[ad_1]
In October-December (fourth quarter) of last year, the Chinese economy recovered at a growth rate comparable to the level prior to the spread of the new coronavirus infection. For the entire year 2020, growth was higher than expected and it appears that it was the only major country that avoided negative growth.
Total national production (GDP) announced from October 18 to December of last year increased by 6.5% compared to the same period of the previous year. The economist’s median forecast rose 6.2%. The economic growth rate in 20 years was 2.3%, which exceeded the expected 2.1%.
Industrial production in December last year increased 7.3% compared to the same month of the previous year. Market expectations increased 6.9% year-on-year. Retail sales increased 4.6% year-on-year, slowing from a 5% increase in November. Market forecasts increased 5.5% year-on-year. Investment in fixed assets for the full year 20 increased 2.9% year-on-year. The forecast went up 3.2%.
Rebound
One of the few V-shaped recoveries globally
Source: National Statistics Office
The Chinese authorities took the first financial and financial stimulus measures to boost investment in infrastructure and real estate and support the economy. After that, when the corona infection was suppressed for the time and the factory production was restarted, the demand for Chinese products, mainly medical equipment and telework equipment, increased abroad and the growth rate was boosted.
One year after the first lockdown associated with Corona, China’s growing economy
Whether the recovery will continue for 21 years depends on whether it is possible to prevent a large-scale spread of corona infection in the country, or whether the baton for spending can shift from local governments and large state-owned enterprises to small and medium-sized enterprises. and consumers. Rising tensions in trade relations with the United States could also weigh on the outlook.
In an interview with Bloomberg Television, Mr. Choi, Jiangin International’s head of macro research, said: “October-December seems to suggest that the Chinese economy has finished a strong year. The manufacturing industry is doing well.” The lower than expected growth in retail sales in December may have been due to low temperatures and new restrictions imposed in some areas due to the re-spread of corona infections in the north of the country.
Original title:China’s economy grew by 2.3% in 2020, accelerating the global increase (1) （抜 粋）
(Paragraphs 4 and later will be added and updated.)
