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Taiwan GDP growth outpaces China for first time in three decades

Hong Kong, meanwhile, logged back-to-back annual contractions

TAIPEI/HONG KONG -- Taiwan's economic growth last year outpaced China for the first time in 30 years, while Hong Kong logged back-to-back annual contractions.

Taiwan's gross domestic product expanded 2.98% in 2020, faster than the 2.3% of its neighbor across the Taiwan Strait. It's impressive pace in a year when the global economy was battered by the coronavirus pandemic comes as major economies across the globe are set to log annual contractions.

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