Jakarta – China economy grew 4.9% in the third quarter of 2020. It showed the rest of the world that the economy could skyrocket if the COVID-19 outbreak could be controlled.
Meanwhile, currently, many countries are still fighting a pandemic. In fact, not a few of the world’s countries are in danger of facing the second wave. Of course, what China inscribed made the envy of many countries in the world.
China’s financial development rate is in reality a little more slow than business analysts estimate. There are numerous indications of solidarity, be that as it may, with the development and administration areas performing well indeed.
“The Chinese economy proceeded with its fast bounce back in the last quarter, with the recuperation expanding and beginning to diminish dependence on upgrade,” said Capital Economics financial analyst Julian Evans-Pritchard, cited by CNN, Monday (19/10/2020).
Actually, China’s economic growth rate is far from the country’s usual economic growth. However, in the current pandemic, 4.9% is a fairly high economic growth.
The International Monetary Fund (IMF) estimates China’s economy will grow by 1.9% in 2020. This projection is much better than the economic contraction of 5.8% in the United States and 8.3% in 19 countries in Europe.
How To Handling China In Controlling The Covid-19 Outbreak
The way the Chinese government handled the initial outbreak of the Corona virus has actually been criticized by some western politicians. In any case, China’s severe lockdown and populace following approaches have demonstrated viability in controlling the infection.
The nation has likewise saved several billions of dollars for framework extends just to support financial development. The nation’s national bank likewise bolsters this approach.
The blueprints of China’s virus control mechanisms have also proved difficult for other countries to replicate. Especially for a country whose leaders do not have the same level of control over their population as in Beijing.
Europe and the United States are now facing another spike in cases of the COVID-19 virus. Paris has imposed a curfew. In London, people from different houses are prohibited from seeing each other indoors.
The United States averages more than 55,000 new cases every day, up more than 60% since the fall in mid-September.
The United States may not be pursuing a national lockdown anytime soon. But it is likely that the economy will remain weak until there is a reduction in new cases.
While the US is battling the pandemic and economic downturn, China will continue to rule. Economic data for September shows China’s economic recovery is getting stronger. Industrial production and retail sales figures are very strong.
The IMF predicts that China’s economy will grow by 8.2% in 2021. Of course the economic growth projection is much faster than that of the United States or European countries.
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