China's economy grows by 2.3% in 2020, bucking global Covid-19 slowdown trend

China's economy grows by 2.3% in 2020, bucking global Covid-19 slowdown trend

China's economy, which was the first to be hit by the coronavirus pandemic and early to recover from its impact, grew 2.3 percent in 2020, registering the lowest annual growth rate in 45 years, but bucking the trend of slowdowns being experienced by major world economies.

The Gross Domestic Product (GDP) of the world's second-largest economy grew by 2.3 percent, expanding to USD 15.42 trillion in dollar terms in 2020, according to the data released by China's National Bureau of Statistics (NBS) on Monday.

In the local currency, the GDP exceeded the 100-trillion-yuan (USD 15.42 trillion) threshold to 101.5986 trillion yuan, it said.

The Chinese economy which suffered a 6.8 percent slump in the first quarter in 2020 after it went into lockdown following the emergence of the deadly coronavirus in Wuhan staged a steady recovery after quickly containing the Covid-19, while the virus turned into a global pandemic, hitting all major economies around the world, including India.

Aided by strict virus containment measures and emergency relief for businesses, the Chinese economy staged a steady recovery. In the fourth quarter of 2020, China's GDP expanded 6.5 percent year on year, faster than the 4.9-per cent growth in the third quarter, the NBS said.