The Chinese economy reported growth in 2020, as it controlled the coronavirus outbreak in the country and positioned itself as the only major country to report economic growth.
Data from the National Bureau of Statistics show that the industrial production grew 7.3% year-on-year in December, above the 7% growth seen in November.
Furthermore the GDP rose 6.5% YoY in the fourth quarter, above the forecast 6.1% growth and the 4.9% growth in the third quarter. However, the GDP grew only 2.6% QoQ, below the forecast 3.2% and the 2.7% growth seen during the previous quarter.
Fiscal and monetary stimulus from the government boosted investment in infrastructure and real estate powered early recovery. Chinese exports such as medical equipment and work-from-home devices also saw strong overseas demand as the coronavirus outbreak was brought under control and factories resumed production. This demand is expected to remain strong, with lockdowns and restrictive measures still in place in many countries.
Economists widely expect China’s GDP to expand 8.2% in 2021, continuing to outpace global peers, even as other large economies begin their recoveries as coronavirus vaccinations are rolled out.
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Pound fell and traded around 1.3830 as Dollar extended gains following Powell’s dovish comments leading to an upward rally in US yields.
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