China’s Economy Rebounds To 3.2% Growth In Q2

China’s gross domestic product expanded 3.2 percent year on year in the second quarter of 2020, data from the National Bureau of Statistics showed on Thursday.

 

In the first half of this year, the country’s GDP stood at 45.66 trillion yuan (US$6.53 trillion) amid COVID-19 impact, down 1.6 percent year on year, according to NBS data.

 

A breakdown of the data showed 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.

 

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

 

Industrial output

 

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

 

Home prices

 

China’s housing market remain generally stable in June, with mild month-on-month increases in home prices in 70 major Chinese cities, official data showed on Thursday.

 

New home prices in four first-tier cities — Beijing, Shanghai, Guangzhou and Shenzhen — rose by 0.6 percent month on month in June, according to data from the National Bureau of Statistics.

 

On a monthly basis, new home prices edged up 0.9 percent in 31 second-tier cities, and rose 0.8 percent in 35 third-tier cities.

 

Fixed-asset investment

 

China’s fixed-asset investment went down 3.1 percent year on year in the first half of 2020, narrowing from the 6.3-percent decline in the first five months.

 

Unemployment

 

China’s surveyed unemployment rate in urban areas stood at 5.7 percent in June, 0.2 percentage points lower than that of May.

 

Services production

 

China’s Index of Services Production increased 2.3 percent year on year in June as economic activities continued to recover, data from the National Bureau of Statistics showed on Thursday.

 

The pace is 1.3 percentage points faster than the growth in May, according to the NBS.

 

In the first half of 2020, the Index of Services Production dropped 6.1 percent from the same period last year, 5.6 percentage points slower than the decline in the first quarter, the NBS said.

 

Retail sales

 

China’s retail sales of consumer goods declined 3.9 percent year on year in the second quarter of this year.

 

Property investment

 

China’s investment in property development edged up 1.9 percent year on year in the first half of 2020 (H1), compared with the 7.7-percent decline during the January-March period.

 

Disposable income

 

China’s per capita disposable income stood at 15,666 yuan (US$2,241) in the first half of the year, up 2.4 percent from the same period last year in nominal terms, official data showed on Thursday.

 

After deducting price factors, per capita disposable income fell 1.3 percent year on year.

 

Industrial capacity utilization

 

China’s industrial capacity utilization rate stood at 74.4 percent in the second quarter of 2020, up 7.1 percentage points from the first quarter.

 

Source: Xinhua