China's economy was the first of the world's largest economies to start growing after the crisis caused by the coronavirus pandemic.
According to the National Bureau of Statistics of China, cited by The Wall Street Journal, in the second quarter of 2020, China's GDP grew by 3.2% compared to the same period a year earlier.
Agriculture and industry showed the most solid quarterly growth. Meanwhile, the service sector grew at a slower pace, and retail sales declined compared to the first quarter but showed signs of recovery.
The national economy began to overcome the negative effect of the epidemic in the first half of the year and showed a moment of recovery growth and gradual recovery вЂ” says Forbes with reference to data from the Chinese Bureau of statistics.
Analysts polled by the publication expected China's quarterly GDP to grow by 2.5%. It is noted that in June, Chinese imports increased for the first time in 2020 due to increased demand for construction materials. The gradual lifting of restrictions in other countries has also boosted exports from China. However, despite this, experts assume that the growth rate of the Chinese economy will be the weakest in the entire history of observations.
At the end of the first quarter of 2020, China's GDP fell by 6.8%, the Chinese economy showed a decline for the first time since 1992. Despite this unprecedented blow, the country's authorities are confident that they will be able to overcome the difficulties that have arisen. This was stated by Yan Pengcheng, Director of the General economic Department Of the state Committee for the reform and development of the people's Republic of China. In his opinion, the coronavirus pandemic has become an unprecedented test for the Chinese economy. The government had to pay a price. People's lives and health have no price, so short-term economic difficulties are a justified price, peng cheng believes. The official is convinced that relying on its huge domestic market, the country will be able to overcome the temporary difficulties that have arisen.
Earlier, the international trade center estimated that the world economy lost at least $126 billion in 2020 due to the coronavirus pandemic. This follows from the organization's report. Its authors concluded that the worst impact on the global economy was caused by production shutdowns in China, the European Union, and the United States. Together, these countries account for 63% of global imports and 64% of value chain exports.