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After a steep decline at the start of the year, China’s economy showed vast recovery in the second quarter despite still getting plagued with major economic debacles in weak domestic consumption and investment amid the unrelenting coronavirus crisis.
China’s gross domestic product (GDP) grew 3.2% in the second quarter from a year earlier, the National Bureau of Statistics revealed on Thursday. This posting exceeded Reuter’s prediction of 2.5% growth in light of heightened stimulus to fight the economic slump posed by the health crisis.
The growth rate, however, remained to be the weakest on record and preceded a steep 6.8% decline in the first quarter, the lowest contraction rate in the history of GDP records since 1992.
Retails sales shrank 1.8% on-year in June, posting its fifth consecutive month of decline and beat the prediction rate of 0.3% growth, following a 2.8% dip in May.
Asian share markets were also seen crashing, indicating the impact of broad challenges hounding the second-largest economy that is also dealing with growing U.S. tensions on trade, technology, and geopolitics.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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