The Pandemic’s Impact on China’s Growth Prospects
While a policy failure is largely responsible for China’s disappointing growth in the second quarter of 2021, a policy change might not be enough to get the economy back on track. Instead, China’s economic recovery may well depend, above all, on how the fight against COVID-19 unfolds.
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BEIJING – In the second quarter of 2021, China’s GDP grew by 7.9% year on year. That was a relatively strong performance, especially given the enduring effects of the COVID-19 pandemic on the global economy. But, for China, it represents a disappointment: a Caixin survey of economists showed the median estimate for the second quarter was 8.2% growth.