China's economy grows 3.2%, first economy to rise since coronavirus pandemic

China's economy grows 3.2%, first economy to rise since coronavirus pandemic

The expansion was a dramatic improvement over the previous quarter’s 6.8 percent contraction

China was the first country shutdown by coronavirus and became the first major economy to report quarterly growth.

The country reported a 3.2 percent expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened.

The growth was a dramatic improvement over the previous quarter’s 6.8 percent contraction.

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.

Manufacturing and some other industries are almost back to normal. But consumer spending is weak due to fear of possible job losses.

The government 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.

Foxbusiness

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