China's Economy Avoided Contraction in 2020
#China #economy #GDP
China’s economic recovery beat analyst expectations in Q-4, expanding 6.5% from the same frame in Y 2019, data from the National Bureau of Statistics showed Monday.
The GDP growth was faster than the 6.1% forecast by economists in a Reuters poll, and followed 4.9% growth in Q-3 of Y 2020.
GDP grew 2.3% in Y 2020, the data showed, making China the only major economy in the world to avoid a contraction last year as many nations struggled to contain The China Virus chaos.
The world’s 2nd-largest economy staged a strong comeback last yr from the coronavirus chaos, driven by its resilient export sector.
But consumption, a Key driver of growth has been lagging analysts expectations.
Bright economic data has reduced the need for more monetary easing in the New Year, leading the PBoC to scale back some policy support. However, there will be no abrupt shift in policy direction according to Top policymakers.
On a Q-Q basis, GDP rose 2.6% in October-December frame, the bureau said, compared with expectations for a 3.2% rise and a revised 3.0 gain in the prior Quarter.
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