China’s GDP grew 2.3% in 2020 as the world’s second-largest economy managed a steady recovery from the fallout of its Covid-19 outbreak a year ago, official data showed on Monday, reported Caixin.
The annual growth rate was the lowest since 1976, but still beat the International Monetary Fund’s (IMF) projection for a 1.9% increase. The organization expected China to be the only major economy to expand in 2020. China’s full-year GDP came in at RMB 101.6 trillion ($15.7 trillion), the first time it surpassed RMB 100 trillion, according to the National Bureau of Statistics (NBS).
“Our country was early in containing the outbreak, early in resuming work and production, and early in achieving economic growth,” NBS head Ning Jizhe said at aMonday briefing, reported Caixin.
The economic gap between China and the U.S. is becoming smaller, said Feng Xuming, a researcher at state-backed think tank the Chinese Academy of Social Sciences. Based on the latest IMF projection for the US’ GDP, China’s economy as a percentage of the US’ was likely to have increased to 70.8% in 2020 from 66.7% the previous year, he told Caixin.