What phase of the business cycle was the Chinese economy in in 2020 and in 2021? Briefly explain for each year.

Which of the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports made the biggest contribution to the cycle in 2021?

Indicator 2019 2020 2021 Annual Growth rate (%) 6.1 2.3 8.1 Inflation rate (% change) - GDP deflator 0.83 1.27 1.2 est. Consumer Price Inflation - (% change) 2.7 2.5 0.9 Unemployment rate (%) - June Qtr 5.1 5.7 5.0 Natural rate of unemployment (%) *estimate 4.8 4.6 4.6 Index of production costs / Producer costs of prod'n 108.2 107.8 111.8 Index of production costs / Producer costs of prod'n - Annual % change 0.6 -0.4 3.7 Consumption Expenditure / spending on 385.9 387.2 425.9 est. g&s (billion RMB) (+10.8%) (-0.3%) (+10%) + % change in Retail trade - spending on + 8.0 consumer goods - 4.36 14.16 Consumer confidence (Index) 125.9 112.6 122.8 Investment spending - Fixed capital formation (billion RMB) 422.0 435.7 452.7 est. % change Investment spending +10.8 3.2 3.9 Index of Producer / Business confidence 98.8 101.8 101.8 Exports (US$ billion) - (Xg&s) 2499.4 2,589.9 3367.2 Imports (US$ billion) - (Mg&s) 2079.0 2,066.0 2690.4 Net exports (US$ billions) = Xg&s - Mg&s 420.4 523.9 676.8 Exchange rate (mid-point) RMB per USD; a USD buys; 30 June 6.89 7.03 6.47 +