Home News China’s Economy Rebound to Positive in the 2Q of 2020

China’s Economy Rebound to Positive in the 2Q of 2020

Chinese economy grew 3.2 percent in the second quarter (2Q) of 2020 from a year earlier, the National Bureau of Statistics reported on Thursday (07/16) - Photo by the Government Official Website

JAKARTA (TheInsiderStories) – Chinese economy grew 3.2 percent in the second quarter (2Q) of 2020 from a year earlier, the National Bureau of Statistics reported on Thursday (07/16). The gross domestic products (GDP) in the 2Q grew by 11.5 percent on quarter on quarter basis.

The number recovering from the first quarter declined by 6.8 percent compared to last year (YoY), the first contraction since 1992. The bureau said, in the 1H of 2020, the world second largest economy faced with serious challenges posed by the COVID-19 outbreak and a complex and fast-changing environment both at home and abroad.

But with various effort, the national economy shifted from slowing down to rising in the first half of 2020 with economic growth in the second quarter changing from negative to positive and main indicators showing restorative growth. According to the preliminary estimates, the gross domestic product (GDP) of China was RMB45,661.4 billion (US$6.52 billion) in the 1H of 2020, a year-on-year decline of 1.6 percent at comparable prices.

The value added of the primary industry was RMB2,605.3 billion rose by 0.9 percent YoY, the secondary industry was RMB17,275.9 billion down by 1.9 percent Yoy, and the tertiary industry was RMB25,780.2 billion dropped by 1.6 percent YoY. While, the industrial production recovered to 4.4 percent in the 2Q from previous quarter declined by 8.4 percent.

The bureau also reported in the 1H, the total value of imports and exports of goods was RMB14,237.9 billion, decline by 3.2 percent from last year and 3.3 percentage points slower than the first quarter. In the second quarter the values dropped by 0.2 percent than in the first quarter dropped by 6.5 percent.

The total value of exports was RMB7,713.4 billion, dropped by 3.0 percent from 2019, and total value of imports was RMB6,524.5 billion yuan, plunged by 3.3 percent YoY. The trade balance was RMB1,188.9 billion in surplus.

The consumer price went up by 3.8 percent YoY, a 1.1 percentage points lower than that in the 1Q. The bureau stated, generally the national economy demonstrated a momentum of restorative growth and gradual recovery.

“However, we should also be aware that some indicators are still in decline and the losses caused by the epidemic need to be recovered. Given the continuos spread of the epidemic globally, the evolving huge impact of the epidemic on the global economy and the noticeably mounting external risks and challenges, the national economic recovery was still under pressure,” said the statement.

As known, Chinese 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 virus-ravaged economy and support employment. Chinese President Xi Jinping said China‘ long-term sound economic growth fundamentals will not change.

US$1: RMB7.00

Written by Staff Editor, Email: theinsiderstories@gmail.com