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The country’s GDP beat expectations by rising 6.5 percent in fourth quarter of 2020, official data revealed Monday.
While major economies like the US and UK have yet to emerge from the throes of Covid-19, China’s economy — despite seeing a sharp decline during Q1 2020 — expanded 2.3 percent during the year, making it one of the only global markets to grow through the pandemic, according to the Financial Times.
Industrial production is the main driver of the rebound. China’s retail sector, though in much better form than those of other countries, is taking longer to recover. December retail sales failed to beat expectations, but analysts forecast a turn for the better this year, something both domestic and global brands will be anticipating.
