China’s economy in the first quarter of 2021 grew 18.3% year-on-year, the National Statistics Agency of China (NBS) announced this morning, April 16.
|China sets an economic growth target of over 6% in 2021. Photo: AFP|
It is also the highest quarterly growth rate since the figure was first published in 1993, according to the South China Morning Post. However, the 18.3% growth in the first quarter of 2021 is still lower than the 18.5% average that analysts predicted with Bloomberg.
The above growth also marked a significant change in the Chinese economy from the first quarter of 2020 when it declined to 6.8% due to the impact of the Covid-19 epidemic. The comparison of GDP in the first quarter of 2021 with the quarter I / 2020 has a big difference because at the time of the first quarter of 2021, China was well controlling the Covid-19 translation and the economy was on a strong recovery momentum. Therefore, analysts focus on comparing GDP growth in the first quarter of 2021 with the previous quarter to have a more insight into the actual trend of the world’s second largest economy.
Based on inflation and seasonally adjusted factors, China’s GDP in the first quarter of 2021 increased by 0.6% q-o-q, much lower than the 3.2% adjusted increase in the fourth quarter of 2020. as well as the 1.4% average increase that economists forecast with Bloomberg.
China sets an economic growth target of more than 6% in 2021 after achieving 2.3% growth in 2020. However, analysts believe that China’s economic growth will easily surpass the target. This is even an increase of more than 8% in 2021.
Other figures released this morning by the National Bureau of Statistics showed that industrial production – a measure of the performance of the manufacturing, mining, and utilities sectors in China – rose 14.1%. in March compared to the same period last year. Before that, Chinese industrial production jumped 35.1% in the first two months of 2021.
Retail sales in China in March increased 34.2%, slightly higher than the 33.8% increase in January and February, while investment in fixed assets in the first quarter of 2020 increased by 25.6 % YoY, but much lower than the 35.0% increase in the first two months of 2021.
Unemployment rate surveyed in March reached 5.3% while this rate in February was 5.5%. This unemployment rate is an incomplete measure because it does not include data for tens of millions of migrant workers in China, according to the South China Morning Post.
China aims to create 11 million new urban jobs and keep the urban unemployment rate at 5.5% by 2021.