Video PlayerClose WASHINGTON, May 21 (Xinhua) — China’s economy is bouncing back from the coronavirus pandemic with a pick-up in consumer spending, manufacturing and investment, according to a U.S. investment expert. “When thinking about prospects for the Chinese economy, one of the most important factors is whether the coronavirus remains under control. At this point, China appears to have wrestled COVID-19 into submission,” Andy Rothman, investment strategist at San Francisco-based investment firm Matthews Asia, wrote Monday in an analysis. “It is also encouraging that two weeks after a five-day national holiday in China, when over 100 million people traveled for leisure, there has not been a spike in COVID-19 cases,” Rothman said, adding China’s economy looks to be well on its way to recovering from the coronavirus-imposed lockdown. “A return to normal may not happen until next year, but consumer spending, manufacturing and investment appear to be all bouncing back strongly,” he said. As consumption accounted for almost 60 percent of China’s gross domestic product (GDP) growth last year, Rothman said the recovery in consumer spending is critical for China’s rebound from the pandemic. Citing the recovery of sales of autos and homes in April, Rothman said it reflects that… Read full this story
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