After a steep decline at the start of the year, China s economy showed vast recovery in the second quarter despite still getting plagued with major economic debacles in weak domestic consumption and investment amid the unrelenting coronavirus crisis.
China s gross domestic product (GDP) grew 3.2% in the second quarter from a year earlier, the National Bureau of Statistics revealed on Thursday. This posting exceeded Reuter s prediction of 2.5% growth in light of heightened stimulus to fight the economic slump posed by the health crisis.
The growth rate, however, remained to be the weakest on record and preceded a steep 6.8% decline in the first quarter, the lowest contraction rate in the history of GDP records since 1992.
Retails sales shrank 1.8% on-year in June, posting its fifth consecutive month of decline and beat the prediction rate of 0.3% growth, following a 2.8% dip in May.
Asian share markets were also seen crashing, indicating the impact of broad challenges hounding the second-largest economy that is also dealing with growing U.S. tensions on trade, technology, and geopolitics.
https://www.umarkets.com/en/news/chinas-economy-goes-back-to-growth-column-after-sharp-decline-us-affairs-weak-consumption-pose-difficulties