Video: China’s economic recovery quickens

China's economic recovery quickened in the third quarter of 2020 but missed forecasts. It is the only major global economy expected to grow this year.

Editor’s note:
The following is a transcript of the accompanying video. ©2020 Thomson Reuters.

China’s economy bounced back even further in the third quarter, as the country's GDP shot up by 4.9% between July and September of this year. And while that's not quite as strong as analysts hoped, it still suggests consumer confidence is returning after the shock caused by the global health crisis.

It's one of the few success stories of economic recovery from the crisis. Policymakers around the world hope China’s rebound will help stabilise a shattered global economy and kick-start demand, as economies elsewhere struggle with heavy lockdowns.

The national statistics bureau said on Monday there was reason to believe that a sustained economic recovery was underway. September saw an improvement in all major indicators for the first time this year. Retail sales climbed 3.3% last month, while industrial output grew 6.9%.

The government has rolled out a raft of measures to help stimulate the economy, including more fiscal spending, tax relief, and cuts in lending rates and banks' reserve requirements.

China, which suffered its first contraction in nearly three decades earlier this year, is now the only major economy expected to report growth in 2020.