Business

October 19, 2020

Chinese Economy Grows 4.9% in Third Quarter

Image by Julien Tromeur from Pixabay 

The Gist

According to the latest official figures, China's economy continues its recovery from the COVID-19 pandemic as consumer spending accelerates. 

The List

  • The world's second-largest economy grew 4.9% between July and September compared to the same quarter last year. 
  • Even though the expansion in GDP missed the expectations, it is still ahead of a 3.2% increase in the second quarter. 
  • In total, that brings the grown for the first three quarters of the year to 0.7% from a year ago.  
  • In September, industrial production in China grew by 6.9%, the highest level this year 
  • “China is likely to be the sole major economy in the world to register positive growth this year,” said E. Prasad, a finance expert at Cornell.
  • China benefited greatly from its containment of the COVID-19 pandemic - newly recorded cases of the virus are low.  



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