During the July to September 2020 quarter, while most other major global economies were still dealing with the impact of the coronavirus crisis and struggling to rebound, China’s economy grew 4.9%, according to the country’s National Bureau of Statistics.
While slower than expected, this still impressive rate is evidence of the robustness of the country’s recovery, with the growth rate almost at pre-pandemic levels.
The growth rate for the third quarter of 2020 compares to the 3.2% year-over-year increase seen in the second quarter and the 6.8% shrinkage seen during the first quarter of the year, when China was hit by the coronavirus outbreak and subsequent lockdown.
During the first three quarters of 2020, China’s economy grew 0.7%, compared to the same period of 2019.
For the whole year 2019, the country’s economy grew 6.1%. The devastating impact of the coronavirus pandemic prompted the Chinese government to do away with official growth targets for 2020, instead focusing on containing COVID-19 and stabilizing the job market.
In September 2020, China's urban surveyed jobless rate fell to 5.4%, compared to 5.6% in August and 6.2% in February.