China’s GDP Is Up 3.2% in the Second Quarter and Might Surpass United States in 2020
July 17, 2020 (EIRNS)—China’s GDP grew by 3.2% year-on-year in the second quarter of 2020, after shrinking by 6.8% in the first quarter. Mei Xinyu, a researcher with the Ministry of Commerce, told Hong Kong’s South China Morning Post that China’s economic output could even exceed that of the U.S. at the end of the year.
“China’s whole-year GDP in 2020 could be slightly lower than that of the U.S.,” Mei continued. “But if the domestic chaos in the United States escalates, China’s whole-year GDP could exceed that of the U.S. this year.”
According to the National Bureau of Statistics, the Chinese recovery is driven by industrial production, which rose 4.8% in June and 4.4% in May. By contrast, retail sales fell by 1.8%, still a better figure than the expected 2.8% in May.