China bounced back with posting 4.9 per cent growth between July and September, owing to the CCP government’s sweeping efforts to stimulate demand and consumption.
The Chinese economy, having suffered a 6.8 per cent slump in the first quarter due to the coronavirus pandemic- the worst in 44 years, has now come back on the path of recovery. China bounced back with posting 4.9 per cent growth between July and September, owing to the CCP government’s sweeping efforts to stimulate demand and consumption.
Considered as the world’s second-largest economy, China has become the first to have been hit by the COVID-19 early this year and the earliest to have recovered while the rest of the world is still struggling with pandemic and its economic blow.
According to the data released by the National Bureau of Statistics (NBS), China grew faster than the 3.2 per cent growth posted in Q2.
The data also showed that the neighbouring country’s GDP expanded 0.7 per cent year-on-year in the first three quarters.
The Chinese government, to soften the impact of the COVID-19 shock, has rolled out a raft of measures, including more fiscal spending, tax relief, and cuts in lending rates and banks’ reserve requirements to stabilize growth and employment, the Financial Express reported.
Since the disastrous Cultural Revolution in 1976, China’s GDP took the worst hit this year after it shut down businesses in order to control the pandemic. China’s GDP crashed by 6.8 per cent in the first quarter of 2020 as the country took unprecedented measures to fight the coronavirus pandemic.
However, as the epidemic is largely brought under control domestically, factories and schools have reopened and tourist sites across the country have resumed their usual hustle and bustle.