Is it true that despite the outbreak of Covid-19 epidemic China registered a positive growth rate?
Covid-19 Effects Chinese Economy
When the GDP data for the first quarter of the current financial year of India was released, it was revealed that between April and June, the growth rate fell by 23.9 percent, thanks to negative growth in the construction, manufacturing sector.
It was the biggest decline after nearly 24 years. But during this period of economic crisis, China’s growth rate has been positive.
That is, China is the first major economy, which is growing despite the outbreak of epidemic.China claims that its GDP growth in the same period i.e. April to June quarter has been 3.2%. According to the data, China’s factory output recorded a growth of 4.4%. The online retail cell saw a growth of 14.3 percent. Although retail sales declined by 3.9%. Exports also registered a growth of 0.4%.
When all major economies are troubled by the Corona epidemic, how is China’s economy doing well?
When the world was fighting the Corona virus, the Chinese government announced on March 24 that a partial lockdown would be lifted in Wuhan, the epicenter of the Corona epidemic, from 8 April.
Whereas, except in Wuhan, the travel ban in other parts of Hubei province was lifted from midnight on 24 March.
By the time the restrictions were being lifted in China, the virus had spread to 186 countries of the world.However, it is worth noting that Wuhan was sealed in mid-January.
Because of which, in the quarter from January to March, China’s GDP growth rate fell by 6.8%. This was China’s worst performance since the mid-1960’s. But China’s economy dramatically improved following the easing of sanctions.
Topic :- Covid-19 Effects Chinese Economy | The Story of Chinese Economy Remaining Immunized from Covid-19 Pandemic Effects
AUTHOR:- Ensemble IAS Academy
CATEGORY :- Economy
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