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CHINA'S ECONOMY SHOWS 2.3 PERCENT GROWTH IN 2020

CHINA'S ECONOMY SHOWS 2.3 PERCENT GROWTH IN 2020

Context

China grew 2.3 per cent in 2020, registering the lowest annual growth rate in 45 years.

Details

  • The Gross Domestic Product (GDP) of the world's second-largest economy grew by 2.3 per cent, expanding to USD 15.42 trillion in dollar terms in 2020, according to the data released by China's National Bureau of Statistics (NBS).
  • The Chinese economy which suffered a 6.8 percent decline in the first quarter in 2020 after it went into lockdown following the emergence of the deadly coronavirus in Wuhan.

Trade Deficit with India

  • The trade deficit, between India and China, declined to a five year-low of 45.8 billion USD in 2020, the lowest since 2015.
  • A trade deficit is an amount by which the cost of a country's imports exceeds its exports.
  • India’s imports from China accounted for 66.7 billion USD, declining by 10.8% year-on-year and the lowest figure since 2016.
  • India’s exports to China, however, rose to the highest figure on record, crossing the 20 billion USD mark and growing 16% in 2020.

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