Corona surpassed: China’s economy gains new momentum | Free Press

The first coronavirus infections were discovered in China a year ago. After drastic containment measures, the virus is now considered nearly defeated in the world’s most populous country.

Beijing (AP) – After China’s recovery from the Crown crisis, strong economic data indicates faster growth in the last quarter of the year.

In October, retail spending on consumer goods increased again by 4.3 percent, significantly more than in the previous month (3.3 percent), as announced by the statistics office in Beijing. Industrial production rose slightly faster than expected at 6.9 percent compared to the same period last year.

According to the statistical office, the economic data should lead to the fact that the world’s second-largest economy is likely to grow faster in the last three months of the year than in the third quarter at 4.9 percent. Experts expect a growth of five to six percent. Despite the sharp drop in the Crown earlier in the year, China is likely to be the only major economy to post growth this year. An increase of around 2 percent is expected.

In the first ten months of the year, industrial production increased by 1.8 percent. Investments in real estate are increasing at an increasingly rapid rate and have risen 6.3 percent since the beginning of the year. Fixed investments are up 1.8 percent since the beginning of the year compared to the same period last year, as the statistics office also announced. Foreign direct investment increased 6.4 percent during the period, the most recent in October, 18.3 percent, the Commerce Ministry added.

Coronavirus infections were first discovered in China a year ago in December. The most populous country in the world has controlled the pandemic with strict quarantine measures, massive tests, contact tracing and entry restrictions, so that life has normalized. Since the summer, only a few small local outbreaks have been known in the People’s Republic, and most of them are treated immediately. Today, there are only imported cases that are detected during strict entry controls. As a general rule, travelers should be quarantined for two weeks.