Trending

Stories

Chinese Economy Bounces Back; Expands 3.2 Percent as Coronavirus Curbs Lifted

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

China’s economy bounced back by posting a 3.2 percent growth in the second quarter after a record 6.8 percent slump in the first quarter due to the coronavirus crisis, avoiding a recession.

The world’s second-biggest economy saw a sharp decline in growth in the first three months of the year during unprecedented coronavirus lockdowns when the GDP plummeted by 6.8 per cent.

Also Read

China’s gross domestic product (GDP) expanded 3.2 per cent year on year in the second quarter of 2020, the country’s National Bureau of Statistics (NBS) said on Thursday.

In the first half of this year, the country’s GDP stood at 45.66 trillion yuan (about USD 6.53 trillion) amid COVID-19 impact, down 1.6 per cent year on year, according to NBS data.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

A breakdown of the data showed the output of the primary industry rose 0.9 per cent year on year, while the service sector and the secondary industry saw a decline of 1.6 per cent and 1.9 per cent, respectively.

Thursday’s data showed China’s job market improved slightly in June, with the surveyed unemployment rate in urban areas standing at 5.7 per cent, down 0.2 percentage points from the previous month.

Judging by the official data, analysts say it is a turnaround of sorts for the world’s second-largest economy, which is the first one to recover from the coronavirus crisis without the hassles of lockdowns experienced by almost all countries in the world including the US.

As it came out from the coronavirus crisis in March-April, China cashed on growing COVID-19 demand for medical equipment from all around the world by exporting billions of dollars’ worth of materials.

Analysts, however, predict it would be an uphill climb for export-reliant China’s economy going forward as it faced intensified conflict with the US and the negative fallout on its external trade due to Beijing’s increasingly aggressive policies towards India, Hong Kong, Taiwan and the South China Sea resulting in bans of its products and services.

The UK has joined the US in banning Huawei and its 5G rollout and India has already banned 59 Chinese apps, including hugely popular TikTok.

China’s GDP took the worst hit since the disastrous Cultural Revolution in 1976, plummeting by 6.8 per cent in the first quarter of 2020 as the country took unprecedented measures to fight the coronavirus pandemic that brought the world’s second-largest economy to a standstill.

On a slowdown mode, China’s economy grew by 6.1 per cent in 2019, the lowest annual growth rate in 29 years amid the bruising trade war with the US but it remained above the psychologically important mark of six per cent.

The GDP in 2019 expanded to USD 14.38 trillion from USD 13.1 trillion in 2018.

“The second-quarter performance was better than expected, as production on the supply-side picked up and investment caught up,” Tian Yun, vice director of the Beijing Economic Operation Association, told the state-run Global Times.

“The economy in the latter half of the second quarter moved from post-virus recovery to periodic climbing up to a certain extent,” Tian said.

China’s Q2 figure is higher than experts were predicting and points towards a V-shaped recovery – that is, a sharp fall followed by a quick recovery, a BBC report said.

It also means China avoids going into a technical recession – signified as two consecutive periods of negative growth.

A technical recession is defined as two consecutive quarters of contraction in GDP.

China’s growth could also lend credibility to Beijing’s claims that its approach in containing the outbreak, including draconian control over people movement and massive testing, provides the right balance between economic growth and pandemic control, Hong Kong-based South China Morning Post reported.

As per NBS data, China’s retail sales of consumer goods declined 3.9 per cent year on year in the second quarter of this year.

The figure narrowed 15.1 percentage points from the first quarter, the data showed.

In the first half of the year, retail sales of consumer goods went down 11.4 percent year on year to 17.23 trillion yuan (about USD 2.5 trillion) narrowing by 7.6 percentage points from the first quarter.

China’s surveyed unemployment rate in urban areas stood at 5.7 percent in June, 0.2 percentage points lower than that of May, the data said.

A total of 5.64 million new urban jobs were created in the first half of 2020, completing 62.7 per cent of the annual target, it said.

Also, China’s fixed-asset investment went down 3.1 per cent year on year in the first half of 2020, narrowing from the 6.3-per cent decline in the first five months.

The total fixed-asset investment came in at 28.16 trillion yuan (about USD four trillion).

China’s value-added industrial output, an important economic indicator, went up 4.4 per cent year on year in the second quarter as factories stepped up production amid COVID-19 control, the NBS data said.

In the first half of the year, industrial output fell 1.3 per cent, dragged down by the 8.4-per cent slump in the first quarter as the novel coronavirus outbreak disrupted economic activities during the period.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors