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China's economy shrugs off global slump as shoppers join the recovery

September 15, 2020. Summarized by summa-bot.

The coronavirus pandemic has pushed the world's economies into historic slumps. But China is bucking the trend.

China was the only country for which the International Monetary Fund projected growth this year in its June forecast — it's expected to eke out a 1% increase.

Fu pointed out that China's box office is recovering since authorities allowed cinemas to reopen in mid-July, with August ticket sales down a bit more than half of what they were a year earlier.

"Spending remains strongest among wealthier consumers, as evident from the continued rapid growth in car and property sales," economists at Capital Economics wrote in a Tuesday research note, though they noticed that the data suggests the recovery is "broadening out. "

Even Fu, the government spokesman, said Tuesday that the country still faces "big unemployment pressure" as a record number of new college graduates enter the job market.

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