China continues surprising the global community by its record high pace of economic recovery. In the first quarter of the year, the country’s economy showed an unprecedented jump of 18.3% compared to a rise of 6.8% in the same period of the last year.
In their forecast, experts at the National Bureau of Statistics of China noted that 2021 turned out to be more favorable for the country than the previous year. Impressive economic results logged in the first quarter could be explained by the victory over the coronavirus. China’s GDP advanced amid higher domestic demand, a stable labor market situation as well as high productivity, and better business sentiment. The National Bureau of Statistics supposes that stability of the economic indicators has solid ground. In general, China began recovering after the coronavirus pandemic and lifting restrictions earlier than other countries. All these led to a jump in exports that totaled 3.6% compared to a rise of 2.3% in GDP. At the same time, economists foresaw that in April, the Chinese exports would decline by 10-15% on a yearly basis.
However, there are still some risks. This year, China’s economy may face serious problems amid the economic reopening in most countries. In this case, local demand will exceed demand for Chinese goods.
