China’s economic recovery accelerated in the third quarter, as the latest data show.
Consumers are returning to shopping malls and major trading partners are reopening their operations, as the Asian superpower sheds a record drop seen earlier this year.
According to a Reuters poll, the world’s second-largest economy probably grew 5.2% in July-September from a year earlier, faster than 3.2% in the second quarter.
China releases third-quarter GDP data later Monday, along with factory output, retail sales and investment in fixed assets in September.
Policymakers around the world are pinning their hopes on a robust recovery in China to help restart demand as economies grapple with heavy lockdowns and a second wave of coronavirus infections.
“China has become the first major economy to reverse its pre-virus growth trajectory, thanks to its rapid containment of COVID-19 and its effective stimulus response,” analysts from Capital Economics said.
However, they warned that a further slowdown is likely from late 2021, as the stimulus wears off.
China’s retail spending has been delayed by the resumption of factory activity as heavy job losses and lingering concerns about the infection have kept consumers at home, even as restrictions have been lifted.
However, that should have changed in the third trimester.
Auto sales in September marked a sixth consecutive month of gains with solid growth of 12.8% and Ford Motor Co’s vehicle sales in China jumped 25% in the third quarter over the year former.
Domestic passenger flights in September, meanwhile, surpassed COVID-19 levels, indicating the sector was approaching a full recovery.
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