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China’s economic growth grows to 18.3% as activity intensifies

BEIJING (AP) – China’s economic growth rose to 18.3% a year ago in the first quarter of 2021 in the first quarter of 2021, when factory and consumer activity largely returned to normal due to the coronavirus epidemic.

Friday’s figures were up from the beginning of 2020, when the world’s second-largest economy plunged into the deepest recession in decades. The government noted that activity growth was a modest 0.6% compared to the last quarter of 2020, when the recovery had already begun.

Industry, car sales, and other consumer activities rose above pre-epidemic levels as the ruling Communist Party declared victory over the coronavirus last March to reopen factories and shops.

The economy “provided a stable result on a consolidated basis with a good growth rate,” said a report by the National Bureau of Statistics.

The large-scale jump in the headline number was in line with forecasts due to the low base compared to the beginning of 2020.

Some warn that despite China’s latest impressive performance, the recovery process is still uncertain as global demand weakens as some governments re-use anti-tank curbs that disrupt business and commerce.

In the first quarter of last year, the economy shrank by 6.8% as the ruling Communist Party took the unprecedented step of closing most factories, shops and offices to fight the late 2019 outbreak in central Wuhan. China’s worst performance since at least the mid-1960s.

Growth resumed to 6.5% in the last quarter, compared to the same period last year, after a relatively early reopening of the economy, while the United States, Europe and Japan were battling new disease outbreaks. China grew by 2.3% year-on-year, becoming the only major economy to expand by 2020.

Retail spending rose 33.9% in the first quarter from a year earlier, while factory output rose 24.5%, according to NBS. Investments in real estate, factories and fixed assets increased by 25.6%.

Chinese exports have benefited from the demand for masks և other medical supplies, while foreign competitors still face antiviral restrictions սահմանափ. Forecasters say the boost will pass as medical supplies fall and other farms reopen.

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