Despite a moderate recovery in the second quarter, China still warns of economic uncertainty
The pace of China’s economic recovery rose slightly in the second quarter because signs of weakness in the world’s second largest economy triggered expectations for greater growth. Policy Support.
The National Bureau of Statistics said on Thursday that on a quarterly basis, China’s GDP grew by 1.3% in the three months to the end of June, up from 0.4% in the previous quarter. According to polls conducted by Bloomberg and Reuters, economists had previously expected an increase of 1% to 1.2% from the previous month.
GDP in the second quarter increased by 7.9% year-on-year, a year-on-year increase 18.3% In the first quarter.The high growth in the first quarter reflects the almost complete cessation of economic activity following the outbreak of the Covid-19 pandemic in early 2020 Central China And forcing the government to implement a blockade across the country.
On the occasion of the release of the National Bureau of Statistics Stressful moment For Chinese economic planners, they are trying to strike a balance between financial stability and growth.
Liu Aihua, a spokesman for the National Bureau of Statistics, told reporters in Beijing that the economy continued to “steadily recover,” but warned about the prospects, calling the recovery “unbalanced.”
She said: “We should also be aware that the coronavirus continues to mutate on a global scale, and external instability and uncertainties abound.”
Signs of downward pressure on China’s recovery have prompted speculation that Beijing will launch more policy support to boost business confidence and employment, and boost spending.
But any such relaxation may weaken policy Introduce to Lower leverage And handle a series of Bond default end of last year.These questions are Very urgent State-owned enterprises in the central and northern provinces have raised concerns about the instability of the financial system.
ChinaAs the first large economy to lift the blockade last year, other economies have been closely watching the fragile recovery and the impact of the crisis.
Driven by the relaxation of social distancing measures and the resumption of growth in the United States and parts of Europe, the country’s exports have outperformed market expectations for most of this year.But the The rapid spread of Covid-19 Delta variants Doubts about external demand in the second half of the year.
Manufacturers across Asia have also been Price rises sharply with Sudden supply restrictions Crack down on important industrial inputs.Delivery delays and shortages of raw materials are also Trigger a fear of interruption.
Nevertheless, according to the National Bureau of Statistics, China’s industrial production has increased by 8.9% compared to the same period last year.
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Fixed asset investment tracking expenditures in key areas such as infrastructure and real estate increased by 12.6% year-on-year in the first half of 2021.
The mixed feelings about domestic consumption in China have also raised concerns about the health of the service industry.
Retail sales increased by 12.1% in June. Data from the National Bureau of Statistics show that, in comparison, it was 12.4% in May and 17.7% in April, highlighting the continued pressure on domestic consumer spending and the uneven economic recovery.
According to the National Bureau of Statistics, the urban unemployment rate was 5%, lower than the 5.3% at the end of the first quarter. The unemployment rate for the 16-24 year-old population rose from 13.6% to 15.4%, highlighting another major challenge facing Beijing.
Supplementary report by Liu Xinning in Beijing and Hudson Lockett in Hong Kong