It's China's slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult. But during a year when a crippling pandemic plunged major world economies intorecession, China has clearly come out on top. The expansion also beat expectations. The International Monetary Fund, for example, predicted that China's economy would grow 1.9% in 2020. It's the only major world economy the IMF expected to grow at all.
The pace of the recovery appears to be accelerating, too: GDP grew 6.5% compared to a year ago, faster than the third quarter's 4.9% growth.