China's economy grew 2.3 % in 2020

The week has started with news on China's economic performance during 2020. China reported a GDP annual growth of 2.3%. compared to last year. Regarding year-on-year quarterly performance, Q1 was -6.8 percent, 3.2 percent for Q2, 4.9 for Q3 and in Q4 was 6.8. The negative figure in Q1 is explained by the COVID-19 outbreak that was reported firstly in China that affected notably the economic activity due to the goverment measures to contain the virus. However, as 2020 carried on, the economy started to reopen gradually, showing signs of recovery.

According to the National Bureau of Statistics of China, the economic recovery is explained substantially by the output of grains and the production of pigs. On the other hand, in 2020 the total retail sales of consumer goods went down by 3.9 percent and the national online retail sales grew up by 10.9 percent, both indicators compared to 2019 figures.

Finally, China's economy recovery is mainly due to the output performance, so it is also importart to seek a sustainable recovery of the demand of goods and services.