In what is likely to be viewed with a substantial dose of skepticism and salt, Thursday 16th July China announced a 3.2 growth in GDP for the second quarter of 2020. This was probably round .3 to .5% higher than even the most optimistic punters were expecting. The few people we spoke to expressed surprise.
Some pointed to China’s booming production and export of ventilators, face masks and PPE clothing during the pandemic. Although this was not mentioned directly in publicly available data, we did note that the industrial sector recovered quickly, bouncing from an 8.4% decline in the first 3 months to a 4.4% growth in the second quarter.
Other Key Points include:
- Optimism growth can be sustained in the coming months
- Service sector grew more slowly
- Retail is still dragging the chain remaining in negative territory
- Various economic “experts” and Gvt officials continue to talk up China’s economy in the last quarter
- China becomes first country to show post Covid growth and economic recovery
- Predictions that tourism and lux spending will increase over coming months [ Aim2D is betting we will see that most clearly during the October National Day Holiday as E-com platforms mount promotions and domestic travel increases]
Fro greater indepth analysis and graphs, please read the China Daily Article. Subscribers to Caixin can find an alternative report here if you have not already done so.If you would like to talk about your brand or product in the China market, please feel free to talk with us.
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