Chinese economy continues on recovery road - Plataforma Media

Chinese economy continues on recovery road

China’s economy saw a further recovery in September, especially in the services sector, with positive growth for the first three quarters that was reversing the negative figure for the first half of 2020.

The nation’s gross domestic product in the first three quarters reached 72.28 trillion yuan (US$10.8 trillion), an increase of 0.7 percent from the same period last year, according to the National Bureau of Statistics onon Monday.

The first quarter saw GDP tumbling 6.8 percent year on year due to the COVID-19 pandemic. The second quarter then started to recover, with a 3.2 percent rebound, while GDP for the July-September period grew by 4.9 percent.

September activity data suggested the pace of recovery of major economic activity was on track.

Growth of industrial production and retail sales quickened to 6.9 percent and 3.3 percent year on year in September from 5.6 percent and 0.5 percent in August.

In the first three quarters, Chinese authorities coordinated pandemic prevention and control work and promoted economic and social development, said Liu Aihua, a spokeswoman for the NBS.

“China’s quick recovery was a product of its stringent lockdowns, massive testing, population tracking, a large economy that can afford to be somewhat insulated, and fiscal stimulus via credit expansion,” said Lu Ting, chief China economist of financial services company Nomura.

Read more in Shanghai Daily

This article is available in: Português

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