China is recovering strongly from the decline caused by Covid – 19; the 18. 3% represents the largest increase recorded for at least three decades
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The Chinese Gross Domestic Product rose a record of 18. 3% in the first quarter compared to the previous year . The economy skyrocketed as consumer spending strengthened, coupled with increased production and investment, allowing the Asian nation to rebound from the Covid drop – 19, more than one year after its appearance.
Analysts point out that factors such as a greater national and international demand , as well as the continued support of the Chinese government for business have contributed to the recovery of the second largest economy in the world.
The reactivation of China has accelerated steadily after a historic contraction in the first quarter of last year, managing to regain all the ground lost at the end of September.
The rebound has been a consequence of an important industrial production and strong exports, since the pandemic boosted demand for medical products and electronic devices made in China .
Industrial production increased by 14. 1% in March compared to the previous year compared to the median projection of economists for the 18%.
retail sales expanded by 34. 2% in March , exceeding expectations of an increase in 28%.
Regarding the investment in fixed assets increased by 19. 6% in the first quarter compared to the previous year .
Despite the explosive growth of GDP, the respon Savers of China’s economic policies are focused on rising inflation and rising debt levels.
In a global outlook, mass vaccination It is helping to boost the global economy and underpinning China’s growth . In addition to that, the economic support that the United States has provided to its population is expected to have enormous secondary effects for the rest of the world, especially China, the world’s largest exporter.
The the government’s official goal is to register growth of more than 6% this year , although Chang Bloomberg Economics’ Shu improved its growth forecast for China by 2021 when going to 9.3% from the 8.2% previously estimated.
With information from Bloomberg and EFE
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