China’s economy sees quarterly expansion as spending returns
China’s economic rebound had gained momentum in the third quarter. This followed after consumers were seen returning to their spending practices and as trading partners resumed operations, shaking off the historic downturn seen earlier this year.
On an annual basis, the world’s second-largest economy is expected to record a 5.2% expansion from July to September. The figure came sharper than the 3.2% record seen in the second quarter.
China’s retail spending fell behind factory activity as high unemployment rate and coronavirus concerns restricted consumers at home. However, it is expected that this would no longer be the case come the third quarter.
Moreover, policymakers from across the world see China’s economic rebound as the primary driver to stimulate demand as economies were constantly hit by lockdown restrictions and coronavirus infections.