A worker assembles a power distribution cabinet at the State Grid Xiaoshan Electric Power Xinmei Electric Company in Hangzhou in eastern China's Zhejiang province on October 19, 2020. (Photo by STR / AFP) / China OUT
China’s shaky economic recovery from the coronavirus pandemic is gaining strength, with consumers regaining their confidence. The world’s second-largest economy was up by 4.9% over last year’s figures in the three months ending in September, official data showed on Monday.
China, where the pandemic began in December, became the first major economy to return to growth after the ruling Communist Party declared the disease under control in March and began reopening factories, shops and offices.
It is the only major economy that is expected to grow this year while activity in the United States, Europe and Japan shrinks.
The Chinese economy was up by 3.2% over the previous year in the three months ending in June, rebounding from last quarter’s 6.8% contraction, its worst performance since at least the mid-1960s.
The International Monetary Fund is forecasting China’s economic growth at 1.8% this year while the US economy is expected to shrink by 4.3%.
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