China’s GDP is growing. Have the Chinese defeated the pandemic?

China’s GDP is growing. Have the Chinese defeated the pandemic?

The economies of most countries in the world are firmly linked by trade relations with China. This country is one of the main trade partners for Ukraine.

We remember the beginning of the industry recession in early 2020 hit Ukrainian exports. It is our metal especially. What is the situation in Chinese economy?

The People’s Republic of China has some of the best indicators, both economic and epidemiological, during the global pandemic and financial crisis in the world according to official figures. While the second wave of the virus began in Europe and in Ukraine the first did not end, China shows excellent indicators: only 260 people are sick of the total population. Of course, few people believe in the official Chinese statistics on patients. But the country is showing economic growth.

How much has China’s GDP grown recently?

Unexpectedly for experts, the country was the first to be hit by the pandemic is showing economic growth.

In the third quarter of this year, compared to last year, China’s economy grew by almost 5 percent. This was due to the rapid growth of large-scale production in the country.

The growth began in the second quarter, when a terrible epidemic raged in European countries. It was in the second quarter that China posted its first 3.2% growth this year.

The country was able to show industrial growth of almost 7 percent in September 2020. This figure was last seen in December. This suggests the economy is normalizing to pre-crisis levels.

China is to become the only country this year that can show positive GDP growth according to economic experts. This opinion is expressed by the representative of Cornell University. He is Eswar Prasad.

Retail payments showed a decline in the first seven months from the beginning of 2020 in this country.

The figure rose by 0.5 percent in August finally. The growth of retail were already at 3.3% in September.

Domestic economic activity is expected to normalize according to global market strategist JPMorgan Asset Management. This means that the growth of Chinese economy will increase. We can conclude that China’s GDP growth will be higher than in all developed countries this year.

It is very difficult to check whether the Chinese provide real data on their epidemiological situation due to the country’s closed totalitarian regime. But economic indicators are visible to everyone. The cause distrust of Covid statistics: 86 thousand infected have been officially registered for the country’s huge population since the beginning of the epidemic. Few believe in such numbers, but no one doubts the improvement in the economic situation of China’s financial sector.

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