China’s GDP grew 4.9% in the third quarter compared to the same time last year, the country’s National Bureau of Statistics said Monday, as the economic superpower continues to rebound after the coronavirus pandemic.
KEY FACTS
That growth was fueled by strong retail sales and industrial production, the government said.
China’s exports rose 9.9% last month while imports soared 13.2%—two more strong signs of recovery.
China’s is the only major economy that is expected to grow in 2020, according to the International Monetary Fund, which is forecasting 1.9% growth for the year.
CRUCIAL QUOTE
Despite robust growth at home, the Chinese government also noted Monday that the global environment remains “complicated and severe” and that the country is under “great pressure” to prevent any further outbreaks of the virus.
KEY BACKGROUND
China’s economy shrank 6.8% in the first quarter—its worst contraction in 40 years—as the government shut down nearly all activity in parts of the country to prevent the spread of the coronavirus. In the second quarter, growth bounced back to 3.2% after factories reopened and the government poured billions of dollars in stimulus measures back into the economy.
TANGENT
Economists expect the United States to see growth in the third quarter, too, but that growth is likely to be limited in the fourth quarter if further stimulus measures from the federal government are delayed until 2021.
FURTHER READING
Economy Shrank At Historic 33% Annual Rate In Second Quarter—But That’s Not The Whole Story(Forbes)
China’s Exports Surged 9.5% In August Despite Escalating Tensions With The United States(Forbes)
Europe Breaks Record For Weekly Coronavirus Cases As Countries Enforce New Lockdowns(Forbes)
-By Sarah Hansen, Forbes Staff
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