Although early months of 2020 showed negative figures for Chinese economy, the worlds 2nd largest economy has shown a 4.9% growth in its economy between July & September compared to the same quarter last year.
While the growth of 4.9% is slightly lower than forecasted 5.2% the industrial output came in above expectation. One of the main contributors of Chinese economy growth in past month is due to Chinese government’s policies. Earlier this year Chinas central bank increased the support for its businesses in growth and employment which reduced the impact of COVID 19 for the Chinese companies.
One of the main contributors for Chinese economic growth is its inbound travel boom. Due to restrictions in travelling abroad Chinese tourists flocked to its to cities this year during the golden week holiday. This 8 day holiday saw 637 million trips across china where the Chinese spent over 69.6 Billion US dollars.
With the increasing export and worlds economies opening its doors it is expected that the Chinese economy will continue to grow in this final quarter of 2020.