China's economy turns to growth; avoid recession

China's economy grew in the second quarter of this year, following a deep decline in the preceding quarter.

The National Bureau of Statistics said on Thursday that the world's second largest economy has increased by 3.2 per cent in the period April-June, rejecting analysts' expectations for 2.5 per cent growth.

The increase follows the contraction of 6.8 percent in the first quarter, when China has become the world's first country hit by the coronary pandemic.

With recent figures, China avoids entering a technical recession, which occurs after two successive periods of negative growth.

China, largely, has curbed the spread of the coronary and eased isolation measures over the past two months, but the economy continues to recover slowly, despite policymakers' steps to boost stimuli.

In another development, International Monetary Fund chief Kristalina Georgieva said the global economy “is not yet out of danger”, despite some signs of recovery.

In a message to G20 finance ministers, or group of more industrialized countries, she said the economy faces continued challenges, including the possibility of a second wave of coronavirus Qaeda and encouraged governments to continue with their support programmes.

The IMF now expects gross global domestic production to drop by 4.9 per cent this year.