Oct 19, 2020 05:05 PM

Yi Gang Predicts China’s GDP Will Grow 2% in 2020

What’s new: China’s economy will likely grow about 2% this year, China’s central bank Governor Yi Gang said on Sunday.

The People’s Bank of China (PBOC) will continue to focus on supporting small and midsize enterprises, which is its priority, through offering them loans by providing commercial banks with liquidity and incentives, Yi said at the International Banking Seminar of the Group of Thirty, an independent body comprising economic and financial leaders around the globe.

The PBOC will also seek to boost domestic demand, letting domestic consumption play a bigger role in bolstering economic growth, he added.

What’s the background: China’s GDP grew 4.9% year-on-year in the third quarter of 2020 following pandemic lockdowns, accelerating from 3.2% growth the previous quarter, official data (link in Chinese) showed Monday. Its GDP for the first three quarters grew 0.7% year-on-year.

“The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery,” Yi said.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Related: China GDP Grew 4.9% in Third Quarter

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