of the coronavirus pandemic, which the country has largely managed to get under control, Deutsche press agency (dpa) reported.

The growth was greater than many analysts had expected - the International Monetary Fund (IMF) predicted the growth would have been around 1.9 percent.

After growing by 4.9 percent in the third quarter, China's economy expanded by 6.5 percent year-on-year in the fourth quarter.

While much of the rest of the world is experiencing a recession, economic activity has generally normalized after China got the upper hand on the coronavirus in summer, with only smaller outbreaks and sporadic infections reported since then.

The country's latest trade figures show exports in December rose by 18.1 percent compared to the same month last year, Beijing's customs authority announced last week. Imports increased by 6.5 percent.


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