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China’s Economy Recovers, Growing 4.9% In Q3 2020

Jakarta, CNBC IndonesiaChina’s economy is steadily recovering from the corona (Covid-19) in the third quarter of 2020. According to data from the National Bureau of Statistics, GDP in the third quarter of 2020 was positive, at 4.9% (yoy).

Economic expansion from the previous quarter 3.2%. However, according to Reuters, this is still lower than market consensus where the economy is predicted to grow by 5.2%.


“In general, the national economy as a whole continues a stable recovery and the results are significant,” the bureau said as quoted by CNBC International, Monday (19/10/2020).

“However, we must also recognize that the international environment is still complex and severe with instability … that we are under enormous pressure to prevent the spread of the epidemic from abroad and its rise at home.”

“The economy is still in the process of recovering and the foundations for a sustainable recovery need to be consolidated.”

Retail sales rose 3.3% in September, up 0.9% on the quarter. However during the first nine months of 2020, retail sales contracted 7.2%.

Fixed asset investment rose 0.8%. The urban surveyed unemployment rate fell lower in September to 5.4%.

Industrial production rose 6.9% in September from a year ago. This brings the total growth for the first nine months of this year to 1.2%.

Previously, the International Monetary Fund (IMF) predicted China would be the world’s only major economy to grow this year. The 2020 economy is 1.9%.

(Head / head)


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