(Yicai Global) Jan. 18 -- China’s gross domestic product rose 2.3 percent last year, making it the only major economy to grow. That expansion came about largely thanks to the nation’s success in controlling the spread of the Covid-19 pandemic; flexible, targeted and effective macroeconomic policies; and active opening-up measures, according to economists.

China’s coronavirus control measures have curbed the spread of Covid-19 in the country and ensured that economic and social life have quickly returned to normal, Wang Jun, a member of the academic committee of the China Center for International Economic Exchanges and chief economist at Zhongyuan Bank, told Yicai Global.

Flexible and targeted economic policies have helped achieve stability of employment, finance, trade, investment, and expectations besides having ensured jobs, livelihoods, market entities, food and energy safety, stable supply chains and grassroots operations. Meanwhile, active efforts to open up the economy to the wider world have stabilized foreign trade, foreign investment and supply chains.

The economy has shown three bright spots since the fourth quarter, one of which is a recovery in consumption, according to Cheng Shi, chief economist at ICBC International Holdings.

Though retail sales of consumer goods fell 3.9 percent to CNY39.2 trillion (USD6.04 trillion) in 2020, they rose for a fifth month in a row in December, jumping 4.6 percent, official data showed today.

The second bright spot is that exports remain resilient, growing against the backdrop of a fourth-quarter coronavirus wave that disrupted global supply chains. Exports gained 3.6 percent in dollar terms to USD2.59 trillion last year, according to data the General Administration of Customs published on Jan. 14. Imports fell 1.1 percent to USD2.06 trillion.

The third saving grace is a rebound in manufacturing investment, driven by domestic and overseas demand. For the January to November period, profits at industrial firms rose 2.4 percent from a year earlier to CNY5.75 trillion (USD885.4 billion) as production and operations rebounded. Profits climbed for a seventh straight month in November, soaring 15.5 percent to CNY729.32 billion (USD112.3 billion).

China’s GDP totaled CNY101.6 trillion (USD15.64 trillion) last year, breaking through the CNY100 trillion level for the first time ever, according to data the National Bureau of Statistics released today.

Per capita disposable income was CNY32,189 (USD4,960), a 2.1 percent gain after adjusting for inflation, while average spending per head was CNY21,210 (USD3,266), a decline of 4 percent after inflation, the NBS data showed.

Editor: Peter Thomas