China's economy is after a record decline as a result of the Coronavirus pandemic faster than expected on the road to recovery. On a quarterly basis, the gross domestic product (GDP) climbing from April to June, to 11.5 percent, as data from the national statistics office showed on Wednesday. Analysts had expected an increase of 9.6 percent.
In an annual comparison, China's economic activity grew in the second quarter to 3.2 percent. In the previous quarter, GDP showed a decline of 9.8 percent compared to last year. The growth was stronger than analysts in a Reuters survey forecast 2.5 percent and was followed by a slump of 6.8 percent in the first quarter, the first such decline since records began in 1992.
epidemic is largely under control
Against the Backdrop of the global Corona-pandemic analysts believed that the new growth figures as a clear sign of recovery. The Beijing government had taken a number of measures, including tax breaks, reductions in the lending rates and the minimum reserve requirements of the banks, the economic consequences of the restrictions for the containment of Coronavirus to mitigate the pandemic and to support employment.
China's economy bounces back, because the country has brought the Corona pandemic largely under control. Today, there are hardly any new infections, so that the life and the economy normalize the activities. The boom in China is driven by domestic demand and an increase in industrial production and services.Updated Date: 16 July 2020, 03:19