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Economy

China's industrial economy to continue recovery in second quarter

May 21, 2020


Abstract : China's industrial economy is expected to continue recovery in the second quarter with progress on business resumption and policy incentives in place to unleash domestic demand, an official said on Wednesday.

BEIJING, May 20 (Xinhua) -- China's industrial economy is expected to continue recovery in the second quarter with progress on business resumption and policy incentives in place to unleash domestic demand, an official said on Wednesday.

Miao Wei, Minister of Industry and Information Technology, said 99.1 percent of Chinese industrial enterprises with an annual business turnover of at least 20 million yuan (about 2.82 million U.S. dollars) had resumed production as of Monday.

About 95.4 percent of employees in such enterprises had returned to work, he said.

The ministry has ramped up efforts to fast-track work and production resumption across the complete industrial chain, said Miao.

Leading enterprises are encouraged to lend a hand to their upstream and downstream enterprises while supportive measures are taken to smooth transportation, he continued.

Noting that the auto sector, pivotal in propping up the national economy, has borne the brunt of the COVID-19 epidemic, Miao said the ministry has taken multiple steps to help relevant enterprises overcome difficulties.

The epidemic will only have a temporary impact on the auto sector and the upward trend of the industry in the long term has not changed, he said. Enditem

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Keyword: China economy Q2

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