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CHINA: Country Achieves Positive Economic Growth of 2.3% in 2020

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China was the first country to be hit by the coronavirus pandemic. For the whole of 2020, it recorded 2.3% growth. With the lockdown, economic activity has been severely slowed. In the first quarter of 2020, the country thus experienced a historic decline in its growth (-6.8%). But the economy was able to rebound from the spring, after good control of the epidemic.

In the last quarter, the Gross Domestic Product (GDP) posted an increase of 6.5%, returning to its pre-pandemic level. China’s GDP is at its lowest for 40 years but it posted positive growth of 2.3% in 2020 with a GDP of 6.5%. Figures above the predictions of analysts who expected 2% growth. The recovery in activity in China was particularly noticeable at the end of the year, due to “very strong demand” abroad for medical products (masks, medical protection, syringes) and equipment for teleworking (in particular computers), explains an analyst at IHS Markit. In December, industrial production in China reached its highest growth rate of 2020, growing 7.3% year on year.

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China was the only major economy in the world to record positive merchandise trade growth in 2020. Its foreign trade even exceeded expectations, reaching an all-time high. According to government officials, the latest foreign trade data released by the General Administration of Customs released on Jan. 14 shows that, China’s foreign trade grew 1.9 percent year-on-year to reach 32,160 billion. yuan ($ 4.970 billion) in 2020, compared with 2.970 billion yuan in 2010, while its exports grew 4% year-on-year and imports fell 0.7%. The trade surplus jumped 27.4% to 3.7 trillion yuan.

       

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