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China's Q2 economy up 6.3pc, but post-pandemic recovery petering out
来源：shippingazette 编辑：编辑部 发布：2023/07/19 17:24:24
CHINA's economy grew 6.3 per cent year on year in the second quarter of the year, official date showed despite a patchy post-Covid rebound in recent months.
The National Bureau of Statistics' (NBS) spokesman Fu Linghui said: "By quarter, the GDP grew by 4.9 per cent year on year in the first quarter and 6.3 per cent in the second quarter.
"Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents' income grew steadily."
Mr Fu noted that the nation is full of confidence and has the capability to achieve its annual economic growth targets despite facing challenges.
The economy is improving, but the international political and economic situation remains complex and the foundation of domestic economy recovery is not solid, he said.
Growth in quarter-on-quarter terms shows the nation's economy expanded just 0.8 per cent in April-June.
That is down from 2.2 per cent growth seen in the previous three months after lukewarm activity from October to December.
Additional data showed its post-pandemic recovery petering out, likely boosting calls for greater economic stimulus.
Youth unemployment for those aged 16 to 24 hit a new high of 21.3 per cent in the second quarter.
Carlos Casanova, senior Asia economist at Union Bancaire Privee, said retail sales and consumption should be the growth engine for China this year, so the June growth figure was dissappointing, reports UK's Financial Times.
He added the government would need to focus on improving private sector sentiment, especially if it wanted to reduce youth unemployment.
"China's recovery is going from bad to worse," Harry Murphy Cruise, economist at Moody's Analytics, said in a research note. "The pandemic hangover is plaguing China's recovery."
He said consumers were wary of spending and were instead saving.
The National Bureau of Statistics' (NBS) spokesman Fu Linghui said: "By quarter, the GDP grew by 4.9 per cent year on year in the first quarter and 6.3 per cent in the second quarter.
"Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents' income grew steadily."
Mr Fu noted that the nation is full of confidence and has the capability to achieve its annual economic growth targets despite facing challenges.
The economy is improving, but the international political and economic situation remains complex and the foundation of domestic economy recovery is not solid, he said.
Growth in quarter-on-quarter terms shows the nation's economy expanded just 0.8 per cent in April-June.
That is down from 2.2 per cent growth seen in the previous three months after lukewarm activity from October to December.
Additional data showed its post-pandemic recovery petering out, likely boosting calls for greater economic stimulus.
Youth unemployment for those aged 16 to 24 hit a new high of 21.3 per cent in the second quarter.
Carlos Casanova, senior Asia economist at Union Bancaire Privee, said retail sales and consumption should be the growth engine for China this year, so the June growth figure was dissappointing, reports UK's Financial Times.
He added the government would need to focus on improving private sector sentiment, especially if it wanted to reduce youth unemployment.
"China's recovery is going from bad to worse," Harry Murphy Cruise, economist at Moody's Analytics, said in a research note. "The pandemic hangover is plaguing China's recovery."
He said consumers were wary of spending and were instead saving.