Summary :
The world’s second-largest economy has bounced back from stringent and extensive COVID lockdowns, backed by rising domestic demand, fewer supply chain snags and government stimulus measures, analysts said.
“China’s manufacturing sector is shaking off the impact of COVID outbreaks in the second quarter and is accelerating to return to normal,” said Zhou Maohua, an analyst at China Everbright Bank.
Easing production costs pressure and government’s price stabilisation measures also effectively reduced the spending of industrial production, he added. “The meeting reflects a more flexible and pragmatic attitude toward the GDP target,” said Bruce Pang, chief economist and head of research at Jones Lang Lasalle Inc, adding policy focus will not be on launching new stimulus but on implementing the existing policies and letting them take effect.
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