Of late, emerging new clusters of coronavirus in the country have prompted China to strengthen controls
China’s economy is steadily reaching up to its pre-pandemic growth levels, but the expansion is losing steam. The problem is businesses are grappling with cost and supply bottleneck issues. Factory output has already been hit by severe weather this summer. At the same time, new COVID-19 infections in July also led to fresh restrictions. This majorly disrupted the country’s Asian share markets that slipped on Monday after the data showed a surprisingly sharp slowdown in global growth.
The Chinese economy had suffered a 6.8 per cent slump in the first quarter in 2020 after it went into lockdown following the emergence of the deadly coronavirus in Wuhan while it steadily recovered helped by virus containment measures and emergency relief for businesses.
“According to the data, a total of 11.86 million new urban jobs were created in 2020, completing 131.8 per cent of the target set for the whole year”
Above all, employment and people’s well-being have being effectively guaranteed, the has NBS said, adding that economic and social development have been achieved far beyond expectations. According to the data, a total of 11.86 million new urban jobs were created in 2020, completing 131.8 per cent of the target set for the whole year, the NBS said.
Of late, emerging new clusters of coronavirus in the country have prompted China to strengthen controls, hence casting a shadow over higher growth projections for this year.
Analysts say with global bodies like the International Monetary Fund projecting a growth rate above 8 per cent this year, China’s economy could be picking up pace. As per the NBS data, China’s value-added industrial output, an important economic indicator, went up 2.8 per cent year on year in 2020. The growth accelerated from a rise of 2.3 per cent registered in the first 11 months of last year.
