Five key Chinese economy phrases in 2021

0 Comment(s)Print E-mail Xinhua, January 10, 2021
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A worker tests just-finished battery packs at a lithium battery factory in Tangshan, north China's Hebei Province, Nov. 29, 2020. (Xinhua/Yang Shiyao)

China will likely see steady improvements in both supply and demand sides in 2021. It is due to factory production and consumption regaining growth momentum amid strengthening economic recovery.

In the first 11 months of 2020, China's major industrial firms' profits expanded by 2.4 percent year on year to more than 5.74 trillion yuan (about 887 billion U.S. dollars). It widened by 1.7 percentage points from that in the first ten months.

The trend of industrial recovery and upgrade would be more notable in 2021, said Zhu Baoliang, chief economist at the State Information Center. He cited growth in sectors such as information transmission, software and information technology services, and manufacturing investment recovery.

Consumption will also rebound in 2021 due to the availability of COVID-19 vaccines and the implementation of measures boosting domestic demand, said Zhu.

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