BEIJING - As most of the world continues to fight the coronavirus pandemic, China is proving once again that rapid economic recovery is possible when the virus is tightly controlled.
China's economy grew 4.9 percent in July-September from a year earlier. Strong performance returns China to the growth rate of about 6 percent reported before the pandemic.
Many of the world's major economies quickly emerged from the depths of contraction, with a sharp drop in production following last spring's closure. However, China is the first country to report growth, which is significantly higher than in the same period last year. The United States and other nations are expected to report an increase in the third quarter as well, but they are still lagging behind or simply hitting pandemic levels.
China's leadership may expand further in the coming months. Now there is almost no local infection with the virus, and the United States and Europe are facing another wave of accelerating cases.
China's strong economic expansion means that it will dominate global growth, with Justin Lin Yifu, cabinet advisor and National Honorary Dean of the Beijing University School of Development, recently accounting for at least 30 percent of China's economic growth. year and the future, according to the administration press in Beijing recently. he said at the conference.
Chinese companies make up the majority of global exports and produce consumer electronics, personal protection and other essential goods during a pandemic. At the same time, China now buys more iron ore from Brazil, more corn and pork from the United States, and more palm oil from Malaysia. This brought back a nostril in applied spring commodity prices and again softened the impact of the pandemic on industries.
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However, China's recovery has done little to help the rest of the world in the past, and imports have not increased as much as exports. This model has created jobs in China, but has slowed growth elsewhere.
China's economic recovery has also depended for months on large investments in roads, high-speed trains and other infrastructure. And in recent weeks, domestic consumption has started to rebound.