The Chinese economy recorded a 4.9% growth rate in the July through September quarter over the same period last year, demonstrating that following strict coronavirus protocols can quicky quell the economic impact of the pandemic, the New York Times reports.
The Chinese numbers show growth, not just a recovery, from the economic slowdown brought on by the coronavirus. The rapid recovery positions China to continue its increasing influence on world economics.
The Chinese government also released Monday (local time) data on retail sales for September, which increased 3.3% from last year, and industrial production, up 6.9% from 12 months ago. Exports, a key to the Chinese economy, also increased.
The Chinese did not implement mass lockdowns during the pandemic, but did mandate isolation in areas where outbreaks occurred; has massive testing programs; and uses cell phone data that tracked contacts.
The US GDP numbers will not be releases until October 29th, four days before Election Day. Second quarter US GDP dropped at a 31.4% annual rate, but no forecast is expecting the US to recover to pre-pandemic levels.