YICAI｜China's 5.2% Second-Quarter Growth Beats Expectations
(Yicai) July 15 -- China's economy grew 5.2 percent year on year in the second quarter, exceeding expectations thanks to policy support and robust industrial output amid a trade truce with the United States.
Data released by the National Bureau of Statistics today showed that growth had eased from a 5.4 percent clip in the previous two quarters. Chief economists surveyed by Yicai had predicted second-quarter growth of 5.07 percent.
Against the backdrop of a trade truce with the United States, China has introduced a raft of economic stimulus measures since May, including cuts in interest rates and the share of cash banks must hold in reserve. Industrial production has also climbed, jumping 6.8 percent in June alone.
The government implemented more proactive economic policies in the first half to address external uncertainties and internal challenges stemming from industrial restructuring, NBS Deputy Director-General Shen Laixun told reporters today.
These efforts supported steady economic growth and helped lay a solid foundation for meeting the full-year GDP growth target of 5 percent, Shen said.
In the six months ended June 30, the economy grew 5.3 percent from a year earlier to CNY66 trillion (USD9.2 trillion), the NBS data also showed.
Key economic indicators rose, including for industrial production, consumption, and investment. Industrial output gained 6.4 percent, while retail sales of consumer goods rose 5 percent to CNY24.5 trillion (USD3.4 trillion), though sales growth eased to 4.8 percent in June from May's 6.4 percent following a spike during the May Day and Dragon Boat Festival holidays.
Fixed-asset investment climbed 2.8 percent in the first half to CNY24.9 trillion (USD3.5 trillion), slowing from a 3.7 percent increase in the first five months. Excluding real estate development, fixed-asset investment jumped 6.6 percent.
Meanwhile, per capita disposable income rose to CNY21,840 (USD3,044), up 5.3 percent nominally and 5.4 percent in real terms after adjusting for inflation. Urban unemployment stood at 5.2 percent in June, down from 5.3 percent in the first quarter.