China’s economy surges amid ‘steady recovery’ from coronavirus
China’s economy grew at a 4.9 percent rate in the third quarter of 2020, underscoring the country’s quick recovery compared to other countries from the coronavirus.
China is expected to be the only major economy to grow in 2020, according to The Associated Press.
Countries across the world were forced to shut down their economies to prevent the spread of COVID-19, leading to spiking unemployment rates around the world.
Other nations, including the United States, have since relaxed many measures that closed businesses, but the U.S. economy is still expected to shrink on the year.
China, where the coronavirus is believed to have originated, also saw growth of 3.2 percent in the second quarter, according to the AP. Spending in the retail sector has surged to above pre-pandemic levels as well, according to the AP.
Retail sales in China are up 0.9 percent from the year before after shrinking 7.2 percent in the first half of the year, while online sales are up 15.3 percent, the AP reported.
China imposed draconian measures to cut down on the spread of the disease, leaving millions in the city of Wuhan isolated in their homes. The Chinese economy shrank 6.8 percent in the first quarter.
China’s ruling Communist Party declared the disease under control in the country in March.
Chinese officials have removed travel and retail restrictions, while still taking temperatures for visitors to public and government buildings. A required two-week quarantine remains in effect for any international visitors.
The International Monetary Fund has projected Chinese economic growth for 2020 at 1.8 percent compared to a 4.3 percent contraction for the U.S. economy. Its projections for other major economies are even greater, including 9.8 percent for France, 6 percent for Germany and 5.3 percent for Japan.
However, other analysts say up to 25 million workers may have lost their jobs permanently due to the virus, while up to 30 percent of the nation’s urban workforce may face at least temporary job loss.
President Trump has repeatedly blamed China for the spread of the coronavirus, and argued that Beijing has not been transparent about the virus’s spread in the country.