Beautiful Virgin Islands

Saturday, Aug 22, 2026

China's economy grows 18.3% in post-Covid comeback

China's economy grows 18.3% in post-Covid comeback

China's economy grew a record 18.3% in the first quarter of 2021 compared to the same quarter last year.

It's the biggest jump in gross domestic product (GDP) since China started keeping quarterly records in 1992.

However, Friday's figures are below expectations, with a Reuters poll of economists predicting 19% growth.

They are also heavily skewed, and less indicative of strong growth, as they are compared to last year's huge economic contraction.

In the first quarter of 2020, China's economy shrank 6.8% due to nationwide lockdowns at the peak of its Covid-19 outbreak.

"The national economy made a good start," said China's National Bureau of Statistics, which released the first quarter data.

But it added: "We must be aware that the Covid-19 epidemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities."

Other key figures released by China's statistics department also point to a continuing rebound, but are also unusually strong because they are compared against extremely weak numbers from last year.

Industrial output for March rose 14.1% over a year ago, while retail sales grew 34.2%.


It's ironic that China's economic boom has been announced just as its leader wrestles with the problem of climate change - which has been caused by economic growth over the decades.

Historically, that growth has been almost completely fuelled by emissions from burning coal, gas and oil.

China has promised to freeze its growth in emissions by 2030 and halt them totally by 2060.

But President Xi is hearing from France's President Macron and Germany's Chancellor Angela Merkel that it can and should freeze emissions earlier - perhaps by 2025.

Leaders of the EU and US are also urging China to stop funding new coal-fired power plants in poor nations in the so-called Belt and Road initiative.

The world will suffer, they say, if African nations follow the polluting path to prosperity laid down by nations which got rich on coal.

"Promisingly, the monthly indicators suggest that industrial production, consumption and investment all gained pace in March on a sequential basis, following the weakness in the first two months," said Louis Kuijs, head of Asia economics at research and consultancy firm Oxford Economics.

However, some analysts predicted a number of sectors will slow as government fiscal and monetary support is reduced.

Yue Su, the Economist Intelligence Unit's principal economist for China, while the latest figures show that the country's economic recovery is broad-based, some production and export activity could have been "front-loaded" into the first quarter, suggesting slower growth ahead.

"Trade performance and domestic industrial activities for the rest of year might not be able to maintain such strong momentum, due to lack of measures to stimulate domestic economy," she said.


The figures nevertheless suggest China has continued to gain economic momentum. Comparing growth for the last quarter with the last quarter of 2020, the Chinese economy grew by a far smaller 0.6%.

Helped by strict virus containment measures and emergency relief for businesses, the economy has recovered steadily since the pandemic hit.

Despite a calamitous start to the year, China was the only major economy to register growth in 2020 albeit its weakest in decades, at 2.3%.

China has set an economic growth target of 6% for 2021, after scrapping its target last year.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Bitcoin Surges Toward $80,000 as Short Squeeze and ETF Inflows Ignite Crypto Rally
Twenty-Nine US States Take Meta to Trial Over Alleged Child Addiction on Instagram and Facebook
Former Scottish National Party Executive Peter Murrell Jailed for Five Years Over £400,000 Embezzlement
Moderna and Merck's Personalized Cancer Vaccine Succeeds in Historic Late-Stage Melanoma Trial
Prince Harry and Meghan to Move Back to Britain With Their Children
England and Wales Have Fewer Than 1,800 Prison Places Left for Men
Suspected People Smuggler Arrested After Investigation Identified Him
Children's Doctors Warn That Vaping Can Lead Young People to Smoking
Hundreds of Thousands of Students Receive GCSE and Vocational Results Across England, Wales and Northern Ireland
Here Is What Can Never Happen in Your Country: Taiwan Is Giving Money to All Its People Because It Collected Too Much Tax
UK Inflation Rises to 2.9% as Energy Bills Jump
UK Issues New Conduct Guide for Asylum Seekers on Consent and Respect
A Sleepless Night on Wall Street: Nasdaq to Begin Nearly Round-the-Clock Trading
"The First in the World": 69-Year-Old Protested Artificial Intelligence—and Went to Jail
Ukraine's Ousted Defence Minister Calls for Wartime Presidential Election
China’s Lifelike AI Humans Move From Livestreams Into Real-World Service Roles
Sarah Ferguson Reportedly Retreats to Late Ex-Boyfriend's Swiss Chalet
Cristiano Ronaldo and Georgina Rodríguez Sign Prenup Protecting Their Separate Fortunes
Thieves Steal Antonello da Messina Renaissance Masterpieces From Sicilian Museum
Better.com Founder Who Fired 900 Employees on Zoom Is Ousted as CEO
Italian Speed Camera Issues Nearly 32,000 Fines in 10 Weeks, Worth More Than €3 Million
AI Manager at San Francisco Store Recommends Firing Human Employee
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Reform UK Unveils Plan to Cut Welfare Spending by More Than £50 Billion a Year
Prime Minister Andy Burnham Praised Extinction Rebellion for Doing a 'Great Service'
UK Wildfire Phone Alert Triggers Backlash as Users Switch Off Emergency Warnings
Heathrow Roads Reopen After Burst Water Main Floods Access to Terminals 2 and 3
Former NBA Players Enes Kanter Freedom and Royce White Say They Will Enter 2027 WNBA Draft
Former Cambridge Professor Jason Arday Found Dead Days After Resigning Amid Plagiarism Row
US Appeals Court Rules AI Agent's Website Actions Are Legally Attributed to the User
France's Constitutional Council Blocks Social Media Ban for Children Under 15
Liechtenstein Changes Royal Succession Rules to Allow Women to Inherit the Throne
Women Allege Rape and Sexual Abuse at British Army College for Teenage Recruits
Minnesota: Two independent investigators posed as Muslims (one wearing a burqa) and showed how they could vote in elections without identification.
China’s Kimi Launches AI-Focused Credit Card With Agricultural Bank of China and American Express
Former Labour Adviser Arrested on Suspicion of Spying for China Held Privileged Access as Top Party Donor
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Donald Trump Warns FIFA Against Ousting Gianni Infantino Amid Revolt by Global Football Leaders
Jeff Bezos Joins Investor Group Closing In on $6 Billion Liverpool FC Stake
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
Hyper-Realistic Reborn Dolls Draw Collectors Seeking Comfort and Craft
Gen Z Cuts Back on Dating as a Night Out Nears $200
Patients Turn to Artificial Intelligence for Therapy as Psychiatrists Warn of Privacy and Clinical Risks
Couples Embrace ‘Sleep Divorce’ to Protect Rest and Reduce Tension
Meta Ordered to Pay $567 Million and Change Facebook and Instagram Safeguards for Children
Up to only 10 Months in Prison for Swedish Officer’s Murderer Sparks Anger
Success: Nvidia Turned Gaming Chips Into the Engine of the AI Boom
Jorge Messi, Lionel Messi’s Father and Longtime Agent, Dies at 68
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
×