Communist China raised the alarm for the West again after posting a record 18.3 percent growth in its gross domestic product (GDP) for the first quarter in 2021.
Like all other industrialized nations, China’s economy took an artificial hit during the COVID-19 pandemic, which the country was the first to tackle. Now, economists are watching the command economy rebound very strongly.
Despite the impressive number, CNBC reports that the 18.3 number actually fell short of expectations. Officials anticipating a record 19 percent growth in the first quarter of the fiscal year. Nonetheless, this is still a gargantuan figure — especially for western countries that are still implementing economic restrictions on their own businesses.
However, not everything is always as it seems. DW reports that the figure is heavily skewed due to the fact that China’s economy also took a record nosedive during the early stages of the COVID-19 pandemic. The initial viral outbreak is linked to the country itself, and Beijing responded with very aggressive forced quarantines.
“Young people’s employment problem still needs a period of time to be absorbed,” China’s National Statistics Bureau spokesperson said. “The total pressure in this aspect does exist.”
Of course, it’s always wise to take statements from Chinese media with a grain of salt. The authoritarian nature of Beijing is impossible to separate from the financial news that comes out of the country. But one thing is undeniable — China is rapidly catching up the United States in terms of sheer economic might. Whether or not the country provides the ideal environment for western-minded business owners is irrelevant.
China has been steadily boosting its GDP for about 30 years, but the real uptick can be traced back to its admission into the World Trade Organization in 2001. Since then, Beijing has been able to blend its authoritarian socialist administration with an aggressive market economy to compete on the world stage.
Here’s DW News with more.
