
- Industrial output rose 7.3% in December from a year earlier, and 2.8% in 2020
- Retail sales growth slowed to 4.6% in December from 5% in November. For the whole of 2020 it shrank 3.9%, led by an almost 17% drop in catering and restaurants
- Fixed-asset investment was 2.9% bigger in 2020 than in 2019
- The economy expanded 2.6% on a quarter-on-quarter basis in the final three months of the year, down from a revised 3% in the July-September period
- The jobless rate was 5.2% at the end of December
What Bloomberg Economics Says... “The Chinese economy accelerated to a strong finish to 2020, though challenges at the start of 2021 could put a damper on growth.” Data for December suggests that the gap between demand and supply is opening up again, and this may reflect the impact on consumption from recent viral outbreaks. -- Chang Shu, chief Asia economistEmerging from the pandemic larger than when it started is a capstone to a dramatic year for the world’s second-largest economy, which began 2020 with a historic first-quarter slump when the coronavirus lockdowns brought most activity to a halt. With global output likely contracting 4.2% last year, China’s gains mean it increased its share of the world economy to 14.5%, according to World Bank estimates, compared with 22% for the US. Based on projections from the International Monetary Fund, China will now overtake the US by 2028, two years earlier than previously predicted, according to Nomura Holdings Inc.
