Chinese GDP could grow 8-9% this year from low base in 2020
China’s gross domestic product (GDP) could expand by 8-9% in 2021 compared to last year thanks to the economic recovery after the pandemic, said Liu Shijin, an analyst at the People’s Bank of China on Friday.
This speed of recovery, however, should not be interpreted as a period of consistent growth, since Chinese growth in 2020 was only 2.3%, when, like the rest of the world’s economies, the Chinese economy felt the pandemic’s blow.
Analysts at HSBC this week estimated Chinese growth at 8.5%, leading the post-pandemic global recovery.
Beijing will release a government work report on March 5, which typically includes a GDP growth target for the year.
Last year’s report did not include one because of uncertainties caused by the coronavirus.