GDP grew 2.3% in 2020, the data showed, making China the only major economy in the world to avoid a contraction last year as many nations struggled to contain the COVID-19 pandemic. "The higher-than-expected GDP number indicates that growth has stepped into the expansionary zone, although some sectors remain in recovery," Xing Zhaopeng, economist at ANZ in Shanghai. Yet, underscoring the massive COVID-19 disruptions worldwide, China's 2020 GDP growth was the weakest pace in more than four decades. Highlighting the weakness in consumption, retail sales fell 3.9% last year, marking the first contraction since 1968, records from NBS showed. Growth in retail sales in December missed analyst forecasts and eased to 4.6% from November's 5.0%, as sales of garments, cosmetics, telecoms and autos slowed.

Source: bd News24 January 18, 2021 02:48 UTC