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China’s Economy Grew 18.3% in First Quarter 2021

China’s Economy Grew 18.3% in First Quarter 2021

China’s economy grew by 18.3% in the first quarter of this year compared to the same period in 2020, when economic activity in the Asian country came to a standstill due to covid-19 prevention measures.

The data announced today by the National Bureau of Statistics (NSO) is particularly resonant as the corresponding period represented the biggest contraction in China’s economy in more than half a century. Between January and March 2020, the Asian country adopted several stringent measures to prevent covid-19.

China’s GNE noted that activity growth, compared to the last quarter of 2020, when economic activity had already resumed normalcy, settled at 0.6%.

Manufacturing activity, auto sales and other production and consumption data recovered to levels above the pre-pandemic period.

The Chinese Communist Party declared victory over the coronavirus in March 2020, allowing the gradual reopening of factories and shops.

The economy “showed a stable performance, with a consolidated base and good growth momentum,” GNE pointed out in a report.

The data is in line with analysts’ expectations. Some warned, however, that despite the recent performance of the Chinese economy, recovery is still uncertain in the face of new waves of covid-19 that could weaken global demand.

Some governments have to pull back on opening measures to combat the rise of new cases of the disease, disrupting business and trade.

Between January and March last year, China’s economy shrank by 6.8%. The Chinese government then took unprecedented measures by shutting down most factories, shops and offices to combat the disease, which was first detected in the city of Wuhan in late 2019.

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It was China’s worst performance since at least the mid-1960s, when the country descended into the chaos of the Cultural Revolution.

Growth rebounded to 6.5% in the last quarter of 2020 after the economy reopened relatively early as the United States, Europe and Japan suffered further surges.

China achieved annual growth of 2.3%, becoming the only major economy to grow in 2020.

Retail sales rose 33.9 per cent in the first quarter from a year earlier, while factory output rose 24.5%, according to the GNE. Investment in real estate, factories and other fixed assets rose 25.6%.

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