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release of fourth quarter, full-year 2020 GDP

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Employees working on a dry-type transformer production line at an electrical production factory in Haian, in eastern China’s Jiangsu province on Jan. 4, 2021.

Stringer | AFP | Getty Images

BEIJING — China reported Monday that its economy grew 2.3% last year as the world struggled to contain the coronavirus pandemic.

Gross domestic product rose by 6.5% in the fourth quarter from a year ago, official data from the National Bureau of Statistics showed. Those numbers beat analysts’ expectations.

However, Chinese consumers remained reluctant to spend, as retail sales contracted 3.9% for the year. Retail sales for the fourth quarter rose 4.6% from a year ago.

Online sales of consumer goods rose…



Source cnbc.com

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