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China’s economy accelerates to 4.9 per cent growth in third quarter

China’s economy grew 4.9 per cent in the third quarter compared to the same period last year, official data showed Monday, as the world’s second-largest economy recovers from the coronavirus crisis.

The economy gained momentum after growing 3.2 per cent in the second quarter and after a historic decline of 6.8 per cent in the first quarter of the year caused by the Covid-19 outbreak.

Altogether in the first nine months of 2020, the economy expanded 0.7 per cent, according to the National Bureau of Statistics.

The economy grew slightly less than experts had predicted but enough to enable a future global economic recovery. The International Monetary Fund (IMF) expects China to be the main driver of a 0.6-per-cent growth in the global output by the end of 2021 compared to the end of 2019.

China’s economic recovery is based on an aggressive containment of the virus through mass testing, movement tracking and entry bans.

After reopening for business in March, Chinese manufacturers have benefited from loans to help cope with the pandemic. China is also exporting a lot of the masks and medical equipment needed around the world, as well as consumer electronics sought by families who are isolating inside their homes.

China’s exports grew 9.9 per cent in September compared with the same period last year, while imports jumped 13.2 per cent.

Retail sales expanded 3.3 per cent last month, while industrial production grew 6.9 per cent.

The Communist Party leadership is expected to discuss a new five-year economic plan at the end of this month, which will focus on making the economy more self-reliant, among other things.

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