China 2022-05-15T04:51:37+03:00
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China's economy expands 18.3 pct in Q1 from virus-induced low base

China's economy expands 18.3 pct in Q1 from virus-induced low base

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economy, China, statistics, industrial production, PRC
Development of the Chinese economy. Photo by Xinhua.
Development of the Chinese economy. Photo by Xinhua.

China's economy grew 18.3 percent year on year in the first quarter of 2021, as strong domestic and foreign demands powered recovery from a low base in early 2020 when COVID-19 stalled the world's second largest economy, informs The Xinhua News Agency.

The gross domestic product (GDP) reached 24.93 trillion yuan (about $3.82 trillion) in Q1, data from the National Bureau of Statistics (NBS) showed.

The double-digit growth puts the average Q1 growth of 2020 and 2021 at 5 percent from the 2019 level.

In the first three months, China saw a steady industrial production rebound, improvement in market sales, recovery in fixed-asset investment, and noticeable momentum in foreign trade of goods, according to the NBS.

The Chinese economy registered a 6.8-percent contraction in the Q1 of 2020 due to the novel coronavirus. Thanks to resolute and effective virus control, the global growth engine regained its footing with a "V-shaped" comeback to attain three consecutive quarters of rebound last year (3.2 percent in Q2, 4.9 percent in Q3 and 6.5 percent in Q4).

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