China GDP grows at slowest pace in more than four decades in 2020

China GDP grows at slowest pace in more than four decades in 2020


Beijing: According to official data released on Monday, although China has rebounded after the coronavirus outbreak, China’s economic growth last year was the slowest in more than 40 years.

The 2.3% growth is the lowest figure since the Chinese economy began major reforms in the 1970s.

The National Bureau of Statistics said that last year was a “serious and complicated environment at home and abroad” and the epidemic had a “huge impact”.

This number is significantly lower than the 6.1% growth in 2019-which itself is the lowest level in decades-the country has been hit by weak domestic demand and trade tensions.

But this is better than AFP’s forecast of a survey of 13 financial institution analysts, which forecast a 2.0% growth.

Covid-19, which has plagued the world economy, first appeared in central China at the end of 2019. But after implementing strict blockade and virus control measures, the world’s second largest economy has also become the first country to rebound.

It is expected that it will be the only major economy in the world to achieve positive growth in 2020.

In the last three months of 2020, China’s economic recovery continued, with a year-on-year growth of 6.5%, better than expected, and continued improvement since the second quarter.

Although the full-year growth of 2020 is still the worst performance since 1976, when the economy shrank by 1.6% in 1976, it returned to its pre-pandemic trajectory.

Two years ago, the former leader Deng Xiaoping proposed to move from a communist-style central plan to transforming China into an industrial, trade and technological powerhouse.

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