Chinese economy rebounds

Chinese economy rebounds
© Belga

The Chinese economy began to recover in the second quarter of 2020.

Its gross domestic product (GDP) increased by 3.2% compared to the same period in 2019, according to official data from the national statistics office.

This growth is still modest for China however. Last year, the Chinese economy grew by 6.1%.

The recovery comes after a historic contraction of the Chinese economy of 6.8% in the first quarter, due to the coronavirus crisis, which forced most companies to shut down.

The quarterly economic contraction was the first experienced in China since it started to release its quarterly results in 1992. The last time the country experienced an economic slowdown for a full year was in 1976 following the cultural revolution.

The first half of 2020 is marked by a 1.6% economic growth, and according to analysts, the Chinese economy is on the upswing.

China has for now regained control of the coronavirus epidemic, with few new infections reported and economic activity is in the process of normalizing. The government has also released significant funds to support the recovery.

The Brussels Times

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