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China’s H1 GDP up 2.5%, Q2 positive growth in hard-won outcome as nation braves headwinds

2022-07-16 09:48:49       source:Global Times

July 15, 2022

From competitive high-tech manufacturing sector to higher than expected trade growth, China's economy managed to secure a positive growth in the second quarter against tough headwinds and achieve a V-shaped rebound with 2.5 percent growth in the first half of the year, a hard-won achievement considering the country's arduous fight with the most serious outbreaks of coronavirus since 2020 and a harsh external environment, officials and experts said as they further underlined the economic resilience and abilities of the nation of 1.4 billion people to brave challenges ahead. 

Although the impact of recent ordeal continues to linger in certain economic sectors, experts were generally upbeat about accelerating growth in the second half of this year as the effects of stimulus packages gradually come into force, which will provide momentum for the country's efforts to strive toward its economic growth target, they stressed. According to data released by the National Bureau of Statistics on Friday, China's GDP expanded 0.4 percent on a yearly basis in the second quarter, the slowest growth rate since the first quarter of 2020, when the domestic economy was battered by a ferocious outbreak of COVID-19 cases in Central China's Wuhan. The country's GDP growth was 4.8 percent in the first quarter. 

In the first half of 2022, China's GDP expanded by 2.5 percent from a year ago, the NBS data showed. 

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