China’s economic ascent is accelerating barely a year after its first coronavirus lockdowns, as its success in controlling COVID-19 allows it to boost its share of global trade and investment.
The world’s second-largest economy is set on Monday to report gross domestic product increased 2.1% in 2020, the only major economy to have avoided a contraction, according to a survey of economists.
That should ensure its share of the world economy rose at the fastest pace this century. Global output fell 4.2% last year, according to the World Bank, pushing China’s share of it to 14.5% at 2010 dollar prices — two years earlier than expected.
And it’s not just a blip that’ll reverse once other large economies begin to recover as vaccines are rolled out. Economists expect China’s GDP will expand 8.2% this year, continuing to outpace global peers including the U.S.