Chinese economy recovered from a contraction of 6.8% in March quarter to an expansion of 3.2% in the June quarter of 2020, majorly driven by rising factory output. The ending of lockdown measures and increased stimulus to combat COVID-19 induced economic shock contributed to the growth. Details include:
- Industrial output rose 4.8% in June from previous year, after growing 3.9% and 4.4% in April and May respectively
- Retail sales shrank 1.8% YOY while urban unemployment rate dropped to 5.7% in June from 5.9% in May
- China is expected to be the only economy to witness growth in 2020
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