HONG KONG: Asian markets posted healthy gains on Friday after official data in China showed the coronavirus pandemic had not hit economic growth as badly as some had feared.
Official data showed a 6.8% contraction last quarter – the first negative growth reported since the country began logging quarterly data in the early 1990s. Other data showed a sharp drop in domestic demand, with many shoppers staying at home and avoiding crowds due to fears of a resurgence in virus cases.
Other experts have cautioned that Chinese growth is unlikely to rebound soon, with depressed demand for exports as the rest of the world grapples with the pandemic. The president faces re-election in November and has been impatient to lift a lockdown that has thrown 22 million people out of work in the world’s largest economy.
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