China announced that it aims to realize GDP growth of over six percent in 2021, according to the Government Work Report issued on March 5. In 2020, China’s GDP rose by just 2.3 percent amid the negative impact from the Covid-19 pandemic.
Sun Guojun, analyst at the Research Office of the State Council, said China’s economic development has been in gradual recovery since the second quarter last year, and so the economy of China will maintain steady development this year.
According to the report, China will see steady increases in purchases of goods such as automobiles and home appliances, which will exert a positive impact on demand for steel in 2021.