China’s economy bounces back from pandemic contraction

China’s economy returned to growth in the second quarter following a coronavirus contraction, with President Xi Jinping promising continued expansion ahead and urging foreign companies to be a part of it. Gross domestic product expanded 3.2 percent in April-June, the National Bureau of Statistics (NBS) said, smashing expectations and a massive improvement on the 6.8 percent contraction in the first quarter. In a letter to members of the Global CEO Council, Xi said “the fundamentals of China’s long-term economic growth have not changed and will not change”, according to state media.