The corona crisis might still be ravaging economies worldwide, 2020 looks to end pretty well for China, says Shanghai-based business analyst Ben Cavender in the state-owned China Daily. “While there are still underlying weak spots in the economy that have been slower to recover, the overall story is very positive,” adds Cavender.
The world’s second-largest economy saw growth of 4.9 percent year-on-year in the third quarter, compared with 3.2 percent in the second quarter, according to data released on Oct 19 by the National Bureau of Statistics.
The nation’s GDP growth reached 0.7 percent over the first three quarters of 2020, after the economy contracted by 6.8 percent from January to March due to the national lockdown caused by the COVID-19 pandemic.
Ben Cavender, managing director at China Market Research Group, said, “It’s clear that China has managed a remarkable recovery and that policymakers have done a good job of navigating a very uncertain economic climate.
“China’s strong economy should be seen as a good thing right now, as China is such an important export market for so many other countries,” Cavender said. “The fact that China is still buying and hasn’t seen an economic collapse is important for the world, as China right now is a lifeline for a lot of multinational businesses that have seen severe reductions in sales in their home markets.”
He added that “while there are still underlying weak spots in the economy that have been slower to recover, the overall story is very positive, and China will come out of 2020 in a very strong position economically”…
Cavender of China Market Research Group said that compared with most other countries that have either not been strict enough in enforcing policy or have had difficulty in controlling the outbreak, the key to China’s success is its “ability to put in place a coordinated, aggressive early response, coupled with building out robust systems for contact tracing as well as identifying inbound cases coming from returning travelers entering the country”.
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