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Coronavirus pandemic: China’s economy continues to recover

Komal FatimaWeb Editor

19th Oct, 2020. 10:39 am
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China's economy

China’s economy continues to recover from the consequences of the coronavirus pandemic.

Chinese economy witnessed a growth of 4.9% between July and September, compared to the same quarter last year. However, economists expected 5.2%.

The country’s economy shrank by 6.8% in the first three months of this year as the country saw a nationwide lockdown amid the virus outbreak.

According to the key economic growth figures released on Monday, China’s economy saw development, although experts doubt on the accuracy of data.

The quarterly figures were compared to the figures in 2019.

Iris Pang, the chief China economist for ING in Hong Kong, said, “I don’t think the headline number is bad,” “Job creation in China is quite stable which creates more consumption.”

China’s trade figures showed a strong recovery. As per the details, exports grew by 9.9% and imports grew by 13.2% compared to September last year.

According to the international news agency, China had experienced an average economic growth rate of about 9% although these pace has gradually been slowing.

The Chinese government has introduced several measures this year to develop the economy and promote employment.

Premier Li Keqiang warned earlier this month that China needs to make arduous efforts to achieve its full-year economic goals.

For the second quarter of this year, economic growth in China reached 3.2% as it started its rebound.

“China’s economy remains on the recovery path, driven by a rebound in exports,” said Yoshikiyo Shimamine, chief economist at the Dai-Ichi Life Research Institute in Tokyo. “But we cannot say it has completely shaken off the drag caused by the coronavirus.”

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