China's Economy Expands 4.9% in the Third Quarter

By Ryan Gandolfo, October 19, 2020

0 0

With the coronavirus largely in the rear-view mirror in China, its gross domestic product (GDP) expanded 4.9% year-on-year in the third quarter of 2020, according to data from the National Bureau of Statistics.

The economy expanded faster than the second quarter, but fell short of expected growth of 5.2% in the third quarter, according to an average of estimates compiled by Wind Information, as cited by CNBC.

In the first three quarters, the PRC’s economy has grown 0.7% year-on-year, and shown a solid recovery since its 6.8% contraction in the first quarter.

READ MORE: China's GDP Contracts for First Time Since 1992

In a press release by the NBS on Monday, the bureau sounded optimistic about the overall national economy’s continued recovery and coordinated epidemic prevention and development, but warned about a resurgence from abroad. 

“We should also be aware that the international environment is still complicated and severe with considerable instabilities and uncertainties,” read the statement.

Total retail sales in September rose 3.3% year-on-year. However, retail sales are down 7.2% for the first three quarters of 2020.

The urban surveyed unemployment rate dropped slightly to 5.4% in September.

Earlier this month, Chinese health officials reported a cluster of coronavirus cases in the coastal city of Qingdao, prompting the testing of more than 10 million people in just four days.

The country has also started offering a coronavirus vaccine to the general public in the city of Yiwu. BBC reports that the vaccine has yet to complete clinical trials, and costs around RMB400.

[Cover image via Pixabay]

more news

China Records First Coronavirus Death Since May as Cases Surge

The country suffered its biggest daily jump in infections in more than 10 months

International Students’ Quest to Return to China Amid Covid Crisis

China is typically home to just under 500,000 international students annually.

This Day in History: Google Announces Exit from China Market

Google's China-based search webpage, launched in 2006, had a turbulent time operating on the Chinese mainland.

China Doesn't Want You To Travel During Spring Festival

There are fears that travel during the holidays will exacerbate the latest wave of infections.

Explainer: Why Winter is the Most Polluted Time of Year in China

’Tis the season for pollution and facemasks.

What is China’s New 14+7 Day Extended Quarantine Policy?

And don't even ask us about the 14+7+7 and 14+14 policies.

Mystery Pneumonia Cases Rise to 59 in China

The pneumonia outbreak has yet to be identified, however the health commission has ruled out a link to SARS.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at ThatsSuzhou for events, guides, giveaways and much more!

7 Days in Suzhou With

Weekly updates to your email inbox every Wednesday


Download previous issues

Never miss an issue of That's Suzhou!

Visit the archives