China's economy grows 18.3% in Q1 2021

17 Apr '21

2 min read

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Powered by a strong domestic and foreign demand, China's economy grew 18.3 per cent year-on-year in the first quarter (Q1) of 2021. The gross domestic product (GDP) reached 24.93 trillion yuan (about $3.82 trillion) in Q1, up 0.6 per cent from the fourth quarter of last year, according to data from the National Bureau of Statistics (NBS).

Low base in early 2020 (Q1) due to the spread of COVID-19 in China last year was another reason for strong growth registered during the quarter. In Q1 2020, the Chinese economy had registered a 6.8 per cent contraction.

Subsequently, however, the economy rebounded, and it showed positive growth of 3.2 per cent in Q2, 4.9 per cent in Q3 and 6.5 per cent in Q4.

"Full-year economic growth is likely to maintain a stably consolidating and improving trend," said NBS spokesperson Liu Aihua at a press conference, citing the country's growing intrinsic development momentum, supply quality and market vitality as major support for sustained recovery.

As per NBS data, in Q1 2021, China's value-added industrial output, retail sales and fixed-asset investment went up 24.5 per cent, 33.9 per cent and 25.6 per cent, respectively. Total international trade too surged 29.2 per cent year-on-year to 8.47 trillion yuan.

The International Monetary Fund, in its World Economy Outlook released early this month, projected the Chinese economy to grow by 8.4 per cent in 2021.

Fibre2Fashion News Desk (RKS)

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