Shoppers walk through a festive themed market in Shanghai, China on Saturday, Dec 19, 2020. China pulled further ahead of other major economies in November as industrial output and retail sales strengthened, reinforcing expectations of healthy growth in 2021. -Bloomberg
BEIJING (China Daily/ANN): Economic activity will continue to accelerate in China next year on the back of existing supportive policies, despite a grim outlook for global growth due to the resurgence in novel coronavirus cases and lockdowns, economists said.
The comments came after the World Bank updated its projections for China s GDP growth on Wednesday (Dec 23) and said the country will return to its pre-pandemic growth level next year.
Date Time
China’s Economic Recovery Picks Up but Risks Remain: Report
Following a sharp decline in the first quarter of 2020, economic activity in China has normalized faster than expected, aided by an effective pandemic-control strategy, strong policy measures and buoyant exports. While swift, the recovery has been uneven, with domestic demand recovering more slowly than production, and consumption more slowly than investment, according to From Recovery to Rebalancing, the December 2020 edition of the World Bank’s China Economic Update, released today.
The report projects economic growth in China to slow sharply to 2 percent in2020 before rebounding to 7.9 percent in 2021, as economic activity broadens to private investment and consumption, in response to improved consumer and business confidence and better labor market conditions.