ECB: Economy made quick recovery

The Chinese economy made a relatively swift recovery after bottoming out in the first quarter of the year due to the COVID-19 pandemic, said an article published by the European Central Bank. China's economic activity rose from a trough of around 20 percent of normal levels in February to 90 percent in a span of just three months, ECB analysts said in the article, citing both traditional data and nonconventional high-frequency economic indicators. The article found that the manufacturing sector rebounded earlier than the services sector. While the manufacturing and construction sectors returned to almost full capacity in the course of May, services sectors such as tourism, business travel, and cultural and sporting events that are associated with close physical interaction, remained below pre-outbreak capacity.

Regulator slaps fine on 45 companies

The State Administration for Market Regulation, the top market regulator, said on Tuesday that it has fined 45 companies, including coffee chain Luckin Coffee, 61 million yuan ($8.99 million) for actions associated with Luckin's falsification of financial information and misleading the public. The administration's investigation, ongoing since April, showed between April and December last year Luckin had falsely inflated key figures including revenue, costs and profit rates, through artificial support from third-party companies, said a statement from the administration.

Xinhua - China Daily