Fast progress: People stand on the Bund in Shanghai, China. The world’s second-largest economy has surprised the world with a V-shaped recovery and has become a major driving force in the global economic recovery. ─ Bloomberg
BEIJING: China was confirmed to have been the only major economy that expanded in the crippling pandemic year of 2020, and it also sustained its growth momentum in February, making it a key engine of global economic rebound, officials and experts have said.
With an annual growth of 2.3%, the Chinese economy was the world’s only major economy to have avoided contraction in 2020. Its 101.6 trillion yuan (US$15.7 trillion) gross domestic product (GDP) is estimated to account for more than 17% of the world’s economy, the National Bureau of Statistics (NBS) said on Sunday.
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