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China's 2.3pc GDP uptick only growth in major economies: IMF

CHINA's GDP grew 2

24 January 2021 - 19:00
CHINA's GDP grew 2.3 per cent in 2020 as the world's second-largest economy managed a steady recovery from the fallout of its Covid crisis, and posted the only growth among major economies, reported Beijing news portal Caixin.

The annual growth rate was the lowest since 1976, but still beat the International Monetary Fund's (IMF) projection for a 1.9 per cent increase. The organisation expected China to be the only major economy to expand in 2020.



China's full-year GDP came in at CNY101.6 trillion (US$15.7 trillion), the first time it surpassed CNY100 trillion, according to the National Bureau of Statistics (NBS).



'Our country was early in containing the outbreak, early in resuming work and production, and early in achieving economic growth,' NBS head Ning Jizhe said.



The economic gap between China and the US is becoming smaller, said Feng Xuming, a researcher at state-backed think tank the Chinese Academy of Social Sciences. Based on the latest IMF projection for American GDP, China's economy as a percentage of the US' was likely to have increased to 70.8 per cent in 2020 from 66.7 per cent the previous year, he told Caixin.


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