The Chinese Bureau of National Statistics revealed today its gross domestic product (GDP) figures for 2020.
According to the report, China’s economy took off in Q4, as it expanded 6.5%, more than the 6.2% forecasted. Overall, in 2020, the GDP grew 2.3%. So far, China is the only major economy globally to have expanded even during the COVID-19 pandemic.
On the other hand, retail sales contracted 3.9% in 2020, as Chinese consumers were reluctant to spend as much as before. However, online sales of consumer goods rose to 14.8%, according to the same report.
For the future, specialists expect the GDP to expand at 8.4% - the fastest pace to be reported in a decade, despite the new lockdowns imposed amid COVID-19’s latest strain.
Following the news, the market reacted positively, with HongKong45 closing the Asian trading session 1.01% higher.
Sources: forexfactory.com, reuters.com