China only major economy to grow in 2020

Chinese economy grew 2,3% after they posted 6,5% growth in 4q compared to last year. This means that China is the only major economy to be able to sustain growth despite the Covid 19 pandemic which put all other major economies into recession. In comparison US economy shrak 3,6% and Eurozone 7,4% and total economic pullback was 4,3%. China also grew in second and third quater by 3,2 and 4,9% and only their first quater was affected and ended up 6,8% in minus. It is clear that China was able to control virus much quicker than rest of the world, plus were able to shift their production capacities to things that were in demand, such as masks. This means that huge Chinese growth is back and with Biden administration set to be better towards China, we can expect more from them. (Cheng, Wall Street Journal)

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