China, the world’s second largest economy saw a sharp decline in the first three months of 2020 during the corona virus lockdowns. In the first quarter of 2020, Chinese Gross Domestic Product (GDP) fell by 6.8% year-on-year, of which the added value of agriculture, industry, and service industries fell by 3.2%, 9.6%, and 5.2% respectively.
Figures released in July show China’s GDP returned to growth during April to June. In the second quarter of 2020, there was a year-on-year growth of 3.2%, an increase of 10 percentage points from the first quarter. China’s economy is progressing steadily and the development momentum is good.