Ratings agency Fitch revised China’s GDP growth rate projection from 8% to 8.4% on Thursday, citing strong export recovery and global demand. The country’s economic rebound to 6.5 percent in the fourth quarter of 2020 was described as “a remarkable achievement in the context of the pandemic.” Fitch said it reflected China’s success in containing the virus, as well as strong investment growth and a boost to net trade as exports rebounded very rapidly from mid-year and services imports collapsed. China is the only major economy that is starting to normalize macroeconomic policy settings, where the fiscal deficit is being scaled back and
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