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Chinese economy no longer needs support

The Chinese authorities are thinking about canceling economic support measures taken due to the coronavirus pandemic. The country's central bank will stop pursuing further monetary easing amid a rapid economic recovery. This is in stark contrast to the United States and Europe, where the second wave of the pandemic is coming.

Chinese economy no longer needs support

Photo: lenta.ru

The Chinese authorities are thinking about canceling economic support measures taken due to the coronavirus pandemic. Bloomberg writes about it.

The country's central bank will stop pursuing further monetary easing amid a rapid economic recovery. This is in stark contrast to the US and Europe, where a second wave of the pandemic and rising incidences are forcing governments to consider additional stimulus.

The overall situation in China is better than in the international economy, said Liu Guoqiang, chairman of the country's People's Bank. The economy made up for all the losses suffered in the first half of the year. At the same time, the recovery was first caused by the growth of exports and industrial production, and then consumption increased.

From January to September this year, the Chinese economy gained 0.7 percent despite the coronavirus pandemic. The International Monetary Fund (IMF) previously named China as the only one of the largest economies in the world to grow by the end of 2020. It is expected that this year, Chinese GDP will add 1.2 percent, and in 2021 it will grow by 8.2 percent.

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