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).
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.