TURNING THE TIDE
At a time when most economies are grappling with the specter of recession, the Chinese economy has bucked the trend.
China’s GDP registered 3.2 percent growth year on year in the second quarter (Q2) of the year, climbing out of a record 6.8-percent contraction in the first quarter due to the global outbreak of the novel coronavirus disease (COVID-19) and surpassing all recovery expectations.
The GDP stands at 45.66 trillion yuan ($6.54 trillion) in the first half (H1) of the year, narrowing the year-on-year decline to 1.6 percent, according to the National Bureau of Statistics (NBS).
Why this is an achievement for an economy used to growing at a fast pace for decades was explained by Liu Aihua, NBS spokesperson, at a press conference on July 16.
“As a large developing country with 1.4 billion people, it was not easy for China to put the epidemic under control within a short time, make the national economy shift from slowing down to rising, and maintain stability in social and economic development,” she said. “It speaks volumes for China’s economic resilience and potential and the effectiveness of policy packages.”
Now that
