CNBC reports that British economist Jim O’Neill told that China is well on its way to recovering from a coronavirus pandemic-led economic crisis and will continue to be the most important marginal driver of global GDP.

O’Neill pointed to the latest Chinese consumer spending data as a sign of China’s accelerating recovery. Retail sales for August in the world’s second-largest economy rose 0.5% from a year ago, the first positive report for 2020 so far. 

“I suspect Chinese GDP growth could actually end 2020 as net positive still,” O’Neill told CNBC in an interview. “By end 2021, Chinese GDP growth will have possibly even made up for, not only the losses, but the loss in the trend also.” 

Others, including the Asian Development Bank, have also predicted China’s economy will fare considerably better than the rest of the world this year.