In the first quarter of last year, the economic situation in China was disastrous. For the first time, the younger Chinese experienced an economic crisis. However, the economy has recovered faster than expected. Consumption is still a cause for concern. But improvement is in sight.
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The Chinese economy also grew in the 2020 pandemic year. But many Chinese are still reluctant to consume.
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With a strong final quarter, China’s economy has achieved something that was still considered unthinkable at the beginning of 2020 after the outbreak of the new type of coronavirus Sars-CoV-2: According to figures from the National Bureau of Statistics of China last year it increased by 2.3% in real terms compared to 2019. The increase in the fourth quarter of 2020 compared to the same period of the previous year was 6.5%.
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