The Chinese Economy Continues to Grow, Partly Thanks to Drastic Corona Measures
The Chinese economy is doing better again, despite the corona pandemic. In the third quarter of 2020, growth of 4.9 percent was recorded.
This economic growth is partly due to the global increase in Chinese exports and growing domestic consumption.
The coronavirus first hit the Chinese city of Wuhan. However, China quickly got the virus under control, partly thanks to very drastic measures. China is now testing ten million people a week for the coronavirus.
At the beginning of the corona crisis, the situation looked bad for Chinese companies. The Gross Domestic Product (GDP) shrank by 6.8 percent at the beginning of this year. After a few months, the tide turned.
In the second quarter of 2020, growth of 3.2 percent was recorded. Now, in the third quarter, the Chinese economy is recovering with a growth of 4.9 percent. That increase is less than economists predicted.
Economic growth is partly due to growing domestic consumption. In contrast to the situation in Western countries, China’s domestic consumption has been boosted again.
The global increase in Chinese exports also plays a significant role in economic growth. Among other things, the export of medical equipment, such as mouth masks, is doing very well.