China’s economic rebound in Q2: WB

6 August, 2020 12:00 AM printer

BEIJING: China’s economic rebound was better than expected in the second quarter (Q2) amid the COVID-19 epidemic, said a World Bank official.

“It is indeed higher than what we had projected back in June when we released our Global Economic Prospects report, and we have upgraded our forecast accordingly,” Martin Raiser, World Bank country director for China, told Xinhua in an exclusive interview, report agencies.

China’s economy grew 3.2 percent year on year in the second quarter, following a 6.8-percent contraction in the first quarter, according to the National Bureau of Statistics (NBS).

NBS figures showed that China’s value-added industrial output expanded by 4.4 percent year on year in the second quarter as factories stepped up production amid COVID-19 control. Indicators such as fiscal revenue, foreign trade and foreign direct investment also charted substantial recovery, especially in June.

China has benefited from significant policy space in rolling out its fiscal and monetary response, Raiser said.