China has noticed a faster economic growth in the fourth quarter of 2020 and the country expects to remain solidly poised to expand more in 2021.

The National Bureau of Statistics showed on Monday that the gross domestic product (GDP) in China has expanded to 6.5%, faster than the 6.1% that the Reuters poll forecasted, amid a strict lockdown of the country.

During the quarter of the year, the National Bureau of Statistics recorded a 4.9% growth in the economy of the country.

The statistical reports reveal that a 2.3% grew of GDP in 2020, has marked China as the only major economy in the world during the lockdown as many other major economic nations struggled because of the pandemic.

During the economic growth, surprisingly the Chinese export sector remained resilient throughout the world but the consumption fell behind the expectations of Chinese economists, reported Reuters.    

“The slew of bright economic data has reduced the need for more monetary easing this year, leading the central bank to scale back some policy support, but there would be no abrupt shift in policy direction, according to top policymakers” sources told Reuters.

Despite the pandemic, China’s GDP has recovered as 2.6% rose in October- December. The country expects the “economic growth rebound to 8.4% in 2021 before slowing to 5.5% in 2022”, Reuter news stated.

Recently, China has reported more than 100 new cases in a week, infections rising in the Northeast of the country.

The spread of the virus has fuelled concerns for another national wave of the pandemic in China.  

Author

  • Mohammad Haroon Alim holds a BBA degree from Kardan University. He works as a sub-editor for Khaama Press.