China's GDP in the first half of 2020 decreased by 1.6%

China's GDP for the first half of 2020 decreased by 1.6% yoy under the impact of the pandemic COVID-19, according to data published on Thursday by the state statistical Bureau of China.

The document notes that thanks to the coordinated efforts of the entire country in the fight against the epidemic is coronavirus and the recovery of the production of "national economy of China in the first half of 2020 has moved from slowdown to growth".

"Economic growth in the second quarter changed from negative to positive, the main indicators also showed growth. National economy gradually recovered, has been effectively ensured the basic livelihood, market expectations generally positive, and social development is stable," the report reads.

China's GDP for the first quarter under the impact of the epidemic of the coronavirus fell by 6.8%, for the first time, the Chinese economy went negative since 1992. The Chinese authorities against the background of the pandemic and its impact on the economy has not started to set targets for growth of GDP in 2020. Typically, targets for GDP growth is voiced in the annual report of the Premier of the state Council of China Li Keqiang at the opening session of Parliament, but this year it did not happen.

Earlier, the international monetary Fund (IMF) lowered its forecast for China's economic growth this year by 0.2 percentage points to 1%, and in 2021 by 1 percentage point, to 8.2%. In turn, the world Bank, in 2020, predicts the growth of China's economy by 1%, while in January the expected increase of 5.9%.

By the end of 2019, the Chinese economy grew by 6.1 percent, retaining its status as the second largest economy in the world.