China’s Economy Expanded 4.9% in Third Quarter
According to statistics released by the Chinese government on Monday, for the second straight quarter, the Chinese economy has grown despite the global recession caused by the Coronavirus pandemic.
China, the world‘s second largest economy, grew 4.9% in the third quarter in comparison to last year.
This is higher than the 3.2% growth China experienced in the second quarter of 2020, but a little under the 5.2% analysts projected for the third quarter.
Either way, it’s a quick rebound from first quarter losses and puts the Chinese GDP up 0.7% for the year.
Yi Gang, governor of the People’s Bank of China, predicts that the economy will be up 2% by the end of 2020.
The quick recovery is credited to the extremely strict lockdown measures imposed by the Chinese government to avoid further spread of the Coronavirus and to the hundreds of billions of dollars China set aside for major infrastructure projects, to help fuel growth.
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