Briefly

ECB: Economy made quick recovery

The Chinese economy made a relatively swift recovery after bottoming out in the first quarter of the year due to the COVID-19 pandemic, said an article published by the European Central Bank. China's economic activity rose from a trough of around 20 percent of normal levels in February to 90 percent in a span of just three months, ECB analysts said in the article, citing both traditional data and nonconventional high-frequency economic indicators. The article found that the manufacturing sector rebounded earlier than the services sector. While the manufacturing and construction sectors returned to almost full capacity in the course of May, services sectors such as tourism, business travel, and cultural and sporting events that are associated with close physical interaction, remained below pre-outbreak capacity.

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