According to official data, China’s GDP saw a growth of 4.9% between July and September, bringing its economy closer to how it was before the pandemic completely altered its direction. Although this development is slower than expected, it signifies China’s swift economic recovery back to its old trajectory.
China, the world’s second-biggest economy, was forced to follow aggressive measures following the outbreak of the virus, painting a dire picture that bode badly for its economy. In the initial quarter of this year, China’s economy dwindled to 6.8% when it saw nationwide shutdowns of factories and manufacturing plants.
Currently, however, its recovery has so far put it on track to be the only major economy expanding this year, according to International Monetary Fund forecasts, while nations around the world continue to struggle with lockdowns and new waves of infections.
According to key economic growth figures released on Monday, the pace of China’s revival is quickening.
The quarterly figures are compared to the same quarter of 2019.
“I don’t think the headline number is bad,” said Iris Pang, chief China economist for ING in Hong Kong. “Job creation in China is quite stable which creates more consumption.
Furthermore, China’s trade figures for September also illustrated a powerful recovery, with exports growing by 9.9% and imports growing by 13.2% compared to September last year.
While the world grapples with another wave of the virus, China’s economy continues to grow at rates unimaginable in other Covid-hit countries.