The second quarter of 2020 has seen a steep economic boom in the Chinese economy even after China was the epicenter for the Covid-19 during the first quarter of 2020. Statistics of China showed the country’s GDP grew 3.2% in the three months which ended on June 30 compared to the same period of the previous year. This marks the second lowest growth rate of China since 1992 for the exponentially booming economy.
The coronavirus outbreak which originated in Wuhan in December 2019 made China’s economic output decline by 6.8% year-over-year in the first three months of 2020. China’s economic growth had stabilized around 6% following a gradual slowdown from the more than 10% growth in the first decade the 21st century, this being prior to the COVID-19 crisis.