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China`s GDP slows to lowest in more than four decades

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The latest GDP figures of China, only China has recorded an increase in the year 2020 from the largest economies of the world.

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China, the world’s second-largest economy, has a GDP growth rate of 2.3%. In the last quarter of the year, this rate was 6.5 percent while in the third quarter this rate was 4.9 percent.

China’s economy had fallen by 6.8 per cent in the first three months of 2020 in the event of lockdown due to covid-19.

China’s trade and economy were once again back on track due to the containment zone and emergency aids for the virus.

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Although the impact of the covid-19 is still intact, shutdowns and several manufacturing plants across the country have pushed the economy to slow growth. Current GDP figures show China’s slowest growth rate in the last 40 years.

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According to the data revealed on Monday, China’s industrial production grew by 7.3 percent in the fourth quarter and 4.6 percent in the retail sector.

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Many analysts are of the opinion that the economy will move faster in 2021, but in contrast the Chinese Bureau of Statistics has commented that “terrible and complex conditions have arisen abroad and in the country, the epidemic has had a ‘great impact'”.

Statistics revealed on Thursday showed that sugar exports increased more than expected in the month of December as the demand for sugar goods increased during the outbreak of the corono virus worldwide. Apart from this, China has made record purchases of crude oil, copper, iron ore and coal in 2020.

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Last month, Chinese leaders had decided in an agenda meeting that this year the policies needed to boost the economy would be supported and China would avoid any sudden change of policies.

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