China economic growth: Country where coronavirus began leads global recovery
China’s economy saw growth of 4.9% between July and September as retail spending returned to pre-virus levels for the first time
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Your support makes all the difference.China has recorded economic growth of 4.9 per cent in the third quarter of the year, as the country continues its recovery from the Covid-19 pandemic.
Retail spending in the country has returned to pre-virus levels, government data on Monday showed, while the global demand for masks and other medical supplies as seen a sharp rise in factory output.
China’s economy experienced a contraction of 6.8 per cent in the first quarter of the year, as the country where the novel coronavirus first emerged. But it was also quicker than most in containing its outbreak, and bounced back to growth of 3.2 per cent from April to June.
The latest figures are particularly good for trade, with a growth of 9.9 per cent in exports and 13.2 per cent in imports, as restrictions on movement between countries have eased.
China’s economy was hit hard by the decision to shut factories early on in the pandemic, but by March the Communist Party declared the disease under control and started reopening workplaces and shops.
Strict lockdown measures were eased in April after a drop in reported cases, and a hefty stimulus package was put in place to boost the economy.
The Chinese government has continued to roll out a slew of measures to revive the coronavirus-hit economy and support the unemployed. They included a promise in May to spend $280bn on meeting goals including the creation of 9 million new jobs.
The recovery is "broadening out and becoming less reliant" on government stimulus, said Julian Evans-Pritchard of Capital Economics in a research note. He said the data show growth "still accelerating" heading into the present quarter.
The economy is also expected to get a boost this year from “Golden Week” - an annual holiday in October that sees millions of Chinese travelling for leisure, reported the BBC.
Additional reporting by agencies
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