• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      February 25, 2021

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      February 25, 2021

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      The bull run still has legs despite inflation concerns

      < 1 min

      Analyst Insight

      Incorporating three lines of defence in data privacy schemes

      < 1 min

      Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

WORLD BUSINESS & ECONOMY

China’s economy grows 2.3%, with potentials to overtake U.S. beyond expectations

January 19, 2021200 views0 comments

By Charles Abuede

 

  • Economists expect China to grow output by 8.2% on back of vaccines rollouts

 

China’s economy witnessed 2.3 per cent growth in 2020 after its gross domestic product (GDP) climbed 6.5 per cent in the fourth quarter of 2020, leaving the second-largest economy in the world to drive growth on the global scene and potentially overtake U.S GDP beyond expectations, recent data from the Chinese Bureau of Statistics has revealed.

China’s economy grows 2.3%, with potentials to overtake U.S. beyond expectations

The Chinese economy grew back to its pre-pandemic level in the fourth quarter of last year following the quick pick up in business activities by the industrial sector in a bid to meet with growing demand for exports and also striving to achieve its full-year growth as predicted by economic analysts.

The economy, which recorded a V-shaped recovery in the year 2020 despite the global health crisis, attributed its positive growth in 2020 to its ability to control the covid-19 and also deploying fiscal and monetary stimulus as a way to boost investment in the economy. The demand for medical equipment and the demand for devices to aid the work-from-home normal that saw China ship 224 billion masks in nine months (March to December) to other parts of the world also played a significant role in the accelerated growth.

According to the National Bureau of Statistics (NBS) China, there was a 4 per cent fall in consumption spending per capita in 2020 from 2019 levels after it adjusted for inflation. The statistics bureau also revealed that there was a surge in industrial production with China producing more than one billion tonnes of crude steel on an annual record in 2020, while investment in fixed assets such as real estate and infrastructure grew 2.9 per cent.

The Beijing-based statistics office also said that China still has a relatively large room to raise the contribution rate of final consumption to economic growth. The agency stated that for 2021, it is necessary to improve the consumption-ability of residents, improve consumption policy and environment, and cultivate more consumption growth drivers.

Other major highlights from the Chinese GDP report are that industrial output rose 7.3 per cent in December from a year earlier, and 2.8 per cent in 2020; the retail sales growth slowed to 4.6 per cent in December from five per cent in November same year. For the whole of 2020, sales shrank 3.9 per cent, led by an almost 17 per cent drop in catering and restaurants. Also, the fixed-asset investment was 2.9 per cent bigger in 2020 than in 2019.

The economy grew 2.6 per cent on a quarter-on-quarter basis in the final quarter of the year, down from a revised 3 per cent in the July-September period while the unemployment rate was 5.2 per cent at the end of December.

On the other hand, economists have projected that China’s GDP will expand 8.2 per cent in 2021, continuing to outpace global peers even as they begin to recover due to a roll-out of covid-19 vaccines.

Share on Facebook Tweet Email
PreviousUber leads with 30% as 10 biggest startup layoffs in 2020 reach 25,000
NextTotal Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • The bull run still has legs despite inflation concerns
  • Africa and the decade of COVID-19 (5)
  • Reworking Public Sector: AI and public service delivery
  • Incorporating three lines of defence in data privacy schemes
  • How India Could Win Its COVID Vaccination Race

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Telecom firms fault bank CEOs over USSD charges

Frontpage October 23, 2019

1
2

FSDH analysts expect July inflation to come in at 15.96%, but pressure remains

Frontpage August 4, 2017

3

BudgIT: FG spent N2.1trn on debt servicing in 2018

Frontpage September 3, 2019

4

Bitcoin extends losses, slips below $15,000, 25% from all-time high

Frontpage December 22, 2017

5

Customs to close supermarkets, shops selling foreign rice, others

Frontpage February 20, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.