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China in Recession and Heading for Full-Year Decline: Beige Book

A man wearing a protective mask sweeps a lane in front of stores in the Tianzifang retail precinct in Shanghai, China, on April 20, 2020. 
Photographer: Qilai Shen/Bloomberg

China’s economy contracted in the three months to June from a year earlier, signaling the start of a recession despite marginal improvements over the previous period when the coronavirus roiled the economy, according to China Beige Book.

Key metrics including manufacturing profits, capital expenditures and retail sales volumes remained at historically low levels and barely improved from those in the first quarter, CBB International said in a quarterly report based on a survey of more than 3,300 firms.