China’s economic recovery picked up pace in the third quarter 2020, with GDP expanding by 4.9 percent year-over-year (y-o-y). This represented an improvement over the 3.2 percent y-o-y growth recorded in the second quarter 2020 and brought expansion for the first three quarters of 2020 to 0.7 percent, ensuing positive growth for China economy for the full year 2020, according to CBRE in its Greater China MarketFlash report.
The recovery has been visible across all major sectors from manufacturing to services and investment to exports. National Bureau of Statistics of China data show the information technology, finance and advanced manufacturing industries continued to outperform, registering year-to-date (y-t-d) growth of 15.9 percent, 7 percent and 5.9 percent, respectively. Although y-t-d retail sales and import growth remain negative, both posted quarter-over-quarter (q-o-q) expansion this quarter.
