China avoids Covid-19 recession with 3.2% growth in last quarter – business live

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8.13am BST

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#China grew 3.2% in Q2 YoY, recovering from record 6.8% contraction in Q1. Has avoided recession. But debt problems piling up. In H1 2020, lenders issued record $1.7tn in fresh loans. In past, China outgrew bad debts, but that’s unlikely to work this time. https://t.co/0gAjobxdY5 pic.twitter.com/mJgqyLbvfB

“We are confident on the economic recovery in the second half of this year,”

China GDP grew +3.2% in Q2 (April-June) after contracting by -6.8% in Q1, avoiding a recession. Driven by industrial production +4.8% in June, +4.4% in May. But retail sales -1.8% in June, -2.8% in May. Fixed asset investment -3.1% in Jan-June. https://t.co/sww2iz8wsW

Related: Coronavirus UK: 649,000 people lose their jobs during lockdown – live updates

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