China's economy continues to bounce back from virus slump
- Published
China's economy continues its recovery from the Covid-19 pandemic with growth of 4.9% for the three months of July to September.
The world's second-biggest economy was the first major economy to suffer from coronavirus lockdowns.
China is now leading the charge for a recovery with its latest gross domestic product (GDP) figures for the third quarter of 2020.
However, the growth is lower than the 5.2% expected by economists.
For the first three months of this year China’s economy shrank by 6.8% when its saw nationwide shutdowns of factories and manufacturing plants.
It was the first time China’s economy contracted since it started recording quarterly figures in 1992.
Gathering pace
The key growth figures released on Monday suggest that China’s economic recovery is gathering pace, although experts often questioned the accuracy of its economic data.
Retail sales grew by 0.9% in the third quarter, the first time they’ve shown any improvement this year.
The quarterly figures are compared to the same quarter of 2019.
China’s trade figures for September also pointed to a strong recovery, with exports growing by 9.9% and imports growing by 13.2% compared to September last year.
Over the previous two decades, China had seen an average economic growth rate of about 9%.
Cash injections
The Chinese government has rolled out a raft of measures this year to revive the coronavirus-hit economy and support employment.
While the central bank stepped up policy support earlier this year after widespread travel restrictions choked economic activity, it has more recently held off on further easing.
Premier Li Keqiang warned earlier this month that China needs to make arduous efforts to achieve its full-year economic goals.
"I don't think the headline number is bad," said Iris Pang, chief China economist for ING in Hong Kong. "Job creation is China is quite stable which creates more consumption."
For the second quarter of this year, economic growth in China reached 3.2% as its started its rebound.
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2020-10-19 02:20:00Z
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