The Chinese financial sector saw a sizeable improvement in its performance in 2020 despite the adverse economic impacts of the COVID-19 pandemic.
The added value of the Chinese financial sector was 8.41 trillion yuan (approx. USD$1.3 trillion) in 2020, for a YoY increase of 7.0%, according to data released by China’s National Bureau of Statistics on 19 January.
The Chinese financial sector saw the second-most rapid increase in its added value in 2020, with only the software and information technology services sector seeing a bigger YoY gain at 16.9%.
China’s GDP grew by 2.3% to reach 101.5986 trillion yuan (approx. USD$15.66 trillion) in 2020, amidst strenuous efforts by Beijing to contain the spread of the COVID-19 pandemic.