China’s economy grew nearly 20 percent in first quarter: report
China’s economy grew nearly 20 percent in the first quarter of 2021, showing the country’s rebound from the economic toll the coronavirus pandemic has taken on the world.
Official data released on Friday local time showed China’s economy grew 18.3 percent from the first quarter of 2020, Reuters reported.
This is the biggest growth since 1992 when China first started recording quarterly reports.
The gross domestic product growth was slightly lower than what economists said in a poll conducted by Reuters. Those economists believed China would have grown by 19 percent.
The growth in China’s economy comes amidst tensions with the U.S. over human rights and the South China sea.
A Reuters poll showed that China’s economy is expected to grow by 8.3 percent in total in 2021.
China’s economy was hit hard — especially in the first quarter of last year — by the coronavirus pandemic, with the economy shutting down in order to contain the virus.
There were more than 102,000 reported coronavirus cases in China with more than 4,000 deaths; however, the accuracy of the numbers have been called into question.
China has the second largest economy in the world behind the U.S. and was the only major economy not to contract last year, according to Reuters.