According to China's government, the country has successfully passed the peak of the coronavirus pandemic, as well as completely defeated the coronavirus. As the pandemic has come to a halt, the Chinese authorities summed up the interim economic results.
Notably, the first months of this year were one of the most disastrous for the Chinese economy. Over this period, industrial production shrank by a record 13.5% year-on-year, logging the worst performance in 30 years. Other indicators were also far from economists' forecasts. For instance, exports contracted by a staggering 17.2%. Taking into account the worsening of the leading economic indexes, economists were sure that China would not recover in the near future from the economic fallout caused by the COVID-19 outbreak. However, judging by the latest data, the coronavirus was not as devastating for the Chinese economy as initially seemed. On the contrary, China's economy became the first that started showing green shoots of recovery. The country's GDP increased by 3.2% year-on-year in the second quarter.
Naturally, China will need to take much more effort to curb the coronavirus-driven crisis completely. So far, China has achieved far greater progress in this matter in comparison with other countries.
