China’s economic growth could expand 8-9% in 2021, said Liu Shijin, a policy adviser to the People’s Bank of China.
Liu also expected China’s economic growth during the first quarter of 2021, would exceed 15%, on an annual basis.
This recovery speed would not mean China has returned to a “high-growth” period, said Liu. It would be from a low base in 2020, when China’s economy grew 2.3%.
Liu said if the average GDP growth in 2020 and 2021 reaches 5%, it will not be a “bad” result.
China’s economic growth
In light of the great turmoil that China witnessed during the past year due to COVID-19 the Chinese economy recorded a growth of 2.3%.
The Chinese economy is the only major economy in the world that did not record a contraction during 2020. Many countries face difficulties to contain the pandemic.
China’s economic growth rate also exceeded the expectations of many institutions. The International Monetary Fund expected China to achieve a growth by only 1.9% in the year 2020.
The gross domestic product of China during 2020 was $15.42 trillion, with an average GDP per capita of $10,000.
According to data from the National Bureau of Statistics of China, the China’s economic growth exceeded analysts’ expectations in the fourth quarter of last year. The growth rate reached 6.5% on an annual basis, compared to the growth during the third quarter of 4.9%.
Economists expected the Chinese economy to achieve a growth rate of 6.1%.
Chinese industrial output
In January, official data showed, China’s industrial output increased at a faster rate than expected, reaching 7.3% in December, compared to 2019.
The latest Chinese trade data, issued by the customs authority in Beijing, indicated that exports in December 2020 increased by 18.1%, compared to December of the previous year.