File photo of Beijing, capital of China.

China is expected to be the only major global economy to achieve positive growth in 2020, according to the IMF’s latest World Economic Outlook.

While the Outlook forecasted a 4.9 percent contraction in global GDP this year, China’s one percent growth appears to be a rare bright spot amidst the gloom in the coronavirus pandemic.

According to a recent article published in the Wall Street Journal, China’s economy is bouncing back, further closing the economic gap with the US.

China’s 3.2 percent GDP growth in the second quarter this year marks better-than-expected figures of economic recovery after the coronavirus lockdown, drawing attention worldwide.

The article showed J.P. Morgan recently boosted its forecast for China’s growth this year to 2.5 percent from 1.3 percent in April. Economists at the World Bank and elsewhere have also upgraded forecasts for China.

US companies are keen on prioritizing China among their top five targets for global strategy development, despite trade tensions between the two countries.

The US-China Business Council (USCBC) showed in its most recent annual member survey that nearly 70 percent of over 100 member companies expressed optimism about the market prospects in the next five years.

The car market in China is recovering faster than in the rest of the world, reported WirtschaftsWoche, a Germany’s major business magazine. Sales have bounced back, providing relief to many German manufacturers.

The article said it is impossible to imagine how precarious the situation would be for the industry were it not for a V-shaped recovery in China.

Stephan Wöllenstein, the Volkswagen Group's chief executive in China, told the magazine that the considerable strength of the Chinese market is now helping support VW around the world.

As a leading Bangladeshi economist, Jamal Uddin told Xinhua in a recent interview that China’s contributions to the world economy have proven significant amid the COVID-19 pandemic.

China has sufficient resources to overcome COVID-19, such as technology, skilled health professionals, health infrastructure and management capacity, said Uddin, who is the general secretary of the Bangladesh Economic Association (BEA), adding that with all these necessary logistics, China can manage its economy in the fight against the COVID-19.