Global Economic News: Chinese Economy Expands
- As The Wall Street Journal reported last week, the Chinese government announced that, despite the economic ravages of COVID-19, the nation’s economy expanded 4.9 percent in the third quarter of 2020 from the year before. The reading puts the China “on track to be the only major world economy to grow this pandemic-hit year.” The country’s economy also expanded in the second quarter, by 3.2 percent year-over-year. Also announced last week: China’s exports in September rose 9.9 percent from a year earlier while imports increased 13.2 percent. The country’s unemployment rate was at 5.4 percent in September, down from 5.6 percent in August. Click here to read The Journal’s full explanation of how China’s economy has managed to recover.