China Beige Book: The economy contracted in Q2

China Beige Book, a survey of more than 3,300 Chinese companies conducted mid-May to mid-June., showed on Wednesday, the economy contracted in Q2 (the three months April to June) from a year earlier.

Additional findings

“Historically low levels of manufacturing profits, capital expenditures and retail sales volumes, barely up from Q1.”

“Slow global demand remains a drag on growth.”

"The eventual return to growth does not mean a return to anything approaching the old levels of growth."

"Until and unless global demand recovers more forcefully, the incremental quarterly improvement just seen will make for a contraction for full-year 2020."