China’s economy roared back to pre-pandemic growth rates in the fourth quarter of last year as its industrial engines fired up to meet surging demand for exports, pushing the full-year expansion beyond estimates and propelling its global advance.
Gross domestic product climbed by 6.5 per cent in the final quarter from a year earlier, pushing growth to 2.3 per cent for the full year. That leaves the world’s second-largest economy driving global growth and potentially passing the GDP of the United States sooner than expected.
The recovery from the biggest slump on record was engineered by getting Covid-19 under control and deploying fiscal and monetary stimulus to boost investment. Read more…..
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CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Eunice Yoon reports from Beijing on the state of life and commerce in China exactly one year after a Wuhan doctor first raised a flag about Covid-19. Plus, CNBC.com’s Leslie Josephs breaks down the industry outlook for airlines in 2021 after a disastrous 2020.