During the first quarter of 2021, China’s GDP has increased to 24.93 trillion yuan, or about 3.83 trillion dollars. This is about 18.3 percent higher than the first quarter of 2020, which is the largest growth rate recorded during any quarter in the history of China. However, the low base of the first quarter of last year has a big hand in this figure of 18.3 percent increase.
The quarterly figure of China’s GDP growth is so high because during the first quarter of 2020, China’s economy saw a drop of 6.8 percent due to the Corona epidemic. Compared to the last quarter of the year 2020, the GDP of the first quarter of 2021 has increased by only 0.6 percent. In the last quarter of 2020, China’s GDP grew by 6.5 percent compared to the last quarter of 2019. While the annual growth rate of 2020 has been 2.3 percent.
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China’s growth rate in 2020 may have been lower than its previous growth rates, but China has been the only major country in the world to achieve positive growth during the Corona period. The major reason for this is that China had opened up its economy by overcoming the epidemic early, while most of the major economies of the world including America, Europe and Japan were struggling with the Corona crisis.