Here Are the Details From China's 2020 Economic Report
China reported that its economy grew 2.3 percent last year amid the coronavirus pandemic. According to data from the National Bureau of Statistics, gross domestic product (GDP) grew 6.5 percent in the fourth quarter beating analyst expectations.
However, Chinese consumers spent less money throughout the whole year. Retail sales fell 3.9 percent last year but increased 4.6 percent from a year prior. Online sales grew by 14.8 percent.
Economists expected China to be the only major economy to grow last year, predicting GDP growth of around 2 percent. Chinese authorities have been working to increase the country's domestic demand. Consumption decreased to 54.3 percent of GDP in 2020, down from 57.8 percent of GDP in 2019, said Ning Jizhe, commissioner of the National Bureau of Statistics.