China has become the first major economy to grow since the start of the coronavirus pandemic after anti-virus lockdowns were lifted and factories and stores reopened.
The Associated Presspandemic, recording an unexpectedly strong 3.2% expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened.
“The national economy shifted from slowing down to rising in the first half of 2020,” the National Bureau of Statistics said in a statement. Manufacturing and some other industries are almost back to normal. But consumer spending is weak due to fear of possible job losses. Cinemas and some other businesses still are closed and restrictions on travel stay in place.
Private sector analysts say as much as 30% of China's urban workforce, or as many as 130 million people, may have lost their jobs at least temporarily. They say as many as 25 million jobs might be lost for good this year. In the three months ending in June, factory output rose 4.4%, rebounding from the previous quarter’s 8.4% contraction after factories that make the world’s smartphones, shoes, toys and other goods reopened.
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