Monetary Policy Report - 1st Quarter of 2021

The current economic background

The outbreak of COVID-19 in 2020 was traumatic for the Chinese economy, but China has overcome this crisis and its economic development is again healthy and sound. Since the trough in early 2020 China has shown an exceptional recovery with 18.3% (year over year GDP growth) in the first quarter 2021, marking China's highest annual growth rate since it first began recording GDP growth in 1993. Quarter over quarter the Chinese economy grew by 0.6% showing that most of the recovery already occurred in 2020. China largely benefited from reopening economies around the globe, the total value of China’s exports rose by 38.7% in the first quarter of 2021 compared to the same quarter of 2020.

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