China’s economy bounces back more quickly than expected from coronavirus
Indeed, President Xi Jinping said in a letter released Thursday that China was dealing with the pandemic and making progress on his top two economic goals. China is “striving for a decisive victory in building a moderately prosperous society in all respects and eradicating poverty,” Xi wrote, according to the official Xinhua News Agency.
While China faces challenges in reviving its domestic economy and in its virus-stricken export markets, Thursday’s data showed a speedy improvement from the depths of February.
The world’s second-largest economy contracted by 6.8 percent in the first three months of the year, the worst quarterly figure since 1992, as the coronavirus that spread from Wuhan brought industry to a halt and forced tens of millions of people to remain indoors.
Economists had anticipated 2.4 percent expansion in the second quarter, but China’s National Bureau of Statistics defied the forecasts, announcing that growth had hit 3.2 percent between April and June.
“China’s V-shaped economic recovery continued for a fourth consecutive month in …continued .
[Source: Washington Post]