Business
China's economy expands 18.3 pct in Q1 from virus-induced low base
  ·  2021-04-16  ·   Source: Xinhua News Agency

China's economy grew 18.3 percent year on year in the first quarter of 2021, as strong domestic and foreign demands powered recovery from a low base in early 2020 when COVID-19 stalled the world's second largest economy.

The gross domestic product (GDP) reached 24.93 trillion yuan ($ 3.82 trillion) in Q1, data from the National Bureau of Statistics (NBS) showed on April 16.

The double-digit growth puts the average Q1 growth of 2020 and 2021 at 5 percent from the 2019 level.

In the first three months, China saw a steady industrial production rebound, improvement in market sales, recovery in fixed-asset investment, and noticeable momentum in foreign trade of goods, according to the NBS.

The Chinese economy registered a 6.8-percent contraction in the Q1 of 2020 due to the novel coronavirus. Thanks to resolute and effective virus control, the global growth engine regained its footing with a "V-shaped" comeback to attain three consecutive quarters of rebound last year (3.2 percent in Q2, 4.9 percent in Q3 and 6.5 percent in Q4).

 

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