China’s economy, the world’s second largest after the United States, was the only major world economy to grow amidst the coronavirus pandemic.
The Chinese economy leapt 2.3% in 2020, after an initial pandemic-induced slump. The American economy shrunk by 3.6% while the Eurozone’s contracted by 4.7%. China’s success in taming the coronavirus pandemic through aggressive lockdowns and testing translated into economic triumph.
After contracting by 6.8% in the first quarter due to the coronavirus, the GPD rose 3.2% in the second quarter, 4.9% in the third, and 6.5% in the fourth and final quarter.
Economists polled by the Wall Street Journal said that the Chinese economy beat expectations with its dramatic growth.
It was China’s most sluggish year of growth since 1976, but the country managed to return to the trajectory of growth it was on in 2019, before a mysterious pneumonia paralyzed the northern city of Wuhan, and then the nation.
When the country went into lockdown as coronavirus exploded throughout the world, economic activity flatlined. As reopening began, the government focused on safely but rapidly opening factories, so while the rest of the world began to shelter in place, China’s manufacturing plants exported massive amounts of medical supplies like face masks and work-from-home supplies like laptops and cameras.
The size of China’s economy in 2020 was more than 100 trillion yuan, or roughly $15.4 trillion.
“In an extraordinary year, China’s economy was able to record an extraordinary achievement, handing over a result that satisfied the Chinese people, attracted the attention of the world and which can be written in the annals of history,” said Ning Jizhe, head of China’s national statistics bureau.