China is the only economy to grow in 2020

China’s economy grew 2.3 percent in 2020, despite the coronavirus epidemic, and was the only country to grow last year.

According to the Chinese Statistics Department, the economy grew 4.9 percent in the third quarter of last year compared to the same period last year, and grew even faster in the fourth quarter, reaching 6.5 percent.

Ning Jizhe, head of the Department of Statistics, said that the Gross Domestic Product (GDP) had exceeded 100 trillion yuan with 101.6 trillion yuan (13 billion euros) for the first time.

Epidemic control was effective

China, the world’s second-largest economy after the United States, was the only major economy not to sign a contract in 2020, according to available data.

China’s control of the coronavirus epidemic in the summer months is said to be effective in economic growth rates.

Foreign trade figures, which have been strong for months, also played an important role in China’s economic growth. Exports rose 18.1 percent in December from a year earlier, according to data released by the Chinese Customs Administration last week. During the same period, imports increased by 6.5 percent.

Rapid adaptation to change in demand

Max Zenglein of the Berlin-based Merics China Institute noted that strong export figures in China have played an important role in the rapid adaptation of the Chinese economy to changing demand in other countries, such as China’s important role in electronics. or medical protective equipment required in the practice of working at home. He noted that he carried out transportation.

Max Zenglein from the Berlin-based Merics China Institute

Economists expect China’s economic growth to continue this year. The International Monetary Fund (IMF) forecasts 7.9 percent growth for the Chinese economy in 2021. The new five-year plan, to be decided by the Chinese National People’s Congress in March, is expected to boost the economy. The new plan is expected to learn from the losses of the US trade and technology war, reduce foreign dependence on the economy and focus more on promoting domestic demand and domestic innovation projects against China.

Source: DW Turkish

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