In the first quarter of this year, China’s economy grew by a record 18.3 percent, while in the same period last year it fell by 6.8 percent.

The GSO stressed that 2021 turned out to be more favorable for the country than the last year. The increase in GDP was explained by overcoming the coronavirus pandemic. The economic growth was influenced by several factors, including increased domestic demand, stability in the labor market, ensuring high productivity of production and improving the expectations of entrepreneurs. Generally, the GSO indicated that the country’s economy is recovering, having a solid foundation for this.

In 2020, China began to recover from the consequences of the coronavirus pandemic and to remove restrictions on the economy earlier than other countries. This resulted in an increase in exports, which amounted to 3.6 percent against a GDP growth of 2.3 percent.