China's economy rebounds in Q2 from epidemic headwinds
2020-07-17 09:55:00

People enjoy snacks at a night market in Haikou, capital of south China's Hainan Province, March 26, 2020. (Xinhua/Guo Cheng)

BEIJING, July 16 -- China's economy bounced back to growth in the second quarter (Q2) this year as the country gradually resumed work and production after effectively containing the COVID-19 epidemic, official data showed on Thursday.

The country's gross domestic product expanded by 3.2 percent year on year in Q2, following a 6.8 percent contraction in Q1, according to data from the National Bureau of Statistics (NBS).

It has not been easy for China to contain the epidemic in a short time and reverse an economic downturn, said NBS spokesperson Liu Aihua.

In the second quarter, while witnessing a gradual rebound in major economic indicators and holding employment and inflation levels stable, China has managed to ensure people's basic livelihoods and promoted new economic sectors, Liu said.

RESTORATIVE GROWTH

China's value-added industrial output went up by 4.4 percent year on year in Q2 as factories stepped up production amid COVID-19 control. Meanwhile, fixed-asset investments went down by 3.1 percent year on year in H1, narrowing from the 6.3-percent decline in the first five months.

Retail sales, a gauge of consumption, declined by 3.9 percent year on year in Q2, shrinking by 15.1 percentage points from the first quarter's decrease.

The Chinese economy overcame the adverse impact of the epidemic in the first half gradually and demonstrated a momentum of recovery, further manifesting its development resilience and vitality, the NBS said.

Source: Xinhua Editor: Hiram