China’s economy bounces back from pandemic contraction

China’s economy bounces back from pandemic contraction

China's economy bounces back from pandemic contraction

China's economy bounces back from pandemic contraction

China's economy bounces back from pandemic contraction

China's economy has rebounded strongly from a historic contraction. (AFP)

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China's economy bounces back from pandemic contraction

But retail sales fell short of forecasts, suggesting that consumer reticence to go out and spend may delay a full recovery

Updated 17 July 2020

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BEIJING: China's economy returned to growth in the second quarter following a coronavirus contraction, with President Xi Jinping promising continued expansion ahead and urging foreign companies to be a part of it.

The forecast-beating figures released on Thursday follow a string of data showing the world's number two economy slowly emerging from the pandemic, and should provide hope to other governments looking to recover from a crisis that has likely caused a global recession.

Gross domestic product expanded 3.2 percent in April-June, the National Bureau of Statistics (NBS) said, smashing expectations and a massive improvement on the 6.8 percent contraction in the first quarter.

In a letter to members of the Global CEO Council, Xi said "the fundamentals of China's long-term economic growth have not changed and will not change,“ according to state media.

He reiterated pledges to continue opening up an economy that many foreign