China's economic recovery gains even more momentum
Date: 2020-10-23Go back >


China's economy expanded by 4.9% in the third quarter compared to the previous year, according to government data published Monday, showing the rest of the world what's possible when COVID-19 is brought under control.

The pace was quicker than the 3.2% increase that China recorded in the second quarter, when it managed to avoid the pandemic-fueled recession that has gripped much of the globe. But the growth was also a bit weaker than expected: Analysts polled by Refinitiv predicted that China's economy would expand 5.2%.

As much of the world continues to struggle with the virus, China's recovery has been relatively speedy. The country enforced stringent lockdown and population tracking policies intended to contain the virus, and set aside hundreds of billions of dollars for major infrastructure projects to fuel economic growth.


The New York Times reports,as most of the world still struggles with the coronavirus pandemic, China is showing once again that a fast economic rebound is possible when the virus is brought firmly under control.



“It’s an encouraging and hopeful message for the rest of the world,” said Rob Subbaraman, global head of macro research at Nomura Holdings Inc. in Singapore. “If you successfully handle the health crisis, your economy can recover.”


"The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery," said Yi Gang, the governor of the People's Bank of China, on Sundayduring an online seminar hosted by the Washington-based Group of Thirty. He said he expects China's economy to grow around 2% this year.