China’s economy grew at 2.3 per cent in 2020, the lowest growth rate witnessed by the country since its economic reforms over 4 decades ago, according to the official Chinese data.
Beijing on Monday reported a gross domestic product (GDP) increase of 6.5 per cent in the fourth quarter of 2020. However, the National Bureau of Statistics warned of a "grave and complex environment both at home and abroad", with the pandemic having a "huge impact".
China dodged the contraction in its GDP and came across as the only major economy with positive economic growth even as many other countries struggled to contain the COVID19 pandemic,
The second-largest economy in the world was driven by strong export sector even in the pandemic struck year but was dragged back in consumption – a key driver of domestic growth - due to the fear of a resurgence of the COVID19 cases.
On a quarter-on-quarter basis, GDP rose 2.6 per cent in October-December, the bureau said, compared with expectations for a 3.2 per cent rise and a revised 3 per cent gain in the previous quarter.
