The world’s second largest financial system expanded 2.3% in 2020 in comparison with a 12 months earlier, in line with authorities statistics launched Monday.
It’s China’s slowest annual development charge in many years — not since 1976 has the nation had a worse 12 months, when GDP shrunk 1.6% throughout a time of social and financial tumult.
But throughout a 12 months when a crippling pandemic plunged main world economies into recession, China has clearly come out on prime. The growth additionally beat expectations: The International Monetary Fund, for instance, predicted that China’s financial system would develop 1.9% in 2020. It’s the one main world financial system the IMF anticipated to develop in any respect.
The tempo of the restoration can be accelerating. China’s financial system grew 6.5% within the fourth quarter in comparison with a 12 months earlier, in line with the federal government. That’s quicker than the 4.9% development recorded within the third quarter.
This is a growing story and might be up to date.