German firms in China recover further from coronavirus crisis

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CORONAVIRUS CURBS
CORONAVIRUS CURBS

German companies based in China, where the coronavirus pandemic appears to have been brought under control are recovering further from the crisis, according to a survey published on Thursday.

The German Chamber of Commerce in China said production capacity had returned to normal for 72 per cent of the firms it surveyed.

“The current indicators point to a sustained regeneration of the Chinese economy,’’ said Andreas Feege, who sits on the board of the organisation.

In spite of the continued recovery, the economic effects of the pandemic are still felt in some branches, the study found.

While the automotive and engineering sectors reported strong results, business services are still struggling.

In addition, around half of the companies stated that demand had not yet returned to pre-crisis levels, the Chamber of Commerce said.

China’s economy suffered its first decline since 1992 in the first quarter of this year, when it contracted by 6.8 per cent.

However, it has been recovering for months after the world’s most populous country was able to bring infections under control. (dpa/NAN)

– Dec. 17, 2020 @ 10:19 GMT |

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