"The recovery in China has been much stronger than the rest of the world," Hu added. All times are ET. A big indicator of that recovery came earlier this month, when China celebrated a busy Golden Week holiday period. He noted that supply was stronger than demand, for example. The World Bank said in its latest report that China's economy is expected to grow by 2 percent in 2020, up from the 1 percent growth projection released in June. Offers may be subject to change without notice. IMF estimates China GDP per capita to be $10,153 during 2019 and $11,014 during 2020. One of the most encouraging parts of China's recovery has been the recent rebound in consumer spending, according to analysts. For example, authorities earlier this year began handing out. Updated 1325 GMT (2125 HKT) October 19, 2020. Cast-steel pipes to be shipped are seen at a port in Lianyungang, east China's Jiangsu Province, July 16, 2020. Most stock quote data provided by BATS. This data scientist’s model shows Biden is still a 3-to-1 favorite to win—but he’s fading in the home stretch, The stock market has made its final prediction: Joe Biden will win the presidential election, When Congress is likely to make a deal to send more stimulus checks, The stock market’s ‘presidential predictor’ just started signaling that Joe Biden will win the election, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Enditem, 010020070750000000000000011100001392171271. A breakdown of the data showed the output of the primary industry rose 0.9 percent year on year, while the service sector and the secondary industry saw a decline of 1.6 percent and 1.9 percent, respectively. The government also set aside hundreds of billions of dollars. People "will not leave their apartment and go on a spending spree until they feel confident the landscape is virus-free," wrote Stephen Innes, chief global markets strategist at AxiCorp, in a research note. All times are ET. The country's gross domestic product (GDP) expanded 3.2 percent year on year in the second quarter, according to data from the National Bureau of Statistics (NBS). An official gauge of manufacturing activity rose to a six-month high in September. Quotes delayed at least 15 minutes. Retail sales were up 0.9% in the third quarter from a year ago, with a 3.3% gain in September alone, statistics showed Monday. And despite trade tensions, China's economy has also benefited from its vital role in global supply chains, according to Louis Kuijs, chief Asia economist at Oxford Economics. Cast-steel pipes to be shipped are seen at a port in Lianyungang, east China's Jiangsu Province, July 16, 2020. Continued recovery is anticipated, which will benefit the global recovery," said Yi Gang, the governor of the People's Bank of China, on Sunday. All told, China's economy is expected to be worth about $14.6 trillion by the end of 2020, roughly equivalent to 17.5% of global GDP. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Updated 0108 GMT (0908 HKT) October 11, 2020. Most stock quote data provided by BATS. Beijing has admitted that motivating people to spend money remains a challenge, particularly since China is still trying to keep the coronavirus pandemic under control. All rights reserved. The benchmark, China's recovery suggests that its economy remains on pace to grow this year, despite the first quarter's significant downturn. © 2020 Fortune Media IP Limited. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Disclaimer. Consumer spending is rebounding, too, in yet another encouraging sign. "We are projecting a somewhat less severe though still deep recession in 2020, relative to our June forecast," the IMF said in its latest quarterly forecast. Some economists have forecast that China's GDP growth rate is likely to pick up to above 5 percent following a strong rebound of 3.2 percent in the second quarter. "In contrast to expectations of ... changes in global supply chains away from China, it looks as if, at least for now, China's success in shaking off the Covid-19 outbreak and keeping factories operating has strengthened its role in global value chains," Kujis said. Oxford Economics predicts the economy will grow 6% in the second half of the year, "The darkest moment is behind us, but given the huge uncertainties from, Economists at Nomura said China continues to face other problems, including. Manufacturing in high tech sectors was particularly solid. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. He said during his Sunday speech that the domestic market will play a bigger role in generating demand. China is the second-largest economy considering nominal GDP, at $14.14 trillion, and the largest using GDP … Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. China GDP PPP 1980-2020. But if other developed countries join the United States, he suspected that impact could be much larger, causing China's GDP growth to fall twice as fast through the same period. For the fourth quarter GDP growth came in at 2.1%, which was the … The Chinese economy overcame the adverse impact of the epidemic in the first half gradually and demonstrated a momentum of gradual recovery, further manifesting its development resilience and vitality, the NBS said. FORTUNE may receive compensation for some links to products and services on this website. All rights reserved. The services sector is also doing well. The government needs to "try even harder" in the second half of the year to help grow spending power among individuals, said Liu Aihua, a spokeswoman for the National Bureau of Statistics, at a press conference in Beijing on Thursday. All Rights Reserved. The country's gross domestic product (GDP) expanded 3.2 percent year on year in the second quarter, according to data from the National Bureau of Statistics (NBS). The two agencies expected China to be the only major economy to see growth expansion this year. Copyright ©1999-2020 Chinanews.com. That has helped stabilize consumption even more, she added. Analysts at Nomura said in a research note Monday that they think Beijing will maintain its "wait and see" approach as the country gauges the rest of its recovery and contends with external pressures, including its tensions with the United States. In the first quarter, the $14 trillion economy shrank 6.8%, the worst plunge for a single quarter on record since China started publishing those figures in 1992. Zhu Min, head of Tsinghua University's National Institute of Financial Research and a former deputy managing director of the IMF, said that China is expected to be the only country to have positive GDP growth this year, and for the next two years the country is likely to maintain a growth rate of 10 percent compared with the base in 2019. He added that China will increase its contribution to global economic growth, which could potentially further change the global economic structure. 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It projected that China's economy will grow 1% this year, while the United States and Europe will see sharp contractions. "As life is returning to normal in mainland China, consumption, especially the service consumption, is under recovery," he said, added that pent-up demand has finally been unleashed. China's service production index increased 2.3 percent year on year in June as economic activities continued to recover. The sector had struggled to gain traction earlier this year as partial lockdowns and social distancing policies remained in place, noted Chaoping Zhu, global market strategist at JP Morgan Asset Management. Women bearing brunt of pandemic's economic cost, China is winning the global economic recovery, during an online seminar hosted by the Washington-based Group of Thirty, China needs an economic revolution to deliver Xi's ambitious climate agenda. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. The chart below provides China GDP data from 1980 to 2020. Industrial production grew 5.8% in the third quarter from a year ago, according to Liu from the NBS. Retail sales, a gauge of consumption, declined 3.9 percent year on year in Q2. "The Chinese economy, together with the global economy, could be severely hit again if a second wave of the pandemic [breaks] out in the winter," the Nomura economists wrote in a research note. The IMF's latest report said that global trade began recovering in June as lockdowns were eased, with China being an important contributor. The U.S. Bureau of Economic Analysis released its first estimate for 2019’s fourth quarter GDP growth and for the full year.

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