Good morning. This hearing will now come to order. I am pleased to welcome our distinguished panels of Witnesses Today on the economic subcommittee focusing on a very important topic and i think theres a lot of bipartisan interest in and that is the economic geostrategic challenge with the rise of china poses for the United States not just today but in the future. The calmness party led peoples republic of china through unfair treatment practices and intellectual property theft market manipulation and very prominently in my view not reciprocal treatment not just in the economic realm but in many realms has been a force in the Global Economy that undercuts the resiliency of the u. S. Economy. Its been one of the worlds fastestgrowing economies averaging close to 10 growth from 1979 to 2015. In 2014 china overtook the United States as the Worlds Largest country in reducing power according to the International Monetary fund. I believe there is a strong bipartisan interest and hopefully we
For the Global Economy moving forward well bring you indepth analysis we have a packed show today so lets dive right in. And we lead the program with Economic Data out of the worlds 2 largest economies as the globe continues to grapple with the copen 1000. 00 pandemic lets start in china officials are reporting the countrys g. D. P. Grew by 3. 2 percent in the 2nd quarter of 2020 compared to the same period last year now the Economic Growth was a sharp rebound after the worlds 2nd largest economy contract by 6. 8 percent year over year for the 1st quarter of this year now china was the 1st nation worldwide to start lock downs and stay at home orders in january but most restrictions have since been eased more positive data came as industrial output jumped 4. 8 percent year over year for the month of june better than initial estimates from economists now some experts see these data points as a sign of an economic recovery for china however retail sales fell by 1. 8 percent. For the month
Year now the Economic Growth was a sharp rebound after the worlds 2nd largest economy contract by 6. 8 percent year over year for the 1st quarter of this year now china was the 1st nation worldwide to start lock downs and stay at home orders in january but most restrictions have since been eased more positive data came as industrial output jumped 4. 8 percent year over year for the month of june better than initial estimates from economists now some experts see these data points as a sign of an economic recovery for china however retail sales fell by 1. 8 percent for the month of june worse than analysts expectations but better than the loss of 2. 8 percent in may now meanwhile here in the United States the u. S. Commerce department announce retail sales for the Worlds Largest economy grew by 7. 5 percent in june after a massive jump of 18. 2 percent in may now this of course comes as restrictions have softened in certain areas of the country despite recent spikes in coronavirus. Cases
Countrys g. D. P. Grew by 3. 2 percent in the 2nd quarter of 2020 compared to the same period last year now the Economic Growth was a sharp rebound after the worlds 2nd largest economy contract by 6. 8 percent year over year for the 1st quarter of this year now china was the 1st nation worldwide to start lock downs and stay at home orders in january but most restrictions have since been eased more positive data came as industrial output jumped 4. 8 percent year over year for the month of june better than initial estimates from economists now some experts see these data points as a sign of an economic recovery for china however retail sales fell by 1. 8 percent for the month of june worse than analysts expectations but better than the loss of 2. 8 percent in may now meanwhile here in the United States the u. S. Commerce department announced retail sales for the Worlds Largest economy grew by 7. 5 percent in june after a massive jump of 18. 2 percent. May now this of course comes as rest
A job one group is looking to the u. S. Congress for help. The number of new coronavirus cases is surging on almost every continent its taken just 4 days for the global number of infections to jump from 15 to 16000000 and that in america more than 4300000 people have now been diagnosed with covered 19 and smaller than the u. S. And canada combined its been a surge of infections in many countries including brazil mexico and argentina. He is in the colombian capital bogota with more on the crisis from latin america. According to the paramedic held her again the sation there pandemic across the region is showing no signs of slowing down but experts there are particularly worried d the 5 countries brazil in mexico of course but also colombia where we are argentina to and to a lesser extent also cheated where things have eased up a bit of course brazil remains the main hot spot this week theyve been reporting more than 50000 cases for 4 days in a row however the government said that this su