Despite the Corona virus outbreak, China’s economy grew at a rate of 2.3 percent in 2020, while countries like the US, Europe and Japan were troubled by the epidemic during this time. According to official data, the economy grew by 6.5 percent during the quarter ended December, compared to the same period a year earlier, compared to 4.9 percent in the previous quarter.
China’s economy had fallen by 6.8 percent during the first quarter of 2020 due to the closure of factories and shops due to the Corona virus epidemic. After this, China achieved 3.2 percent growth in the next quarter. However, this is the lowest growth achieved by China in the last 45 years, but higher than the US and other major economies. These countries have not yet announced growth figures for 2020, but during this time the contraction in their economies is certain.
China’s economy is worth $ 15420 billion ($ 15.42 trillion) in dollar terms, while the size of the economy in terms of local currency is more than one lakh billion yuan. According to the data, medical supplies from China, especially related to the corona virus epidemic, contributed significantly to manufacturing and export growth. The employment market in China grew at a rate of 5.6 percent, which is lower than the government’s target of six percent.