BEIJING, DPA – China’s economy has largely overcome the coronavirus crisis and started the year with record growth.
The world’s second-largest economy saw 18.3 per growth in the first three months of 2021 compared to the first quarter of last year, Beijing’s statistics office announced on Friday.
It marks the biggest jump since China began its quarterly evaluations some 30 years ago.
The unusually strong growth is due to the slump in the Chinese economy in the previous year, when the country came to an almost complete standstill for several weeks in a bid to stem the spread of coronavirus.
Since the tough measures to contain the pandemic were lifted, China’s economy has been on the road to recovery.
The International Monetary Fund (IMF) estimates that Beijing could see further growth of 8.1 per cent this year.
The Chinese government is more cautious and has put its official growth target, announced at its recent annual parliamentary session, at “more than 6 per cent.”
Strong foreign trade has given China’s economy a recent boost. China’s factories have been busy producing goods including coronavirus tests and protective masks for export around the world.
New laptops and home office equipment are often sourced from China.
During the 2008 global financial crisis, China helped to jump-start the global economy.
Its recovery from the coronavirus crisis is also having a knock-on effect now, with German carmakers and many other companies operating in the Chinese market reporting healthy profits in the country recently.