Business

Publication of GDP for the fourth quarter of full yr 2020

Employees working on a dry-type transformer production line at a power generation factory in Haian, east China’s Jiangsu Province, Jan. 4, 2021.

Stringer | AFP | Getty Images

BEIJING – China reported GDP rose 2.3% over the past year as the world battled to contain the coronavirus pandemic.

Gross domestic product grew 6.5% year over year in the fourth quarter, official data from the National Bureau of Statistics showed.

However, Chinese consumers continued to be reluctant to spend as retail sales fell 3.9% over the year. Retail sales increased 4.6% year over year in the fourth quarter.

The online sales of consumer goods rose relatively quickly by 14.8% in the past year, the statistics office announced, but the share of total retail sales remained relatively constant at around a quarter.

Economists expected China to be the only major economy to grow over the past year, and predicted GDP growth of just over 2%.

Covid-19 first appeared in the Chinese city of Wuhan at the end of 2019. To control the virus, Chinese authorities closed more than half the country and the economy contracted 6.8% in the first three months of 2020.

However, China returned to growth in the second quarter. Economists polled by Reuters forecast GDP to grow 6.1% in the fourth quarter, faster than the 4.9% pace in the previous quarter.

China’s GDP growth this year is expected to come from a lower base.

In late December, the National Bureau of Statistics cut China’s official growth rate for 2019 to 6.0%, down from the 6.1% previously reported. The cut came mostly in manufacturing as factories dealt with new US tariffs on Chinese goods valued at billions of dollars.

– This is breaking news. Please try again.

Leave your vote

0 points
Upvote Downvote

Related Articles

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.