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China's economic recovery is on track, aided by government support. Insurance, too, is back to pre-pandemic rates of premium growth and we expect its growth in 2020 to be the strongest worldwide.
Key takeaways
China reported 3.2% GDP growth in the second quarter of 2020, up from -6.8% in 1Q.
The supply side is leading the recovery with capital formation up 5%, the largest contributor to 2Q growth.
Policy support will be essential to offset external headwinds and sustain economic recovery in the second half of the year.
Insurance premium growth has returned quickly to pre-COVID-19 levels.
The insurance industry is receiving strong regulatory support and we expect China to lead the global insurance recovery in 2020 with a return to trend growth in 2021.
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Economic Insights
Supply side boosts China's recovery from COVID-19 downturn
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