China reported that its GDP grew by 3.2% in Q2, compared to a year ago — beating analysts’ expectations and rebounding from the first quarter’s contraction.
contracted by 6.8% in 2020 from a year ago as the world's second largest economy took a huge hit from the coronavirus outbreak. This was the country's first GDP decline since at least 1992, when official quarterly records started.
China's official GDP figures are tracked as an indicator of the health of the world's second-largest economy, but many outside experts have long expressed skepticism about the veracity of China's reports. "Generally speaking, the national economy overcame the adverse impact of the epidemic in the first half gradually and demonstrated a momentum of restorative growth and gradual recovery, further manifesting its development resilience and vitality," said China's National Bureau of Statistics in a press release on Thursday.including fiscal spending and cuts in lending rates and banks' reserve requirements — the amount of cash that lenders must hold in reserve..
Chinese exports have been getting "massive market share" while the rest of the world was locked down, said Bo Zhuang, chief China economist at TS Lombard before the data release. China started easing lockdown measures earlier than other countries. We are seeing an uneven recovery in China. Return to work, especially factory production, seems to be doing relatively much better.Zhuang said he expected China's GDP recovery to be sustainable in the next two quarters at least, as the domestic economy seems to be doing "fine" with growth in infrastructure and cross-provincial travel reopened, he told CNBC's
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