Chinese data disappoints markets but shares boosted by hopes of US fiscal package and a coronavirus vaccine by year-end
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China has become the first major economy to recover from the Covid-19 pandemic. It grew 4.9% between July and September from a year earlier, up from a 3.2% annual rate in the previous quarter, according to government data.
The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery.
Related: China becomes first major economy to recover from Covid-19 pandemic
Cross-provincial travel has helped the economy a lot as Mainland China “spenders” have stayed in the home country to spend on tourism services and luxury items in the duty-free shops. These activities have created jobs for low-skilled labour market participants and have helped to further stabilise consumption.
