China’s GDP expands 3.2 pct in Q2

Cast-steel pipes to be shipped are seen at a port in Lianyungang, east China’s Jiangsu Province, July 16, 2020. China’s economy bounced back to growth in the second quarter this year as the country gradually resumed work and production after having the COVID-19 epidemic effectively contained, official data showed Thursday. The country’s gross domestic product (GDP) expanded 3.2 percent year on year in the second quarter, according to data from the National Bureau of Statistics (NBS).

(Photo by Wang Chun/Xinhua)

 

BEIJING, July 16 (Xinhua) — China’s economy bounced back to growth in the second quarter this year as the country gradually resumed work and production after having the COVID-19 epidemic effectively contained, official data showed Thursday.

The country’s gross domestic product (GDP) expanded 3.2 percent year on year in the second quarter, according to data from the National Bureau of Statistics (NBS).

In the first half of this year, the country’s GDP stood at 45.66 trillion yuan (about 6.53 trillion U.S. dollars) amid COVID-19 impact, down 1.6 percent year on year, said the NBS.

A breakdown of the data showed the output of the primary industry rose 0.9 percent year on year, while the service sector and the secondary industry saw a decline of 1.6 percent and 1.9 percent, respectively.

The Chinese economy overcame the adverse impact of the epidemic in the first half gradually and demonstrated a momentum of gradual recovery, further manifesting its development resilience and vitality, the NBS said.

China’s value-added industrial output, an important economic indicator, went up 4.4 percent year on year in Q2 as factories stepped up production amid COVID-19 control.

Investment in property development edged up 1.9 percent year on year in H1, compared with the 7.7-percent decline during the January-March period.

China’s service production index increased 2.3 percent year on year in June as economic activities continued to recover.

Retail sales, a gauge of consumption, declined 3.9 percent year on year in Q2. Fixed-asset investment went down 3.1 percent year on year in H1, narrowing from the 6.3-percent decline in the first five months.

Thursday’s data also showed China’s job market improved slightly in June, with the surveyed unemployment rate in urban areas standing at 5.7 percent, down 0.2 percentage points from the previous month.

NBS spokesperson Liu Aihua said it has been not easy for China to contain the epidemic in a short time and reverse an economic downturn.

Given the continuous global spread of the virus, the evolving impact of the pandemic on the global economy and the noticeably mounting external risks and challenges, China’s economic recovery is still under pressure, Liu told a news conference.

Liu said she expects China’s economy to continue recovering in the second half of the year powered by the steady economic recovery in H1, rapidly growing new industries and business models, as well as the strong support from macro policies.