China continues surprising the world with its high speed of economic recovery. It is the first country that managed to stop the virus spread and rolled out the mass vaccination program, thus significantly boosting its economy. Only China’s GDP showed a rise in the previous year.
The National Bureau of Statistics goes on unveiling positive reports. Thus, in January-February, the Chinese industrial production jumped by 35.1% on a yearly basis. Such a surge was last seen several decades ago. If the country's economy keeps momentum, China is likely to become the first country that will be able to withdraw some stimulus measures after the virus-induced crisis.
Importantly, high-tech and equipment manufacturing industries increased by 49.2% and 59.9 % respectively. The country’s retail sales also skyrocketed by 33.8% in two months. Foreign investments in China’s economy soared by 34.2%, whereas exports and imports advanced by 50.1% and 14.5% respectively. The Chinese authorities are doing their best to reach the targeted GDP level that is above 6%.
At the same time, the International Monetary Fund foresees the economic expansion of 8% this year. By 2035, the Chinese GDP may double, surpassing the US economy. According to the Bank of America, to achieve this aim, China’s GDP should rise by 4.7% in annual terms every year during 15 years.
