Since the spread of COVID-19, China has become the first country in the world to record an unexpected 3.2 per cent economic growth in the current quarter.
It is to be noted that after the end of the lockdown in China, business activities have been allowed to resume, however, the SOPs specified by the government in this regard are being implemented.
According to the reports, the economic growth rate of China was reported on Thursday which lasted for three months and ended in June.
It should be noted that the economy had suffered a 6.8 per cent decline in the previous quarter, but now that the lockdown has ended, it has seen a dramatic improvement.
The worst example of economic performance in China is in the 1960s.
The Coronavirus outbreak began in December in China.
The ruling Communist Party began the expected process of shutting down and reviving the economy in March after announcing control of the disease.
The National Bureau of Statistics (NBS) said in a statement that “the national economy grew at a slower pace in the first half of 2020, reaching its current level.”
Bill Adams of the PNC Financial Services Group said in a report that the pandemic is winning and losing, with industrialization leading to recovery for China.
Private-sector analysts say 30 per cent of urban dwellers were temporarily fired.
The ruling party in May pledged $280 billion to meet other targets, including creating 900,000 jobs.
In China, 4,634 deaths and 83,611 confirmed cases of coronavirus were reported.
No local transmission cases have been reported in Beijing since the outbreak.
The report, released on April 18, said the Chinese economy suffered in the first quarter from the coronavirus decades later.
The BBC reports that official figures show that the world’s second-largest economy has shrunk to 6.8 per cent.
China is a major player in the world’s economy, accounting for a large share of the world’s production, exports and imports of goods.