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.

“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.

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

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