As Covid-19 spreads its wings to other countries around the world, China’s economy is slowly gaining momentum while countries like the U.S and Europe struggle with containing the virus.
The world’s second largest economy grew to 4.9% between July and September when compared to the same timeframe last year. However, economist expected a figure lower than 5.2%
“I don’t think the headline number is bad,” said Iris Pang, chief China economist for ING in Hong Kong. “Job creation in China is quite stable which creates more consumption.”
Its trade numbers also show exports growing by 9.9% and imports by 13.2% when compared to September last year.
While the pandemic has hurt this year’s growth targets, China remains in a trade war with the US which has hurt the economy.
According to Robin Brant, a BBC China correspondent, lockdown measures in China and its measures to control the virus and some government stimulus have appeared to do its job.
While 4.9% is slightly lower than forecasted, industrial output have come in above expectations.
For the second quarter of this year, economic growth in China reached 3.2% as it started its rebound.
“China’s economy remains on the recovery path, driven by a rebound in exports,” said Yoshikiyo Shimamine, chief economist at the Dai-Ichi Life Research Institute in Tokyo.
“But we cannot say it has completely shaken off the drag caused by the coronavirus.”
The boost should also come from this month’s “Golden Week” – an annual holiday in October that sees millions of Chinese travel.
With majority of international borders shut off at the moment, millions of Chinese have been doing their travelling domestically instead.
According to its Ministry of Culture and Tourism, 637 million trips in China over the eight-day holiday which generated revenue of 466.6bn RMB ($69.6bn, £53.8bn). The tropical island province of Hainan also saw a double in their duty-free sales , up to nearly 150% according to local customs data.