China on track for ‘V-shaped’ recovery, but hopes Britain’s economy will come ‘roaring back’ fade
China’s economy is on track for a ‘V-shaped’ recovery as hopes for a rapid rebound in Britain fade.
Official figures show the world’s second biggest economy grew by 3.2 per cent between April and June as the lockdown was lifted.
This means it has clawed back almost half the record 6.8 per cent contraction in the first three months of the year, when the country’s factories and businesses were shut down.
Chinese recovery: Official figures show the world’s second biggest economy grew by 3.2 per cent between April and June as the lockdown was lifted
The recovery ensures that unlike many countries, including the UK, China has avoided falling into a technical recession, defined as two consecutive quarters of contraction.
The Communist government has launched a stimulus plan to boost its economy, slashing income tax and VAT to boost spending.
But hopes of that Britain’s economy will come ‘roaring back – as predicted by Boris Johnson – have faded.
Official figures published on Wednesday showed the economy expanded by just 1.8 per cent in May, far less than the 5.5 per cent growth experts had been banking on.