The Recovery Of The Chinese Economy From The Pandemic Is Gaining Momentum

The Recovery Of The Chinese Economy From The Pandemic Is Gaining Momentum

The recovery of the Chinese economy from the coronavirus pandemic is gaining momentum. During July to September, the world's second largest economy strengthened by 4.9 percent year on year.

The country's statistical office informed about it on Monday. Retail sales in China reached pre-pandemic levels for the first time, and industrial production also increased, supported by foreign demand for drapes and other medical goods.

The recovery is reaching a broader footing and becoming less dependent on government stimulus, said Julian Evans-Pritchard of Capital Economics about the growth of the Chinese economy in the third quarter. China, where the pandemic began last December, became the first major economy to resume growth after the communist government declared in March that the spread of COVID-19 was under control and reopened factories, shops and authorities.

The country's industrial production strengthened by 5.8 percent during July-September compared to the same quarter last year, and retail sales increased by 0.9 percent year on year. The International Monetary Fund forecasts that the Chinese economy will grow by 1.8 percent this year.