BEIJING — China's economy expanded 3.2 percent in the second quarter (Q2) of this year, rebounding from a 6.8-percent contraction in the first quarter (Q1), as the country consolidates COVID-19 control while forging ahead with economic recovery.
Here are some highlights of the Chinese economy in the first half of this year (H1) against the economic fallout from the pandemic:
- Production stepped up across sectors, with value-added industrial output reversing the 8.4-percent slump in Q1 to expand 4.4 percent year-on-year in Q2. Service industry output rebounded to grow 1.9 percent in the April-June period.
- Consumption warmed, as retail sales of consumer goods declined 3.9 percent year-on-year in Q2, an improvement of 15.1 percentage points from Q1.
- The surveyed unemployment rate in urban areas decreased for two consecutive months to stand at 5.7 percent in June.
- Consumer inflation was generally stable throughout the first six months, with the consumer price index up 3.8 percent year-on-year, down 1.1 percentage points from Q1.
- People's livelihood kept improving, with per capita disposable income in nominal terms rose 2.4 percent to 15,666 yuan (about $2,241) in H1, while income in rural areas stood at 8,069 yuan, up 3.7 percent in nominal terms.
- Poverty alleviation continued to see substantial progress, as rural per capita disposable income in provincial regions with larger poor population, including Sichuan, Guizhou and Guangxi, expanded by between 5.5 and 7.6 percent in nominal terms.
- High-tech manufacturing kept expanding in both value-added output and investment in H1, so did the output of new infrastructure facilities like charging poles and urban rail transit.
- The purchasing managers' index (PMI) for China's manufacturing sector ticked up to 50.9 in June from 50.6 in May, registering a reading above 50 for four consecutive months.
The PMI for China's non-manufacturing sector came in at 54.4 in June, up from 53.6 in May.
- Foreign trade of goods went down 3.2 percent year-on-year in H1 to 14.24 trillion yuan, narrowing by 1.7 percentage points compared with the decrease for the first five months.
