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The Upward Trend In The Chinese Economy Continues
After the corona shock at the beginning of the year, the upward trend in the Chinese economy continues.
Yazar: Tom Roberts
Yayınlanma: 15 Eylül 2020 22:46
Güncellenme: 18 Eylül 2024 15:24
The Upward Trend In The Chinese Economy Continues
After the corona shock at the beginning of the year, the upward trend in the Chinese economy continues: With industrial production and retail sales, two important economic indicators developed better than expected in August. The production in the industry had increased in August compared to the previous year by 5.6 percent, said the statistics office in Beijing. This is the biggest increase this year. Economists polled by the financial news agency Bloomberg had expected a smaller increase.
Retail sales rose 0.5 percent year over year in August, after falling 1.1 percent in July. It was the first time since the Corona hit that retail sales increased. Experts had expected stagnation. Investments in property, plant and equipment also developed better than expected. Although they fell by 0.3 percent by the end of August, the situation improved significantly compared to July. Between January and July the decline was 1.6 percent. This indicator also exceeded expectations.
The first coronavirus infections were discovered in China in December. The authorities contained the pandemic with strict measures. According to official reports, there are hardly any new infections today, so life and economic activities are returning to normal. Most recently, robust foreign trade in China had also exceeded expectations. The exports of the world's second largest economy had already risen again by almost ten percent in August.
Growth still tender
Because of the corona pandemic, China experienced a historic slump in the first quarter. For the first time since official records began in 1992, the country's economic output fell - by 6.8 percent. In the second quarter, however, the statistical office reported an increase of 3.2 percent, which is still a slight growth by Chinese standards. In the past year, the economy of the most populous country grew by 6.1 percent.
Despite the noticeable upturn, the outlook remains mixed. Experts cite the uncertainties caused by the dispute between the US and China in the trade and technology sector and a possible further decline in global economic output as reasons. It is also not ruled out that China will have to struggle with a corona outbreak again in autumn, when the weather cools.
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