Chinese economy could grow 8-9% this year from low base in 2020 – c.bank advisor

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A view shows evening rush hour traffic in the central business district (CBD) of Beijing, China on January 15, 2021. Photo taken on January 15, 2021. REUTERS / Tingshu Wang

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BEIJING, Feb.26 (Reuters) – China’s gross domestic product (GDP) could increase 8-9% in 2021 as it continues to rebound from the COVID-19 pandemic, said Liu Shijin, political adviser to the People’s Bank of China. Friday.

This speed of recovery would not mean that China has returned to a period of “high growth,” Liu said, because it would start from a low base in 2020, when the Chinese economy grew 2.3%.

HSBC analysts this week forecast China to grow 8.5% this year, leading the global economic recovery from the pandemic.

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If the average GDP growth in 2020 and 2021 is around 5%, that would be a “not bad” result, Liu said, speaking at an online conference.

China is expected to release a government activity report on March 5, which typically includes a GDP growth target for the year.

Last year’s report did not include any due to uncertainties caused by the coronavirus. Reuters previously said the 2021 report would not set a target either.

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Reporting by Gabriel Crossley and Muyu Xu; Editing by Sam Holmes

Our Standards: Thomson Reuters Trust Principles.

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