Chinese economy is growing again. Citing a survey of 67 economists, Bloomberg said that China’s growth in the current quarter will embrace a 5.2 year-on-year increase
According to Bloomberg, China’s economy will return to growth by 2.5% this year. In more details, the Chinese economy is expected to see a 5.5% increase this quarter from a year earlier and a 6% increase in the final three months of 2020, Bloomberg reported quoting a report from the bank’s chief China economist Wang Tao and others.
The terrific growth of Chinese exports in the second quarter strengthened experts’ confidence in the PRC’s economy and encouraged them to increase their estimate for trade in the following months. Moreover, they also revised up the inflation forecast to 2.5% for 2020 from 2.4% earlier, according to the report.
The same report also reported that Oxford Economics lifted up its full-year GDP forecast for China to 2.5% from 2 percent on a strong rebound in the second quarter. Citing a survey of 67 economists, Bloomberg said that China’s growth in the current quarter will embrace a 5.2 year-on-year increase, which is faster than the 3.2-percent expansion in the past quarter in another recent report.
According to experts, China’s economy regained its vitality in the second quarter, which marks an important milestone in the global struggle to recover from the shutdowns due to the pandemic outbreak, the report said.
Thus, China saw its economy continue to recover and its key economic indicators continue to move in a positive direction. Solid inbuilt momentum in the domestic economy combined with strong global demand recovery laid a foundation for further accelerated growth in the second half of the year, Aidan Yao, a senior economist at AXA Investment Managers, one of the economists included in the survey, was quoted as saying.