The Chinese economy grew 4.9% between July and September, according to government data, as China becomes the first major economy to recover from the Covid-19 pandemic.
The year-on-year expansion, while slightly lower than analyst expectations, represents a dramatic reversal from the first quarter of this year when the economy shrunk by 6.8%, China’s first contraction since 1992 when officials began keeping quarterly GDP data.
China’s central bank governor Yi Gang said on Sunday that officials predict annual growth of about 2%. “The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery,” he said.
China is expected to be the only G20 economy to grow this year. The global economy is slated to contract by 4.4%, according to the International Monetary Fund, the steepest downturn since the Great Depression.
Covid-19 first emerged in central China in Wuhan in December and by early April, lockdowns were lifted as the country gradually re-opened factories and businesses while travel restrictions were loosened. Policymakers released targeted stimulus measures from tax cuts and lower interest rates to credit local governments and cheaper lending for businesses.
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