The latest GDP figures show that only one of the largest economies in the world has registered a growth in the year 2020.
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 percent 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.
Although the impact of the Covid-19 is still intact, shutdowns and several manufacturing plants closed across the country have pushed the economy to slow growth. Current GDP figures show China's slowest growth rate in the last 40 years.
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.
Many analysts think 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'".
Figures revealed on Thursday show that China's exports increased more than expected in December as the demand for Chinese goods increased during the worldwide coronavirus outbreak. Apart from this, China has made record purchases of crude oil, copper, iron ore, and coal in 2020.
Experts say that despite the strengthening of the Chinese currency yuan in the international market, sales of Chinese goods have increased. The export of the yuan reliably becomes expensive.
UA Su, who works as a principal economist in the Economic Intelligence Unit, says, "GDP figures show that the economy is now returning to normal. There are still new cases of corona being reported in China's northern provinces, causing a slight setback to the economy." It may seem, but the hope is that the pace of recovery of the economy will continue. "
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.
Karishma Vaswani, Asia Business Correspondent
China's economy is seeing an increase at a time when other countries of the world are struggling with weak demand, millions of jobs lost and businesses closing.
Despite a drastic lockdown, China's economy recorded a 6.8 percent historical decline in the first quarter of 2020, despite which the engine of China's economy is now catching up again.
But we should always be vigilant about China's data. To understand the state of China's economy, we should look at the curve of data instead of data. These figures show that China's strategy of imposing harsh and immediate lockdowns in cities worked. Investments led by the government and the move to generate global demand for Chinese goods played a key role in rapid recovery and boosting exports.
However, this annual growth rate of China has been the lowest in more than 40 years. On the one hand, concerns of the virus spreading again have blurred the future picture of Chinese growth and consumer demand is still weak, on the other hand, China is trying to improve its strong relations with America. However, it does not appear that the new US administration will adopt a soft attitude against China against President Donald Trump.
There is no doubt that all these challenges will affect China's development in 2021, but China will likely be in a better position than other major economies of the world.
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