Despite the Coronation Crisis, China’s Economic Growth is on Track

Despite the Coronation Crisis, China's Economic Growth is on Track

At the moment, all major countries from the U.S. to Europe and from India to Japan are going through tough times, but not the Celestial Empire.

Despite the fact that a year ago China was struggling with an outbreak of coronavirus, which then caught up with the whole world, at the end of 2020 the country’s economy began to recover much faster than before the coronavirus crisis. This was reported by the news portal The Washington Post.

Based on official data, China’s economy grew by 2.3 percent last year. So while all the world’s competitors continue to struggle with the coronavirus epidemic, this success by China could establish new world leaders in a post-pandemic world.

The National Bureau of Statistics said that in the fourth quarter of 2020, the state’s GDP grew by 6.5%, which once again proves how quickly China was able to make a positive difference. So when newly elected U.S. President Biden takes office, he will have to face China, which is only getting stronger.

Chinese leader Xi Jinping told his compatriots during his New Year’s address that he was “proud of his great state” and of the unity of the people, who managed to quickly defeat the coronavirus.

In recent weeks, Chinese state media and Foreign Minister Wang Yi have told world leaders from Myanmar to the European Union that China’s rapid recovery can motivate the whole world. Therefore, the Celestial Empire hopes that very soon the world economy will also begin to emerge from its depressed state.

Exports also reached a new record high of $2.6 trillion in 2020. Despite a bitter trade war with President Trump, China’s trade surplus with the United States reached a record $316.9 billion for the year.

According to the statistics bureau, employment is also on the rise, as the economy added 11.86 million jobs during the year.

China’s economy was hit hard only in the first quarter of 2020, when authorities blocked Hubei province and its capital Wuhan and imposed more lenient lockdown measures in cities across the country. Experts predict that after a full recovery in 2021, China’s economy could grow by 7.8 percent. But there is no guarantee that the coronavirus won’t return to China again, which will delay the rapid surge. For now, the Chinese government is doing all it can to prevent a resurgence of the epidemic, and has increased isolation of some 20 million residents in northern China.