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China becomes first economy to grow since virus pandemic

China has become the first major economy to grow since the start of the coronavirus pandemic after anti-virus lockdowns were lifted and factories and stores reopened

7/16/2020 4:10:00 PM

China has become the first major economy to grow since the start of the coronavirus pandemic after anti-virus lockdowns were lifted and factories and stores reopened.

China has become the first major economy to grow since the start of the coronavirus pandemic after anti-virus lockdowns were lifted and factories and stores reopened

Catch up on the developing stories making headlines.The Associated Presscoronaviruspandemic, recording an unexpectedly strong 3.2% expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened.Growth reported Thursday for the three months ending in June was a dramatic improvement over the previous quarter’s 6.8% contraction —China’s worst performance since at least the mid-1960s. But it still was the weakest positive figure since China started reporting quarterly growth in the early 1990s.

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“We expect to see continuous improvement in the upcoming quarters,” said Marcella Chow of JP Morgan Asset Management in a report.China, where the coronavirus pandemic began in December, was the first economy to shut down and the first to start the drawn-out process of recovery in March after the ruling Communist Party declared the disease under control.

“The national economy shifted from slowing down to rising in the first half of 2020,” the National Bureau of Statistics said in a statement.Asian financial markets fell despite the show of strength by the region's biggest economy as investor enthusiasm following announcements about research into a possible coronavirus vaccine receded.

China's market benchmark, the Shanghai Composite Index, was down 1.4% at midday. In Tokyo, the Nikkei 225 lost 0.7%. Hong Kong's Hang Seng declined 1.4% and the Kospi in South Korea fell 0.8%.Economists say China is likely to recover faster than some other major economies due to the ruling Communist Party’s decision to impose the most intensive anti-disease measures in history. Those cut off most access to cities with a total of 60 million people and suspended trade and travel — steps later imitated by some Asian and European governments as the virus spread.

Manufacturing and some other industries are almost back to normal. But consumer spending is weak due to fear of possible job losses. Cinemas and some other businesses still are closed and restrictions on travel stay in place.“The pandemic is creating winners and losers,” said Bill Adams of PNC Financial Services Group in a report. “Manufacturing is leading China’s recovery.”

In light of the latest data, Chinese leaders are “likely to keep the current policy stance largely unchanged,” said Larry Hu and Xinyu Ji of Macquarie Capital in a report.The International Monetary Fund is forecasting China's growth at 1% this year. That would be the weakest since the 1960s but better than the Fund's outlook for an 8% contraction in U.S. output and a 4.9% decline for the world.

Private sector analysts say as much as 30% of China's 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 relief packages of $1 trillion or more due to concern about adding to already high Chinese debt.

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China has reported 4,634 coronavirus deaths and 83,611 cases. No domestically transmitted cases have been reported since an outbreak in Beijing that infected more than 330 people before it faded early this month.On Tuesday, the government eased some curbs on domestic tourism after China reported no new locally acquired infections in nine days. The Ministry of Culture and Tourism said tourist sites can allow 50% of their daily visitor capacity, up from 30%, and tours from one province to another can resume.

In the three months ending in June, factory output rose 4.4%, rebounding from the previous quarter’s 8.4% contraction after factories that make the world’s smartphones, shoes, toys and other goods reopened.Retail sales shrank by 3.9%, but that was a marked improvement over the previous quarter’s 19% contraction while millions of families were confined to their homes and shopping malls were shut down. Online retail sales rose 14.3%, up from the previous quarter’s 5.9%.

June exports grew by an unexpectedly strong 0.4% but still are off 3% for the first half of the year. Imports rose 3% — including a 10.6% jump in purchases of U.S. goods despite a tariff war — but are down 3.3% so far this year.Forecasters warn exporters are likely to face another decline in demand as sales of masks and other medical supplies taper off and U.S. and European retailers cancel orders.

“This suggests sustained pressure on employment, currently the government’s foremost policy priority,” said JP Morgan’s Chow.A potential stumbling block is worsening relations with the United States, China’s biggest national export market, over disputes about trade, technology, human rights and Hong Kong.

The two governments signed an agreement in January to postpone further tariff hikes in their fight over Beijing’s technology ambitions and trade surplus. But most increases already imposed remained in place.“The darkest moment is behind us, but given the huge uncertainties from the COVID-19 and the global economy, it’s too early to say that China is out of the woods,” said Macquarie's Hu and Ji.

Read more: ABC News »

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Lol of course they are. Everything in the USA is closed down because of the virus they spread. MujtabaHakimia1 I am king god of the world. I want freedom of men and women in Afghanistan and the whole world. Let's stop importing their spyware infected garbage. Because its ran by a dictating gov. Not private owned.

LIES! America is the first! We’re the best at EVERYTHING! Biden & Soros control the media! COVID hoax! Anything else I’m missing, realDonaldTrump? What say you, GOP? Did I miss anything? 🙄 Pass it on What a surprise! Wasn’t that the point? That’s good. They’re going to need every penny to pay reparations to all those economies they’ve decimated.

LIES! America is the first! We’re the best at EVERYTHING! Biden & Soros control the media! COVID hoax! Anything else I’m missing, realDonaldTrump? What day you, GOP? Did I miss anything? 🙄 they give the whole world the virus, kill off their sick, and you praise them.. DISGUSTING!!! That's a lie.the US gained 20% last month.

CCP lies, people die! Never believe any CCP number. All lies! Are you obeying China's orders to print that article.... Fake News 😱 Why is this news? Of course they would be first. What did China do right to reduce Coronavirus spread? What strategy can the USA replicate to end our plague? This is a lie ,because Who posted the information is the China Communist Party

Does anyone really believe China’s numbers ? Give me a break. Their economy is getting pummeled. Just what those mass murderers deserve. For a long long time...... or until they give us all our innocent lives back, along with our trillions of dollars. Wrong again ABC China is not doing so good folks. Apparently ABC has become a propaganda arm of CCP.

I'm pretty sure I speak for a lot of us when I say WE DONT GIVE A SHIT ABOUT CHINA'S anything I doubt it. There’s other sources that says different. Being your in China’s pocket. I’m sure it has 🤷🏼‍♀️ that’s what they wanted after all by relaxing this virus! Does this mean I’ll finally get the dress I ordered for months ago?

u should work for China media and in China. Lol. If you can't trust china's numbers who can you trust, amirite. So the communists are beating the capitalists at their own game. The capitalist economies have used socialist policies to overcome the lockdown economic down trend. ABC= All hail China!!🙄 ABC promoting China,I’m not surprised.

Hmmmmm 🤔 where my conspiracy theorists at? It’s quite suspicious given their population densities in their cities. Either they are lying about infections or they already have a vaccine that works. why does ABC constantly run pro-China propaganda? It's almost like they're owned by the CCP! Draconian measures mean faster response time. I don't want to get all Trump here because he's an idiot but we do need to change our economic strategy with China if they don't put in place major reforms to bring about a even playing field.

jimcramer Jimmy Chill, what do you make of this positive China growth news? I suppose things are easier to handle when citizens are statistics and you don’t have to pretend otherwise carrying water for Communist China again If you believe their numbers... FIFO Um... that’s because China closed and then opened two months before any other country. 🙄🙄🙄

Allegedly Is China a threat to “Western Values”:

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US-China: Pompeo dog photo has netizens asking if US is toying with ChinaA tweet by the US secretary of state has led to speculation over whether he is trying to send a message to the Chinese government 🤣👌

U.S. to back nations that say China violated their South China Sea claimsU.S. Secretary of State Mike Pompeo said on Wednesday the United States will support countries that believe China has violated their maritime claims in the South China Sea but suggested it would do so through diplomatic rather than military means. china's already got deals with them. this area is the neck of china, the US alway thought they could choke china to death with a blockade here. but plans made in the 60s are a bit out of date, no one expected artifical islands back then. 🇵🇭 Ouch looking rough

Gold steadies above $1,800 on rising virus fears, U.S.-China tensionsGold prices steadied on Wednesday to hold firm above the psychological level of $1,800, as worries over surging coronavirus cases and simmering U.S.-China tensions cemented demand for the safe-haven metal. It'll get real fun when the dollar is monopoly money. Even the price is $100K people will buy ✅

Trump rails against Biden, China in Rose Garden stemwinderTrump today turned a news conference about Hong Kong into an extended diatribe against Joe Biden, attributing dozens of policy ideas to him that appeared drawn from opposition research Narcissistic sociopath says what? It’s an election year so...🤷🏽‍♂️ People need to hear what the Biden camp is REALLY all about. Socialists who will destroy the American way. Our whole way of life will change. Ohio Michigan Pennsylvania and more will lose a lot of jobs. Forget having police. ALL borders open. Free money for illegal aliens.

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