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China’s economy grew in 2020

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Miguel A. Rodriguez
Miguel A. Rodriguez
20 Ianuarie 2021
Despite the COVID-19 pandemic, the Chinese GDP improved

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

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Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel a lucrat pentru instituții financiare importante, precum Banco Santander și Banco Central-Hispano. De asemenea, a publicat cărți despre Forex.