China announced today, Friday, registering the strongest economic growth measured on quarterly basis. The second largest economy in the world continues strong recovering from repercussions of the Coronavirus (known also as COVID-19).
Gross Domestic Product ( GDP) in China grew by 18.3% on annual basis in the first quarter this year.
This rate of growth is the strongest since China has started monitoring data of economic growth in 1992.
A number of factors took part in achieving recovery of the Chinese economy such as retailer sales, industrial product and investment in fixed assets, according to what is mentioned by CNN, a US news network.
Economic experts said that the wide leap of the Chinese economy reflects deep recession of economic activities early in 2020.
The new indicators push China on the right direction to achieve a rate f growth ranges from 8% to 9% this year.
However, the Chinese government expects the national economy will grow by 6% by the end of the current year.
Lio Ihua, a spokeswoman of the National Office for Statistics during a news conference today, Friday, said that the government is confident at keeping of momentum to continue recovery throughout the year.
Retail sales in China leapt by 34% compared to figures of the last years.
Investment in the fixed assets in the urban areas increased by 26% and the industrial product grew at least by 24%.
Figures of Custom authority in China published earlier this week showed that imports of China, evaluated in US dollar, increased by 38% last month compared with volume of 2020.
On the other hand, exports of China grew by 31%in March.
In the first quarter of 2020, the Chinese economy shrank by standard level estimated at 9.7% year on year.
But the Chinese economy began to recover later that year as the government started easing restrictions to confront the pandemic of Coronavirus.
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