China’s economy grows 18.3% in post-Covid comeback in 2021
China’s economy saw a record increase of 18.3% in the first quarter of 2021 compared to the same time last year.
According to the international news agency, it is the biggest increase in Gross Domestic Product (GDP) since China began keeping quarterly records in 1992.
The country’s economy decreased by 6.8% due to lockdowns imposed in the first quarter of 2020.
China’s National Bureau of Statistics released the first-quarter data that states, “The national economy made a good start.”
The statistics added, “We must be aware that the Covid-19 epidemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities.”
Moreover, industrial output for March increased 14.1% over a year ago. Retail sales increased by 34.2%.
“Promisingly, the monthly indicators suggest that industrial production, consumption, and investment all gained pace in March on a sequential basis, following the weakness in the first two months,” said Louis Kuijs, head of Asia economics at research and consultancy firm Oxford Economics.
But some analysts have predicted few sectors will slow as government fiscal and monetary support is decreased.
Yue Su, the Economist Intelligence Unit’s principal economist for China, said that some production and export activity could have been “front-loaded” into the first quarter, suggesting slower growth ahead.
“Trade performance and domestic industrial activities for the rest of year might not be able to maintain such strong momentum, due to lack of measures to stimulate the domestic economy,” she said.
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