China's economy rebounds in Q2 after steep slump, consumption and investment still weak
Record ID:
1562653
China's economy rebounds in Q2 after steep slump, consumption and investment still weak
- Title: China's economy rebounds in Q2 after steep slump, consumption and investment still weak
- Date: 16th July 2020
- Summary: SHENZHEN, GUANGDONG PROVINCE, CHINA (FILE - MAY 17, 2020) (REUTERS) VARIOUS OF PEOPLE WORKING AT CONSTRUCTION SITE CRANE MOVING MEN WORKING ON SCAFFOLDING AT CONSTRUCTION SITE SHANGHAI, CHINA (FILE - FEBRUARY 24, 2020) (REUTERS) VARIOUS OF WORKERS WEARING FACE MASKS DUE TO COVID-19 OUTBREAK WORKING INSIDE FACTORY OF CAR PARTS SUPPLIER, YANFENG ADIENT VARIOUS OF WORKERS WEARING MASKS DUE TO COVID-19 OUTBREAK WORKING INSIDE SIEMENS HEALTHINEERS MEDICAL DEVICE AND PHARMACEUTICALS FACTORY
- Embargoed: 30th July 2020 05:56
- Keywords: Chinese economy GDP construction consumption employment investment market q2
- Location: BEIJING, SHANGHAI AND SHENZHEN, GUANGDONG PROVINCE, CHINA
- City: BEIJING, SHANGHAI AND SHENZHEN, GUANGDONG PROVINCE, CHINA
- Country: China
- Topics: Defence,Government/Politics
- Reuters ID: LVA002CN24NYF
- Aspect Ratio: 16:9
- Story Text: China's economy returned to growth in the second-quarter after a deep slump at the start of the year, data showed on Thursday (July 16), but domestic consumption and investment remained weak as the shock from the coronavirus crisis underscored the need for more policy support to bolster the recovery.
Gross domestic product (GDP) rose 3.2% in the second-quarter from a year earlier, the National Bureau of Statistics (NBS) said at a news conference, faster than the 2.5% forecast by analysts in a Reuters poll, as lockdown measures ended and policymakers ramped up stimulus to combat the pandemic-led downturn.
The bounce was still the weakest expansion on record, and followed a steep 6.8% slump in the first quarter, the first such contraction since at least 1992 when quarterly GDP records began.
In the first half of the year, the economy contracted 1.6% from a year earlier, the data showed, underscoring the sweeping impact of the health crisis. On a quarter-on-quarter basis, GDP jumped 11.5% in April-June, the NBS said, compared with expectations for a 9.6% rise and a 10% decline in the previous quarter.
China's economy, the first in the world to be jolted by the coronavirus pandemic, has been recovering slowly in the past two months, though the bounce from the virus-induced downturn has been uneven.
Authorities are widely expected to maintain policy support in the second half to bolster the revival, despite concerns over rising debt risks. The government has rolled out a raft of measures, including more fiscal spending, tax relief and cuts in lending rates and banks' reserve requirements to revive the coronavirus-ravaged economy and support employment.
(Production: Wang Shubing, Martin Pollard, Xihao Jiang) - Copyright Holder: FILE REUTERS (CAN SELL)
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