China’s economy accelerated at end of 2020, but virus-hit annual growth lowest in 45 years

China’s pandemic-hit economy recorded a gross domestic product (GDP) growth of 2.3 per cent in 2020. The lowest annual growth rate in 45 years was announced on January 17, 2021, by the National Bureau of Statistics. After contracting by 6.8 per cent in the first quarter of 2020, the country’s economy expanded by a stronger-than expected  6.5 per cent in the fourth quarter, up from 4.9% in the third quarter. China’s was the first economy to show recovery from the pandemic and is expected to be the only major economy to have posted positive growth last year.