With the coronavirus firmly under control in its territory, China is booming again, with its economy surging 4.9 percent in the July-to-September quarter compared with the same months last year, the country’s National Bureau of Statistics announced Monday. The performance comes close to restoring China to the 6 percent annual growth rate it enjoyed before the pandemic struck. China is the first nation to report a post-pandemic quarter of growth that significantly surpasses where it was at this time last year. China has almost no local transmission of the virus, while the United States and Europe are seeing record daily tolls as its spread accelerates. China could account for at least 30 percent of the world’s economic growth this year and in the years to come, the government claimed at a news conference in Beijing. Chinese demand for raw material has put a floor under commodity prices, and its export-based recovery has created jobs in China, but placed a brake on growth elsewhere. By contrast, the U.S. GDP is expected to shrink by 4.3 percent and the EU by 8.3 percent.
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