Monday, October 19, 2020

China becomes first major economy to recover from Covid-19 pandemic

 Year-on-year expansion, while slightly lower than analyst expectations, represents a dramatic reversal.

 China is expected to be the only G20 economy to grow this year. Photograph: VCG/Getty Images

Lily Kuo
The Guardian

The Chinese economy grew 4.9% between July and September, according to government data, as China becomes the first major economy to recover from the Covid-19 pandemic.

The year-on-year expansion, while slightly lower than analyst expectations, represents a dramatic reversal from the first quarter of this year when the economy shrunk by 6.8%, China’s first contraction since 1992 when officials began keeping quarterly GDP data.

China’s central bank governor Yi Gang said on Sunday that officials predict annual growth of about 2%. “The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery,” he said.  Read more >>