Economy surged 2.3% in 2020, says China
On Monday, the Asian titan China reported that its economy went up 2.3% previous year while
the Coronavirus heavily affected the globe as it struggled to contain the pandemic.
Gross domestic product ascended by 6.5% in the fourth quarter in 2020 according to official
data from the National Bureau of Statistics. Those numbers went beyond analysts’ expectations.
Despite the results, Chinese consumers remained hesitant to spend, as retail sales dropped
3.9% for the year. However, retail sales for the fourth quarter soared 4.6% from a year ago.
As reported by CNBC, online sales of consumer goods succeeded in rising at a relatively
accelerated pace of 14.8% previous year, according to the statistics bureau, but the proportion
of overall retail sales was mostly stable at around one-fourth.