China Economy Bounces Back After Virus Dive, Plans to Reopen Cinemas

China Economy Bounces Back After Virus Dive, Plans to Reopen Cinemas.

China’s GDP rose by 3.2 per cent in the three months ending in June compared with the same period a year ago, according to figures from the National Bureau of Statistics. The economy slumped 6.8 per cent in the previous quarter – the first such contraction since 1992.

“It’s very much a story of government stimulus-led recovery,” Rodrigo Catril, a foreign exchange strategist at NAB in Sydney told Reuters. “The consumer remains very cautious.”

Most Chinese cinemas will be allowed to reopen next week with social distancing rules following months of coronavirus closures, authorities have said, as domestic infections remained at zero for ten straight days.

Movie theatres in “low-risk” areas of the country can resume operations on July 20, but must screen patrons for fevers and enforce mask-wearing, the China Film Administration said.

Cinemas are also required to sell tickets for no more than 30 per cent of the available seats at each screening, and must keep groups of moviegoers at least one metre (about three feet) apart, the administration said.