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China GDP growth accelerates to 4.9%

China’s economic growth continued to gain momentum in the third quarter, with the GDP expanding 4.9% from a year earlier in the July-September period, according to official Chinese data released on Monday.

The pace of expansion was faster than the preceding quarter’s 3.2% and underlined the rebound in the world’s second-largest economy at a time when other major economies are struggling to recover from contractions triggered by the COVID-19 pandemic and the lockdowns to combat it. Growth was, however, slower than the 5.2% pace forecast by analysts in a Reuters poll.

The IMF has forecast China’s economy will expand by 1.9% in 2020, making it the only major economy to register growth in a pandemic-hit year.

The economic rebound follows China’s broad return to normalcy this summer, following sweeping COVID-19 curbs including stringent lockdowns, extensive contact tracing, and restrictions on international travel through the first half of the year, which allowed the authorities to almost entirely stop transmission of the virus within China, with the exception of a few clusters that were contained locally.

 

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