The Chinese economy grew in 2020 by 2.3% despite the impact of the Coronavirus pandemic, and the economic recovery in China accelerated in the last three months of 2020 and returned to pre-crisis levels.

China has thus become the only major economy in the world whose economy did not contract last year in light of the difficulties many countries face in containing the Covid-19 pandemic.

The Chinese economy returned to growth in the second quarter of 2020, after a historic contraction of 6.8% recorded at the beginning of the year. In the period from April to June 2020, the Chinese economy increased by 3.2%, and in the third quarter, the Chinese economy grew by 4.9%.

While China's GDP jumped in the fourth quarter of the previous year by 6.5% compared to 2019.

China's rapid recovery has been supported by positive dynamics in the industrial sector and trade, but domestic consumption, one of its main economic drivers, is still seen as a weakness.

According to the data, retail sales growth slowed to 4.6% last December, and decreased by 3.9% for the full year of 2020. The closures affected restaurants' revenues the most, dropping by approximately 17%, while online sales, as well as sales of communications equipment, cosmetics and jewelry, recorded a remarkable growth.

Source: Agencies

By:Nadeemy Haded