Saturday, July 2, 2022
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

With 3.2% expansion in Q1, China becomes first major economy to return to growth since beginning of pandemic

Jaleel M. by Jaleel M.
October 19, 2020
in Business
0
With 3.2% expansion in Q1, China becomes first major economy to return to growth since beginning of pandemic
0
SHARES
16
VIEWS
Share on FacebookShare on Twitter


Chinese exporters have benefited from the economy’s relatively early reopening and global demand for medical supplies, according to a National Bureau of Statistics report

Related posts

10 grams of 24-carat stands at Rs 50,790; silver at Rs 61,200 per kilogram  

10 grams of 24-carat stands at Rs 50,790; silver at Rs 61,200 per kilogram  

May 18, 2022
How will you get tax benefits under new I-T rules for charitable organisations? Read on to find out

How will you get tax benefits under new I-T rules for charitable organisations? Read on to find out

May 17, 2022
With 3.2% expansion in Q1, China becomes first major economy to return to growth since beginning of pandemic

Representational image. AP

Beijing: China’s economic growth accelerated to 4.9 percent over a year earlier in the latest quarter as a shaky recovery from the coronavirus pandemic gathered strength.

Figures announced Monday for the three months ending in September were in line with expectations after the ruling Communist Party declared the outbreak under control in March and began reopening factories, shops and offices.

Factory output rose, boosted by foreign demand for Chinese-made masks and other medical supplies. Retail sales, which had lagged behind the manufacturing rebound, finally returned to pre-virus levels.

The economy “continued the steady recovery,” the National Bureau of Statistics said in a report. However, it warned, “the international environment is still complicated and severe.” It said China still faces “great pressure” to prevent a resurgence of the virus.

China, where the pandemic began in December, became the first major economy to return to growth with a 3.2 percent expansion in the quarter ending in June. Output contracted 6.8 percent in the first quarter after Beijing shut down the world’s second-largest economy.

Authorities have lifted curbs on travel and business but visitors to government and other public buildings still are checked for the virus’s telltale fever. Travelers arriving from abroad must be quarantined for two weeks.

Last week, more than 10 million people were tested for the virus in the eastern port of Qingdao after 12 cases were found there. That broke a streak of almost two months with no virus transmissions reported within China.

Industrial production rose 5.8 percent over the same quarter last year, the National Bureau of Statistics reported, a marked improvement over the first half’s 1.3 percent contraction.

Chinese exporters have benefited from the economy’s relatively early reopening and global demand for masks and other medical supplies. They are taking market share from foreign competitors that still are hampered by anti-virus controls.

Retail sales returned to positive territory in the latest quarter, rising 0.9 percent over a year earlier.

That was up from a 7.2 percent contraction in the first two quarters as consumers, already anxious about a slowing economy and a tariff war with Washington, put off buying. In a sign demand is accelerating, sales in September rose 3.3 percent.

China has reported 4,634 coronavirus deaths and 85,685 confirmed cases, as well as three suspected cases.

Economists say China is likely to recover faster than some other major economies due to the ruling party’s decision to impose the most intensive anti-disease measures in history. Those temporarily cut off most access to cities with a total of 60 million people.

Private sector analysts say as much as 30 percent of the urban workforce, or as many as 130 million people, may have lost their jobs at least temporarily. They say as many as 25 million jobs might be lost for good this year.

The ruling party promised in May to spend $280 billion on meeting goals including creating 9 million new jobs. But it has avoided joining the United States and Japan in rolling out stimulus packages of $1 trillion or more due to concern about adding to already high Chinese debt.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.



Source link

Previous Post

Apple’s iPhone 12 trolled by Samsung for not providing charger

Next Post

Apple Music launches TV channel for music videos

Next Post
Apple Music launches TV channel for music videos

Apple Music launches TV channel for music videos

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Rhye Releases New Single/Video, “Helpless”

Rhye Releases New Single/Video, “Helpless”

2 years ago
Chris Gayle Said He Would Smash Rashid Khan, Recalls KL Rahul

Chris Gayle Said He Would Smash Rashid Khan, Recalls KL Rahul

2 years ago
Utusan Malaysia returns under new owner, SE Asia News & Top Stories

Utusan Malaysia returns under new owner, SE Asia News & Top Stories

2 years ago
10 grams of 24-carat reaches Rs 49,160; silver stands at Rs 63,200 per kg

10 grams of 24-carat reaches Rs 49,160; silver stands at Rs 63,200 per kg

5 months ago

FOLLOW US

  • 114 Followers
  • 29.5k Followers
  • 172k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    0 shares
    Share 0 Tweet 0
  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • Salted vs. Unsalted Pistachios

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy