China’s economy regains momentum as pandemic recovery accelerates

by   |  VIEW 687

China’s economy regains momentum as pandemic recovery accelerates

China’s economy recovery from a global-scale pandemic-induced slump appears to be gathering momentum as consumers were reportedly brushing aside pandemic fears and returning to in-house dines and shopping malls while the United States and Europe have still been grappling with a pandemic driven recession.

In point of fact, according to the Chinese official data released earlier on Monday, the world’s second-largest economy grew by 4.9 per cent over the third quarter of the year that ended on September 30 compared to a growth of 3.2 per cent registered at the same time a year earlier, while China’s Retail Sales strongly petered out the pandemic-led contractions and bounced back to a pre-pandemic level for the first time this year.

Aside from that, China’s industrial output had also reported solid gains over Q3, 2020, largely buoyed by an increase in demands of masks alongside other medical gears.

China set to become the 'lone wolf' to report growth among G20 in 2020

Notably, the Q3, 2020 gains in Chinese economy followed by a 6.8 per cent slump over the first quarter of the year, which had been the world’s No.

2 economy’s worst performance at least in seventy years. In tandem, according to other economic data released from the China’s National Bureau of Statistics earlier on the day, Beijing had scored a 5.8 per cent rise in Industrial production over Q3, 2020, on an annualized basis, a breakthrough development that followed a 1.3 per cent shrinkage over Q1, 2020, while e-commerce activities surged 15.3 per cent and China’s retail sales soar just a notch shy of 1 per cent, up from a contraction of 7.2 per cent reported over the first quarter.

Meanwhile, as latest economic data from China had boosted up investors’ optimisms and led to a wide-spread rally of Asian shares on Monday, voicing a cautiously optimistic tone, China’s National Bureau of Statistics said in a report earlier in the day, “The economy continued the steady recovery… but the international environment is still complicated and severe,” adding that China’s health infrastructure had been facing off a havoc-scale pressure to prevent another spike in the pandemic cases.