China’s GDP is expected to expand above 2 percent in 2020, as the only major economy to grow in positive territory while other economies are still being hammered by the global pandemic outbreak, analysts said. The robust economic rebound is a vivid display of how the world’s second-largest economy pulled off a monumental effort to .
SOURCE / ECONOMY
Another national stimulus is unlikely given powerful recovery By Ma Jingjing Published: Jan 19, 2021 07:48 PM
File photo:Xinhua
As China has just revealed encouraging economic figures for 2020, some Western media organizations are focusing attention on the country s sluggish growth in consumer spending and expressing doubt about whether the rebound will sustain.
Chinese experts said that domestic consumption would remain a key driver of China s economic growth, which is expected to soar by 15-20 percent year-on-year in 2021.
Retail sales dipped 3.9 percent year-on-year to 39.20 trillion yuan ($6.04 trillion) in 2020, with restaurants revenue dropping 16.6 percent to only 3.95 trillion yuan. Consumption spending accounted for 54.3 percent of the country s GDP last year, according to the National Bureau of Statistics (NBS).
China s retail sales, a reflection of nation-wide consumption, dropped 3.9 percent year-on-year to 39.20 trillion yuan ($6.05) in 2020 as a result of the prolonged coronavirus outbreak. However, it is projected that this figure will return to positive territory in 2021, with double-digit growth even a possibility if large-scale vaccination campaigns can be realized.