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  2. ECONOMY
July 16, 2020 01:42 PM

China reports V-shaped year-on-year bounce in Q2

Douglas Appell
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    Bloomberg

    China's economy grew 3.2% in the second quarter from the year before, rebounding sharply from a first-quarter plunge of 6.8%, the National Bureau of Statistics said Thursday.

    The latest quarter's growth, which beat market expectations of 2.4%, makes China "the first major economy to emerge from the ravages of COVID-19," Aidan Yao, Hong Kong-based senior emerging Asia economist with AXA Investment Managers, said in an email.

    Even so, weak retail sales numbers prompted investors Thursday to take profits after a rally of more than 15% for Shanghai and Shenzhen-listed A-shares since the end of June.

    Total retail sales of consumer goods for the first half of the year were down 11.4% year-on-year, but off only 3.9% for the second quarter and 1.8% for the month of June.

    The latest data from the National Bureau of Statistics showed China's "V-shaped economic recovery" continuing for a fourth consecutive month, "led by strong domestic demand," said Andy Rothman, San Francisco-based investment strategist with money manager Matthews Asia, in an email.

    "If COVID-19 remains under control," he said, "China can remain the world's best consumer story."

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