The Chinese economy continues to recover from the shock caused by the Covid-19 pandemic, according to data released by the Bureau of State Statistics of China on Monday, October 19. In the third quarter of this year, the superpower economy grew by 4.9% year-on-year, recording faster growth than in the previous three months. However, fears about the future remain for the Chinese and experts continue to point to uncertainty.
IN SHORT:
- The Covid-19 pandemic has also severely affected the Chinese economy.
- The pandemic in China is now under control, albeit with a small outbreak in one province.
- 3. China ‘s economy grew by 4.9% in the third quarter.
- In the second quarter, China’s GDP grew by 3.2% year on year.
- In the third quarter, recorded growth was weaker than analysts had forecast.
- Compared to the previous three months, the national economy grew by 2.7%.
- People in China are once again shopping, traveling and eating in public places.
- China Bureau of Statistics: the international environment is still difficult, difficult, unstable.
- Chinese people’s fears about jobs and the return of the virus are affecting consumers.
- The accuracy of the economic data provided by China is often questioned by experts.
The Covid-19 pandemic has had a severe impact on the world economy, and China has, of course, failed to avoid it. The pandemic in China is currently under control, although a small outbreak has recently been reported in one of the eastern provinces.
According to China’s National Bureau of Statistics, China’s economy continues to grow at a rate not seen in other Covid-19 affected countries. Also the International Monetary Fund predicted that China is on the right trackto become the only major economy to expand this year.
China’s economy continues to recover from the shock of the Covid-19 pandemicRihards Plūme00:00 / 03:33
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The draconian restrictions, combined with the government’s economic stimulus measures, seem to have paid off. The data show that the Chinese economy grew by 4.9% year-on-year in the third quarter of this year, recording faster growth than in the previous three months.
In the second quarter, China’s gross domestic product (GDP) on an annual basis increased by 3.2%.
In the third quarter, recorded growth was weaker than analysts’ forecast growth of 5.2%.
Compared to the previous three months, the national economy grew by 2.7%, following an increase of 11.5% in the second quarter. Recent data show that industrial production in China grew by 6.9% year-on-year in September, while retail sales grew by 3.3%.
Unlike many other parts of the world, people in China again go shopping, traveling and eating in public places.
It seems that not only the Chinese central bank’s support for growth and employment, but also domestic tourism seems to have had a positive effect on the economy. In the so-called “Golden Week” in October, millions of Chinese travel abroad, but this year the people have spent money at home traveling domestically.
According to data from the Ministry of Culture and Tourism, more than 630 million trips have been made domestically during the eight-day holiday, and the revenue from this tourism has reached almost 70 billion US dollars.
The Chinese Communist leadership has praised its response to the pandemic. As economist Lu Ting told AFP, China has achieved its rapid recovery through tight restraints, mass testing, population tracking and fiscal incentives.
However, despite the positive news, officials still warn of a rather foggy situation in the global economy. The Eurostat statement said: “Overall, the overall national economy has continued to recover steadily and significant progress has been made in coordinating the prevention of the epidemic. However, we must also be aware that the international environment remains complex and difficult, with considerable instability and uncertainty. And there is a lot of pressure to prevent the epidemic from spreading abroad and being reborn at home. The economy is still in the process of recovery and the foundations for a sustainable recovery need to be strengthened. “
The Chinese people’s fears about jobs and the possible return of the virus to China are affecting consumer sentiment, despite the government’s attempts to restore domestic demand.
Experts emphasize that the US-China trade war, which has not disappeared, should also be taken into account. It should also be noted that the accuracy of the economic data provided by China is often questioned by experts.
CONTEXT:
About the new coronavirus spread China informed the World Health Organization late last year in the central Chinese city of Wuhan, home to 11 million people. World Health Organization in March 2020 announcedthat Covid-19 has reached the level of a global pandemic. Disease restrictions have also led to the economic crisis.
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