China’s economy expands 18.3 % in Q1

China’s economy grew 18.3 per cent 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 (about 3.82 trillion U.S. dollars) in First Quarter (Q1), data from the National Bureau of Statistics (NBS) showed Friday.

The double-digit growth puts the average Q1 growth of 2020 and 2021 at five per cent from the 2019 level.

According to the NBS, 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.

The Chinese economy registered a 6.8-per cent 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 per cent in Q2, 4.9 per cent in Q3 and 6.5 per cent in Q4).