World lockdown overcome? China's economy is growing again

18:19  19 october  2020
18:19  19 october  2020 Source:   de.euronews.com

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China is expected to be the only G20 economy to grow this year. The global economy is slated to Covid-19 first emerged in central China in Wuhan in December and by early April, lockdowns were Consumer spending has begun to pick up again , illustrated by a resurgence in tourism during a

China ’ s economy has grown 4.9% in the last quarter from last year. Unemployment fell to 5.4% in September, industrial production rose 5.8% in July through September over the same quarter last year, and retail sales rose 0.9%. By contrast the US economy is expected to shrink by 4.3 percent this

First in, first out? China's economy has apparently left the corona lockdown behind. It grew again in the third quarter. The second largest economy grew by 4.9 percent year-on-year, according to the statistics office in Beijing.

  Lockdown überwunden? Chinas Wirtschaft wächst wieder © Mark Schiefelbein / Copyright 2020 The Associated Press. All rights reserved.

That is enough to more than make up for the slump in spring. According to official figures, China's economy grew by 0.7 percent in the first nine months of the year.


Liu Aihua, Statistical Office spokeswoman:

"As China's domestic economy recovered and demand picked up, so too did China's demand for imports. Overall, the current recovery in the Chinese economy is not only good for boosting China's own growth, but also to drive the recovery of the global economy. "

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China is set to be the only exception in this gloomy forecast because it can avoid recession and even expand its economy , though not as much as during previous years. The IMF economist told Xihuia that China ’ s performance can have a positive impact on other countries, especially its neighbors.

After China appeared to have largely brought the virus under control, hundreds have been infected in Beijing and cases have emerged in neighboring Hebei province in recent weeks. The current outbreak was first detected in mid-June and has been traced back to Beijing' s sprawling Xinfadi wholesale food

Covid-19 broke out in the People's Republic at the turn of the year, and the pandemic has been largely under control there for months.

Comment from Siemens boss Joe Kaeser, chairman of the Asia-Pacific Committee of German Business: The advocacy of Western values ​​is now also important, “because we see that the Chinese system was superior to Western systems when it came to combating the crisis ».

Policy makers around the world are pinning their hopes on a robust recovery in China to get demand back on track as economies grapple with severe lockdowns and a second wave of coronavirus infections.

Federal Minister of Economics Peter Altmaier (CDU) said that the states and countries that had fought the Corona crisis particularly consistently would be the first to get back on their feet economically. Germany and the EU would have to show that the pandemic could be fought just as effectively with an open society model as with other forms of government and society.

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Image: China ' s leadership has concentrated its COVID-19 financial support on businesses.

China reported that the country' s economy grew by 3.2% in the second quarter of the year, compared to a year ago. Economists polled by Reuters expected China ' s official GDP figures are tracked as an indicator of the health of the world's second-largest economy , but many outside experts have long


For the first time since official records began in 1992, China reported negative economic growth of 6.8 percent in the first quarter. The economy then picked up again because the country was able to bring the virus under control faster than other states with strict measures such as the cordoning off of megacities, strict isolation and entry bans. In the second quarter, growth was back at 3.2 percent.

As the statistics office further announced, other important indicators also showed general improvements in the third quarter: industrial production rose by 5.8 percent and retail sales by 0.9 percent compared to the previous year.

There have hardly been any new infections in China for months, so life and economic activities are returning to normal. Economists expect China to be the only major economy this year to end the year with positive growth. The recovery is progressing faster than expected, according to a new forecast by the International Monetary Fund last week.

According to this, Chinese economic output will increase by 1.9 percent this year, 0.9 percentage points more than in the June estimate. For 2021, the Monetary Fund continues to expect growth of 8.2 percent.

For Germany, a decrease of 6.0 percent is initially expected this year and then an increase of 4.2 percent. According to the forecast, the US economy will shrink by 4.3 percent in 2020 and then grow by 3.1 percent in the coming year.

In addition to extensive economic aid, China's economy has recently also benefited from stronger foreign trade. The exports of the second largest economy in September rose 9.9 percent year-on-year, according to the Beijing Customs Administration. Accordingly, imports had increased by 13.2 percent in the same period.

su with dpa

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This is interesting!