Chinese economy grows 3.2% in second quarter

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BEIJING – The Chinese economy in the second quarter grew 3.2% over the previous year, rebounding from a historic contraction induced by coronaviruses in the first three months of the year, as Beijing managed to largely control the virus and to restore economic activity.
After the historic economic contraction of 6.8% in the first quarter, China is now the first of the world’s major economies to post positive growth after the Covid-19 pandemic began to ravage the global economy earlier this year.

The result beat a median forecast of a 2.6% increase expected by economists polled by the Wall Street Journal.
China’s gross domestic product in the second quarter increased 11.5% from the first quarter, according to data released Thursday by the National Bureau of Statistics. In the first half of the year, the Chinese economy contracted 1.6% compared to the previous year.

Chinese policymakers have failed to set a growth target for 2020 after the economy nearly stopped in the first quarter due to the coronavirus epidemic. Chinese leaders have pledged to stabilize the job market and create more jobs this year.
The unemployment rate in the urban areas studied in China fell to 5.7% in June, from 5.9% in May.

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