{"id":128452,"date":"2022-07-22T05:03:18","date_gmt":"2022-07-22T05:03:18","guid":{"rendered":"https:\/\/fin2me.com\/?p=128452"},"modified":"2022-07-22T05:03:18","modified_gmt":"2022-07-22T05:03:18","slug":"china-economy-logs-weak-growth-in-q2","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/china-economy-logs-weak-growth-in-q2\/","title":{"rendered":"China Economy Logs Weak Growth In Q2"},"content":{"rendered":"

China’s economy<\/span> expanded at a weaker pace in the second quarter hit hard by the strict zero-COVID policy, casting doubt over Beijing’s ability to achieve its growth target of around 5.5 percent.<\/p>\n

Gross domestic product grew only 0.4 percent on a yearly basis in the second quarter, following the first quarter’s 4.8 percent expansion, data from the National Bureau of Statistics revealed Friday. GDP was expected to climb 1.0 percent. <\/p>\n

Slow GDP growth in the second quarter shows that fiscal stimulus helped to avoid an economic contraction, ING economist Iris Pang said. <\/p>\n

“Unless we see a lot of infrastructure being put into construction activities, we believe that it will still be challenging for the economy to reach 5.5 percent growth,” said Pang.<\/p>\n

The official GDP figures are likely to eke out growth of 3-4 percent this year but the reality on the ground will be closer to zero growth across the year as a whole, economists at Capital Economics said. <\/p>\n

On a quarterly basis, GDP decreased 2.6 percent in the second quarter, bigger than the expected 1.5 percent fall. <\/p>\n

In the first half of 2022, the economy expanded 2.5 percent from the previous year, which was well below the government’s full year target of around 5.5 percent. <\/p>\n

However, the June data showed improvement in economic activity as restrictions were eased. <\/p>\n

Industrial production growth improved to 3.9 percent from 0.7 percent. But this was slower than economists’ forecast of 4.1 percent.<\/p>\n

Retail sales advanced 3.1 percent annually, reversing the 6.7 percent fall in May. Sales were forecast to remain flat in June. <\/p>\n

During the January to June period, fixed asset investment logged an annual growth of 6.1 percent versus economists’ forecast of 6.0 percent. <\/p>\n

The surveyed jobless rate fell to 5.5 percent in June from 5.9 percent in May. <\/p>\n

Elsewhere, the People’s Bank of China has retained the one-year medium-term lending facility rate at 2.85 percent and the seven-day reverse repurchase agreement rate at 2.1 percent. <\/p>\n

The central bank injected liquidity of CNY 100 billion via one-year MLF and CNY 3 billion through seven-day reverse repo operations on Friday. <\/p>\n

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China’s economy expanded at a weaker pace in the second quarter hit hard by the strict zero-COVID policy, casting doubt over Beijing’s ability to achieve […]<\/p>\n","protected":false},"author":3,"featured_media":128451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nChina Economy Logs Weak Growth In Q2 - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/china-economy-logs-weak-growth-in-q2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Economy Logs Weak Growth In Q2 - Fin2me\" \/>\n<meta property=\"og:description\" content=\"China’s economy expanded at a weaker pace in the second quarter hit hard by the strict zero-COVID policy, casting doubt over Beijing’s ability to achieve [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/china-economy-logs-weak-growth-in-q2\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-22T05:03:18+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2022\/07\/China-Economy-Logs-Weak-Growth-In-Q2-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/china-economy-logs-weak-growth-in-q2\/\",\"url\":\"https:\/\/fin2me.com\/business\/china-economy-logs-weak-growth-in-q2\/\",\"name\":\"China Economy Logs Weak Growth In Q2 - 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