Connect with us

Business

Chinese economy avoids global Covid-19 crisis as buyers join recovery

Published

on


The world’s second-largest economy has been in recovery mode for months. Now consumers are starting to spend more, pushing retail sales to 3.36 trillion yuan ($ 495 billion) in August, an increase of 0.5% from the previous year. Although small, this gain marks the first increase in sales in 2020.

Chinese officials praised the hike at a monthly press conference on Tuesday, and said the country also sees economic improvement elsewhere.

“The labor market has stabilized and travel restrictions have relaxed,” said Fu Linghui, spokesperson for the National Bureau of Statistics. “People are more willing to go out and spend.”

China’s recovery makes it an outlier as the pandemic is hanging over the rest of the world.

The world’s major economies, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, shrank significantly in the first half of 2020. China was the only country for which the International Monetary Fund forecast growth this year in its June forecast expected to increase by 1%.

Careful recovery

China’s economy has rebounded since its $ 14 trillion economy shrank 6.8% in the first quarter, the worst drop in three months since China began releasing quarterly figures in 1992.

The country managed to stave off a recession and grew 3.2% in the second quarter, with other major economies experiencing massive contractions. But these data showed signs of weakness especially in retail, suggesting that Beijing was still struggling to convince people to leave their homes and splurge.
This now seems to be changing. Fu pointed out that the Chinese box office has been recovering since the authorities allowed cinemas to reopen in mid-July, with August ticket sales down just over half of what they were a year earlier. Cinemas had been closed for several months before the pandemic.
Car sales, meanwhile, rose nearly 12% in August from a year ago, a sign that the government’s efforts to encourage the purchase of cars in distribute money can work. Sales of residential properties were also boosted.

“Spending remains highest among the wealthiest consumers, as evidenced by the continued rapid growth in car and property sales,” Capital Economics wrote in a research note Tuesday, although they noted that the data suggests that the recovery is “widening”.

Signs of growth

Data on Tuesday revealed further positive signs. Industrial production and capital spending resumed in August, while the unemployment rate edged down 5.6% in August from 5.7% in July.

“This growth has brought some jobs back to the market,” Iris Pang, Greater China chief economist, said in a research note.

“It is indeed the circulation of internal growth that China promotes,” she added, referring to Beijing’s recent focus on stimulating domestic demand and trying to reduce its dependence on foreign trade, to capital and technology as tensions mount with the West.

However, the country still faces challenges. The unemployment rate is still higher than historical levels, and Beijing data does not include residents of rural communities or many of the hundreds of millions of migrant workers.

Even Fu, the government spokesman, said on Tuesday that the country still faces “great pressure from unemployment” as record numbers of new university graduates enter the workforce. He said many of those people were struggling to find jobs because of the pandemic.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]

Please disable the ad-blocker on this page to see the content

plus