China’s FY2021 GDP is expected to grow by 9pc, up from 8.2pc predicted earlier by the investment banker UBS, reported local media. The bank revised the estimate citing robust growth in the first two months of the year.
Strong export demand supported by a rebound of economic activities globally is expected to push exports up by 16pc in dollar terms, while imports would increase by 17pc from the prior year on robust domestic demand. China’s GDP growth in Q1 is likely to be over 19pc due to last year’s low base. From the second quarter onwards, growth is expected at 6pc, said the UBS report.
Last week, during the annual parliamentary meeting, Chinese premier Li Keqiang announced China’s GDP will grow by 6pc in 2021, which is fairly modest when compared to slow economic activities in 2020. The consensus estimate among global economic agencies is around 8-9pc given the low base in 2020.