BUSINESS

China’s Economy Sees Record Growth

China’s economy has shown growth rate of 18.3% in the first quarter of 2021 compared to the same quarter last year.

It’s the biggest jump in gross domestic product since China started keeping quarterly records in 1992.

However, the figures are below expectations, with a Reuters poll of economists predicting a 19% growth.

Reports also suggest the figures are heavily skewed, and less indicative of strong growth, as they are compared to last year’s huge economic contraction.

As a baseline, they use the first quarter of 2020, when China’s economy shrank 6.8% due to nationwide lockdowns at the peak of its COVID-19 outbreak.

Readers Bureau, Contributor

Edited by Jesus Chan

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