Chinese economy exceeds expectations of 6.5% growth

The Chinese economy achieved a recovery that exceeded analysts' expectations in the fourth quarter of last year, with a growth rate of 6.5% on an annual basis, according to data from the Chinese Bureau of Statistics.

According to Reuters, economists had forecast a growth of 6.1%, while the growth rate in the third quarter was 4.9%.

and the GDP grew by 2.3% in 2020, according to the figures, making China the only major economy in the world that does not contract last year in light of the difficulties faced by many countries to contain the pandemic Covid-19.

The second largest economy in the world witnessed a strong recovery last year from the paralysis caused by the Corona virus, fueled by the sudden strength of the export sector, but consumption - a major driver of growth - Did not live up to expectations, amid fears of a resurgence of Covid-19 injuries.

and the positive economic data reduced the need for more monetary easing this year, which prompted the central bank to reduce some support measures, according to sources, according to Reuters. Policies say that there will be no sharp shift in policy direction.

and compared to the previous quarter, GDP grew 2.6% between October and December, according to the Bureau of Statistics, while it was expected to grow 3.2%. And compared with an increase of 3% in the previous quarter.

industry

According to data released today, Monday, China's industrial output rose at a faster-than-expected rate, at 7.3% in December compared to a year ago, to continue growth for the ninth consecutive month in a continuation of the post-Covid recovery witnessed by the huge manufacturing sector, supported by strong exports. p>

analysts polled by Reuters had expected annual industrial output growth to slow to 6.9% in December from 7% in November.

Chinese retail sales rose 4.6% year-on-year last month, while analysts' expectations were even higher at 5.5% growth and versus 5% growth in November. November.

Fixed asset investment increased by 2.9% in 2020, compared to expectations for a growth of 3.2% and a rise of 2.5% in the first eleven months of the year.