China's economy grows 6.5% in final quarter and 2.3% for 2020 - Business Insider

China's GDP grew 6.5% in the final quarter of 2020, making it the only major economy to expand last year

1/18/2021 12:44:00 PM

China's GDP grew 6.5% in the final quarter of 2020, making it the only major economy to expand last year

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.China's industrial production - heavily supported by the state - has been at the heart of its recovery. Factory output jumped a further 7.1% in the final three months of 2020, after growing 5.8% in the previous quarter.Domestic consumption has been weaker, with retail sales growing 4.6% in the final quarter, but falling 3.9% across the year as a whole.

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But China increased the value of its exports by 4% across the year, helping it hit a new record trade surplus in December, thanks to the appreciation in the yuan.Commerzbank economist Hao Zhou said: "As the developed countries have re-imposed lockdown measures due to virus resurgence, the supply chain has been disrupted which forced many orders to shift to China as the economy has been normally operating.

"In our opinion, the strong exports have significantly contributed to China's economic outperformance."Read More: GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth

Despite its success in containing coronavirus after the initial outbreak, China has recently suffered a new flare-up in the north east and last week reported its first death since the spring.Tommy Wu, lead economist at consultancy Oxford Economics, said: "Following new restrictions announced due to COVID-19 outbreaks in two provinces, it is possible that reduced confidence and travel during the Chinese New Year holidays hamper Q1 growth.

"But for now, we think that the risk of major economic impact is low, given China's track record in containing COVID."The World Bank earlier this month predicted China's economy would grow 7.9% in 2021. Oxford Economics previously predicted growth of 8.1% in 2021, but on Monday said it would upgrade its forecasts.

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BusisaMoyo Simple, through milking Africa.. By using Uyghurs as Forced Labors and doing a UyghurGenocide All that PPE manufacturing I could say why...but that's a whole can of shit i am not dealing with...we all know why ...bat soup...that is all I am saying HOW They don't have covid shut downs over there

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