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China's GDP to expand 2% in 2020
Published on: 2020-11-17
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GDP 03China's economic recovery continued to gain impetus in October, reflected by faster growth in domestic consumption and factory output, and experts predict the economy will grow faster in the fourth quarter than the third, and the full-year expansion is likely to readh 2 percent year-on-year.

Data released by the National Bureau of Statistics (NBS) on Monday showed that factory output rose faster than expected in October, while retail sales continued to recover. Industrial output climbed 6.9 percent in October, in line with September's gain. A Reuter poll had expected a 6.5-percent rise.

The rebound again showed China's economic resilience despite the COVID19 onslaught earlier, experts said.

GDP 01"China's role as the world's factory strengthened after the pandemic was largely brought under control, while production in many other countries including the US is still being disrupted by the outbreak," Tian Yun, vice director of the Beijing Economic Operation Association said.

Other data of services and fixed-asset investment also showed the economy is rebounding rapidly. In October, retail sales rose 4.3 percent year-on-year to reach 3.85 trillion yuan ($585.8 billion), or 1 percentage points faster than September.

gdp 02The consumption rebound also pushed up employment, with 10.09 million new jobs created in urban areas from January to October, reaching the employment target set for the whole year, according to the NBS.

Merchandise trade totaled about 2.84 trillion yuan, up 4.6 percent year-on-year in October. Exports amounted to 1.62 trillion yuan, up 7.6 percent, NBS data showed.

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