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WORLD NEWS IN THE SIGHT OF PARTNERS
Economy
WORLD NEWS IN THE SIGHT OF PARTNERS
Published 22.01.2021
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CGTN: China's Q4 growth hits pre-virus rate of 6.5%, driving annual GDP to over 100t yuan China on Monday reported a gross domestic product (GDP) increase of 6.5 percent in the fourth quarter of 2020, bringing the country's full-year expansion to 2.3 percent. Despite the grave and complex environment posed by the COVID-19 pandemic, China managed to bring its economic growth back to a pre-pandemic rate. Its full-year GDP exceeded 100 trillion yuan ($15.45 trillion) for the first time, China's National Bureau of Statistics said. China's fourth-quarter GDP beat many institutions' expectations, including Reuters' forecast of 6.1 percent and Natixis' estimation of 6.3 percent. Only Barclays had estimated a growth of 6.5 percent. The annual growth of 2.3 percent indicates that China led major economies in annual positive growth in 2020, while many others continue to grapple with the pandemic. Seeing a more robust recovery in China, the World Bank (WB) last year estimated that the country would increase its share of the world economy to 14.5 percent in 2020, with global output contracting 4.3 percent, compared with the U.S.' 22 percent share for the same period. XINHUANET: Solid end to 2020, China's economy set for stronger rebound despite virus uncertainties Despite a wobbly start, China's economy ended 2020 on solid footing as the country is set to become the only major economy to post expansion in a year ravaged by the pandemic, official data showed Monday. Beating expectations with a 6.5-percent growth in the fourth quarter (Q4), China's gross domestic product (GDP) expanded 2.3 percent year on year in 2020, exceeding the 100-trillion-yuan (15.42 trillion U.S. dollars) threshold for the first time, according to data from the National Bureau of Statistics (NBS). The recovery trend, from a 6.8-percent contraction in Q1 to three consecutive quarters of rebound (3.2 percent in Q2, 4.9 percent in Q3 and 6.5 percent in Q4), will extend into 2021 as China's economy has the foundation and conditions to sustain the momentum, noted Ning Jizhe, head of the NBS. China has taken resolute and swift actions to contain the virus spread, creating conditions for the ""V-shaped"" economic rebound, which gathered steam following a raft of government measures including more fiscal spending, tax relief, and cuts in lending rates and banks' reserve requirements. Although there were sporadic outbreaks in some regions in recent weeks, their impacts on the economy are ""controllable,"" according to Ning. He cited favorable factors including China's resilient industrial system, massive market potential and technology prowess as among key drivers for future growth. A breakdown of the data showed China's industrial sector, being the first to shake off the virus impacts, continued to power ahead. The value-added industrial output surged 7.1 percent year on year in Q4, accelerating by 1.3 percentage points from Q3 last year. For the whole year, the indicator went up 2.8 percent year on year. The fixed-asset investment saw a steady recovery, climbing 2.9 percent year on year in 2020, with investment in high-tech industries, healthcare and education outperforming the average. One of the hardest-hit by the epidemic, China's retail sales of consumer goods have gradually picked up. Despite a 3.9-percent fall for the whole year, the key barometer of consumption went up 4.6 percent in Q4, nearing the sector's pre-epidemic levels. China's job market remained stable in 2020, with the surveyed unemployment rate in urban areas standing at 5.6 percent, below the government's annual target of around 6 percent, the data showed. At a time when the rest of the world is still grappling with rising COVID-19 cases and economic recession, China's hard-won economic rebound will provide inspiration and experience for global economic recovery in the new year, according to analysts. The latest World Economic Outlook report released by the Organization for Economic Cooperation and Development predicts that China will contribute more than one-third of global economic growth in 2021. Nevertheless, the NBS cautioned that the Chinese economy still faces multiple uncertainties including changing epidemic situations and the external environment. While the better-than-expected GDP figure outshined the rest of the world, more efforts should be made to consolidate the recovery as there were still fluctuations in the rebound of domestic demand, noted Wen Bin, chief analyst at China Minsheng Bank. China should sustain its epidemic control efforts and take further steps to promote faster recovery in consumption, he said. Earlier this month, the International Monetary Fund (IMF) projected China's economy to expand by 7.9 percent in 2021 as economic activities continue to normalize and domestic COVID-19 outbreaks remain under control. IMF executive directors called for a continuation of the ""moderately supportive"" fiscal and monetary policies until China's recovery is on solid ground. In the key Central Economic Work Conference held last month, China's policymakers have vowed to keep macro policies consistent, stable and sustainable in 2021, with continued implementation of a proactive fiscal policy and prudent monetary policy. XINHUA: Chinese COVID-19 vaccine draws positive response in Turkey China's CoronaVac COVID-19 vaccine has drawn a positive response in Turkey, as the country begins a mass vaccination campaign. Turkey launched Thursday the mass vaccination program against COVID-19 with the vaccines developed by China's Sinovac company. According to the Turkish Health Ministry, the first doses will be given to over 1 million health workers across the country, followed by adults living in nursing homes. Turkish President Recep Tayyip Erdogan on Thursday received his first dose of the vaccine. Turkish Health Minister Fahrettin Koca on Wednesday received the Chinese COVID-19 Sinovac vaccine along with Turkey's advisory science council members, one day before the nationwide vaccination began. Turkey received the first shipment of 3 million doses of vaccines from China at the end of December, as part of a deal for a total of 50 million, and expects to get the rest in the upcoming period.

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