(Newser)
– The Chinese economy grew 3.2% in the second quarter compared to the previous year, a statistic that normally would not generate much attention. In this case, however, it represents the first major economy to return to growth since the pandemic began, reports the Wall street journal. China did not report new local broadcasts on Wednesday for the 10th consecutive day. “The national economy gradually overcame the adverse impact of the epidemic in the first half and showed a boost to restorative growth and gradual recovery,” is the official take by the Beijing Bureau of Statistics. Growth exceeded expectations of around 2.5%, Reuters reports.
Not that everything is fine. “The possibility of resurgences in local COVID-19 cases, global economic uncertainty and the deterioration of the China-US relationship present downside risks to the prospect of H2 growth in China,” says Betty Wang, senior economist from China in the ANZ bank. How things unfold in the US In particular is a very important factor. A long recession in the United States, China’s most vital export market, could help keep the overall global economy on track. diary called a “state of paralysis”. (Read more stories from China).
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