The Chinese economy has largely surpassed the crisis caused by the Coronavirus and started the current year with a record growth rate.
The second largest economy in the world witnessed a growth of 18.3% during the first three months of 2021, compared to the first quarter of last year, according to the Chinese Statistical Office in Beijing yesterday.
This is the biggest jump since China began conducting its quarterly assessments nearly 30 years ago.
The unusually strong growth was due to the stagnation of the Chinese economy last year, when the country witnessed a near-total lockdown for several weeks in an attempt to stop the spread of the Corona virus.
Since the lifting of strict measures to contain the pandemic, the Chinese economy has embarked on the road to recovery. The International Monetary Fund estimates that China could see further growth of 8.1% this year.
However, the Chinese government took a more cautious approach and set its official growth target, which it announced in its last annual parliamentary session, at “more than 6%”.
Strong foreign trade has given the Chinese economy a boost recently. Chinese factories have been busy producing goods, including corona test kits and protective masks, for export to all parts of the world.
Often new laptops and home office equipment are imported from China.
It is noteworthy that during the global financial crisis in 2008, China helped revive the global economy, and its recovery from the Coronavirus crisis has a great impact now, as German car manufacturers and many other companies operating in the Chinese market recorded good profits in the country recently.
Follow our latest local and sports news, and the latest political and economic developments via Google news