‘China on solid path of economic recovery from pandemic shock’

New York, Oct 24 : The Chinese economy is staging impressive recovery from the Covid-19 pandemic shock, bolstered by the country’s effective control of the novel coronavirus, a renowned US economist said.
“The third quarter GDP was encouraging,” which does show that “China is on a solid path of economic recovery following the Covid-19 shock in the early months of this year,” Stephen Roach, senior fellow at Yale University’s Jackson Institute for Global Affairs, told Xinhua .
“The encouraging pieces of it have to do with the contribution to economic growth made by Chinese consumers, who clearly were most adversely impacted by the lockdown early this year,” said Roach, who was formerly chairman of Morgan Stanley Asia and chief economist at Morgan Stanley, a New York-based investment bank.
China’s gross domestic product (GDP) expanded 4.9 per cent year on year in Q3, faster than the 3.2-per cent growth seen in Q2, showed official data earlier this week.
Also, in the latest World Economic Outlook report released earlier this month, the International Monetary Fund projected China’s economy to grow by 1.9 per cent in 2020, 0.9 percentage points above the IMF’s June forecast, making it the only major economy that will see positive growth this year.
“The most impressive aspect of the economy’s performance is that the highest priority was given to containing the outbreak of Covid-19,” said Roach.