China 2020 GDP Expands 2.3% after a Fast Recovery from the Covid-19 Pandemic

China reported an increase in GDP by 2.3% last year after being the first country to recover from the coronavirus outbreak that tormented the rest of the world.

Beijing showed an amazing growth of 6.5% in the fourth quarter last year as economists stated that China could be the only major economy to grow in 2020.

 

However, Chinese consumer’s spending finished the year in negative territory. Retail sales contracted 3.9% in 2020, even with an increase of 4.6% in the fourth quarter. Despite retail sales, online sales of consumer goods edged higher at a rapid pace, reporting a 14.8% increase last year, according to the National Bureau of Statistics.