RT.com
16 Apr 2021, 13:43 GMT+10
The Chinese economy has shaken off the aftermath of the coronavirus crisis, expanding at a record pace of 18.3% in the first three months of 2021 compared to a year ago.
The figures for the country's economic performance were published by China's National Bureau of Statistics (NBS) on Friday. The over 18-percent surge became the best quarterly growth since at least 1992 when quarterly gross domestic product (GDP) records began. The results were largely in line with the expectations of economists polled by Bloomberg, who predicted GDP would jump by 18.5%. However, some expected China's economic output would be even higher, with analysts polled by Reuters predicting a 19% increase.
The year-on-year surge was buoyed by a low base, as the world's second-largest economy shrank by a record 6.8% in the first quarter of 2020, when production and movement in the country were paralyzed due to the Covid-19 outbreak. China was the first country to face the deadly virus but was also the first to largely contain it, becoming the only major economy not to report an annual downturn in 2020.
Given the low-base factor, some analysts pointed out that a quarter-on-quarter basis can give a better reading of China's economic performance. According to the official statistics, the country's GDP gained 0.6% in January-March from an upwardly revised 3.2% growth in the fourth quarter. That is lower than analysts forecasted, as they expected the quarterly growth to stand at 1.4%, according to Bloomberg.
The statistics bureau noted that the Chinese economy "presented continued momentum of stable recovery" at the beginning of the year, but cautioned that the "international landscape is complicated with high uncertainties and instabilities" in the wake of the pandemic.
"We must also see that the Covid-19 epidemic is still spreading globally, the international landscape is complicated and severe, the foundation for domestic economic recovery is not yet solid, and some service industries and small and micro enterprises are still facing more difficulties in their production and operation," NBS spokeswoman Liu Aihua said as cited by the South China Morning Post.
While China's post-Covid-19 rebound is leveling off and the economy is set to grow at a more steady pace, the government expects its GDP to expand more than 6% this year.
Earlier this week, China reported an over 30% increase in exports for March marking the ninth consecutive period of growth amid strengthening domestic demand. Customs statistics also showed that inbound shipments were up more than 38% last month in US dollar terms compared to the same period last year.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Chicago Chronicle news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Chicago Chronicle.
More InformationSAN FRANCISCO, California: Grammarly is doubling down on AI-powered productivity tools with the acquisition of Superhuman, a sleek...
NEW YORK, New York -U.S. stock markets closed with broad gains on Thursday, led by strong performances in U.S. tech stocks, while European...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
Washington DC [US], July 4 (ANI): Actor Michael Madsen, who is known for his roles in Quentin Tarantino films including 'Kill Bill:...
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals...
By Reena Bhardwaj New York [US], June 29 (ANI): A prominent Hindu spiritual leader has been recognised by New York City officials...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
Elon Musk has threatened to launch a new party to undermine US President Donald Trump, following a falling out over a spending bill....
This will be a year of transition for Atlantas defensive line, and an important one. Will McFadden FLOWERY BRANCH, Ga. For the...