China sees upbeat fourth-quarter GDP on sustained recovery
China had seen an economic expansion in the fourth quarter, recording a 6.5% jump from a year earlier, data from the National Bureau of Statistics showed on Monday.
The growth in the country’s gross domestic product came faster than the 6.1% forecast predicted by economists in a Reuters survey. More so, the figure placed higher than the 4.9% expansion seen in the third quarter. This followed after the country’s export sector fared well. However, consumption has been placing below expectations on coronavirus concerns.
GDP advanced 2.3% in 2020, the data showed. With this reading, China became the only major economy in the world to stage a brisk rebound as many nations struggle to combat the coronavirus crisis. More so, this greatly reduced the need for monetary easing this year, with the central bank scaling back some of its policy support.