Premarket stocks: China’s economy is the envy of the world – CNN

Article summary

China’s economy has now recovered from its historically bad first quarter, when the coronavirus forced the country to shut down. Growth of less than 5% would normally be a cause for real concern in China, which is accustomed to much quicker expansion. […] That compares to contractions of 5.8% in the United States and 8.3% in the 19 countries that use the euro. […] Alibaba is spending 28 billion Hong Kong dollars ($3.6 billion) to up its stake in Sun Art Retail Group from 36% to 72%, the company said in a statement Monday. […] The play: The Sun Art deals signals that Alibaba is pushing for the “accelerated digitization” of Chinese consumers post-pandemic, according to Jefferies analyst Thomas Chong.

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