Seasonal agricultural workers plant peanuts next to wheat fields in China's Henan province. With tens of millions of urban and factory jobs lost, many of the newly unemployed have returned to their rural villages. Amy Cheng/NPR
CNN: China's economy is still struggling to recover from the pandemic
China is trying to dig itself out of a steep economic slump. But as the rest of the world still battles with the coronavirus pandemic, the path to recovery is looking slow and painful.
Exports in the world's second largest economy last month dropped 3.3% in US dollar terms compared to a year ago, customs data released this weekend showed, reversing a 3.5% rise in April.
Analysts attributed the downturn to weak demand abroad: While China began reopening its economy months ago, many other global powers only just started to lift some lockdown measures within the past few weeks.
The recovery at home hasn't been entirely smooth for China either. Imports last month plunged 16.7% in US dollar terms from a year ago — the deepest contraction since January 2016 — suggesting domestic demand remains sluggish.
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WNU Editor: A good chunk of China's economy is export driven. Because of that there is going to be no significant improvement unless this is resolved (which it will not be) .... China’s economic recovery could be ‘very impressive’ — but the U.S. stands in the way, Deutsche Bank says (CNBC). In the meantime people in china are doing what their ancestors have been doing during hard times. They are going back home to the family farm .... With China's Economy Battered By Pandemic, Millions Return To The Land For Work (NPR).
