How China Grew its Economy by Highest Margin in over 20 Years Amid COVID-19

How China Grew its Economy by Highest Margin in over 20 Years Amid COVID-19

- China's 18.3% economic growth in the first quarter of 2021 was the strongest ever it posted since 1992 when it began recording official statistics

- The double-digit growth in economic expansion was driven by a surge in retail sales, industrial production, and investment in fixed assets

- The Internation Monetary Fund (IMF) had in January revised its economic growth for China to 8.4%

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China's economy grew by 18.3% in the first quarter of 2021 despite the challenges posed by the COVID-19 pandemic.

China's Economy Grows by 18.3% in First Quarter Despite COVID-19 Challenge
China's exports grew by over 31% in the first quarter of 2021. (Photo: @ChinaEUMission)
Source: Twitter

According to a report by CNN, the growth was the strongest ever posted by the East Asian country since 1992 when it began recording the statistics.

A rise in retail sales, industrial production, and investment in fixed assets was responsible for the double-digit growth.

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According to economists, the jump would see China record an overall economic growth of between 8% and 9% surpassing the government's projected target of 6%.

The increase in retails sales in the first quarter of 2021 was boosted by the Chinese government's move to ease COVID-19 restrictions including allowing its citizens to celebrate the Lunar New Year holidays.

Trade was also another sector that performed well during the period under review.

In this, exports grew by over 31% while imports jumped by more than 38% compared to the same period in 2020.

The Internation Monetary Fund (IMF) had in January revised its economic growth for China to 8.4% due to what it termed as putting in place effective measures aimed at economic recovery.

Meanwhile, the federal government of Nigeria said it was set to embark on the construction of another set of railway lines in addition to the ones already completed or currently under rehabilitation.

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This much was revealed by the minister of transportation, Chibuike Amaechi. The minister revealed this during the ministry's annual press briefing on its programmes, projects and activities and those of its agencies.

The minister explained that the projects are, however, currently facing some little problems. One is financial as there were no funds yet for the project. Nigeria, he said, was waiting for Asian power China to approve funds for the constructions.

Source: Legit

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