In a year like no other, Chinese economy emerges stronger from unprecedented virus test

BEIJING - China's economy, the first jolted by COVID-19, has bounced back from epidemic fallout with resilience on effective virus control and targeted stimuli, as a pandemic depression continues to threaten the world.

With GDP growth reaching 3.2 percent and 4.9 percent in the second and third quarters, the world's second-largest economy completed the upward leg of a V-shaped recovery from virus-induced lockdowns that sent it into a rare 6.8-percent contraction in the first quarter.

In its latest Economic Outlook report, the Organization for Economic Co-operation and Development predicted that China will be the only major economy to record positive performance in 2020 with 1.8-percent growth.

By the end of 2021, global gross domestic product is projected to reach the pre-pandemic level, with China expected to account for over a third of world economic expansion, according to the report released on Dec 1.

As a more encouraging sign, China's exports jumped 21.1 percent year on year in November in US dollar terms, the fastest growth since February 2018, thanks to strong demand for medical goods and electronics.

The brisk recovery has not been easy to come by. Refraining from hastily resorting to massive stimulus measures, China adopted a clear and consistent approach: containing the virus first with stringent public health measures and then rolling out monetary and fiscal policies to revive economic activities.