China’s economic growth blooms for 2020, with reports on Monday that their GDP jumped 2.3% as global economies struggled to bloom during the coronavirus pandemic.
Global lockdowns caused China’s economy to drop 6.8% in 2020’s first quarter. However, China was quick to act with tough COVID-19 restrictions and aid relief. This brought a speedy recovery, with reports of the country's GDP rising 6.5% in the fourth quarter, in comparison to 2019.
China’s growth beat economists' expectations that China’s GDP would only expand by just over 2% for the full year.
Economists predict that China’s GDP might rise by 8.2% in 2021, continuing to rally other global economies, even as countries hope to recover due to vaccine distribution.
China’s Markets Bloom
Despite China’s economic growth, Chinese consumer spending fell, as retail sales dropped 3.9% for the year 2020. However, retail sales rose 4.6% in the fourth quarter compared to the previous year.
To reflect this economic growth, some Chinese markets are blooming.
With China exceeding economist’s expectations in 2020 and fresh growth predictions for this year, it remains unclear if Chinese markets will continue to bloom through 2021.