Ever since the pandemic hit the world, the global economy seems to be on the hook in general. However, the country that was hit before any other was China, and surprisingly, it has managed to recover faster than others as well.
Even in the year 2020, when countries reported record-drops in economies, China was the country whose annual economy was positive. Even now, the country has been gaining momentum with respect to the uptrend of its economy.
Just recently, the country shared the economic results for the first quarter of the year 2020. According to China, it is one of the strongest and most promising quarters that the country’s economy has managed to deliver. With the recent developments, there are speculations that China, which currently ranks as the second-largest economy in the world will take the top spot.
For the first quarter of 2021, China has reported significant year-on-year GDP growth. China has confirmed that according to year-over-year GDP growth, its GDP growth for Q1 2021 is 18.3%.
China has confirmed that it is the highest GDP growth the country has observed for a quarter ever since it started keeping GDP records in 1992. China has revealed that the majority of the GDP for Q1 2021 has come from fixed asset investments, industrial production, and retail sales.
China has revealed that the high GDP growth in 2021 is due to the GDP slump it experienced back in the first quarter of 2020. Still, the growth rate in the year 2021 has been significantly higher than in the previous years.
The country has predicted that by the end of 2021, it expects that the overall GDP for the year 2021 would be between 8% and 9%. The analysts have stated that the predicted percentage is much higher than what the government had initially predicted back in 2019, which is 6%.
The Chinese National Bureau of Statistics’ spokesperson “Liu Aihua” also talked about the country’s move towards promising GDP growth. He stated in the year 2020 when the global economy took a bad hit, China showed everyone what it was capable of.
Since 2020, China not only has stood out as a fast-recovering country but has also gained a lot of momentum in terms of GDP. They are confident that China’s GDP will continue to gain momentum and will keep the trend going for years to come.
Aihua shared his thoughts around the GDP growth of the country during a press conference on Friday, April 16, 2021, in Beijing.
During the conference, Aihua revealed that country’s industrial production in Q1 2021 was 24%, fixed-asset investment growth was 26%, and sales were 34%. It was also confirmed that the sectors worst affected by Covid-19 are also catching up.