The Chinese economy is growing at a record pace

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The Chinese economy is growing at a record pace

Reuters

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Chinas economic recovery accelerated at a strong pace in the first quarter of 2021 from a downturn caused by the coronavirus earlier in 2020, as it received support from stronger demand from home and abroad and continued government support for businesses.

On Friday, official data revealed that Chinas GDP jumped at a record rate of 18.3% in the first quarter of 2021 compared to the same period a year ago.

The increase is the strongest since at least 1992, when official quarterly records began to be kept. The rise was supported by strict measures to contain the virus and an emergency financial rescue for companies.

The Chinese economy is recovering after a 6.8% decline in the first three months of 2020, when the Covid-19 outbreak in Wuhan, central China, turned into a full-force epidemic.

The boost in exports is driving the recovery as Chinese factories rush to fulfill foreign orders, along with a steady improvement in consumption that comes despite sporadic COVID-19 cases in some cities.

The second largest economy in the world is expected to grow by 8.6% in 2021, after an increase of 2.3% last year, which is the weakest in 44 years, but it has made China the only major economy that avoided recording a contraction during the pandemic.

Source: Reuters



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