China posted 4.9% economic growth in its third quarter as compared to the same period last year, keeping it on track to be the only major global economy to record an economic expansion this year in the midst of the novel coronavirus pandemic.
Economists estimate China’s yearly GDP growth could be north of 2.5% this year — even as the rest of the world economy is expected to shrink by at least 4%. That differential will give Chinese companies in sectors ranging from electronics to steel more global market share and greater economic influence.
“What you’re seeing now is basically China’s stability premium kicking back in, in the sense that companies now are dealing with a global pandemic, and many of the places that they would move production to aren’t looking so rosy right now,” says Michael Hirson, China and Northeast Asia practice head at the consultancy Eurasia Group.
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