China’s economy is showing signs of rebounding from the economic downturn experienced since the coronavirus pandemic began. The recovery is attributed, in part, to retail spending as consumers return to shopping for everything from new clothing at malls to buying cars.
The world’s second biggest economy saw a third-quarter increase of 4.9% compared to last year at the end of September. Factory production is rising back to, or above, pre-pandemic levels due to a global demand for masks and other pandemic-related supplies. The Shanghai Composite in China was down 0.7% however, amid concerns that the strong recovery will reduce the need for stimulus which would boost stock prices.
Economists predict China to be the only economy to experience growth this year, while other major economies in Japan, Europe and the United States have been shrinking. Reports indicate China is heading into its fourth fiscal quarter with strong growth acceleration not attributed to economic stimulus, as companies are recovering independent of government aid. Most other Asian stock markets saw increases with the news of China’s upturn.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.