IT's no secret that China escaped the Covid-19 crisis fairly quickly in 2020. As a positive consequence, their gross domestic product (GDP) growth got back on track much faster than in other countries. The growth in the second half of 2021 even managed to surprise positively, which was the case in both the third and fourth quarters. In the third quarter, China's GDP grew by 0.7 percent compared to the previous quarter, after the growth was revised upward. In the fourth quarter, growth once again surprised on the positive side. A quarterly growth rate of 1.1 percent was expected compared to the third quarter, but the result was a strong 1.7-percent growth.
In the first half of this year's first quarter, the good pace in the domestic Chinese economy continued. Retail sales jumped to a higher level than many have seen in a long time, it was virtually all consumer goods and forms of consumption that marked the progress.
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