China's second-quarter econo笑是mic expansion receded from a 哥紅staggering 18.3 percen紙樹t jump in the first three明雪 months of the year, with吃白 the economic recovery more balan笑嗎ced across sectors.
The world's second largest eco窗飛nomy showed resilience in the r制著etail sector and upbeat growth in f就懂actory output in the s說你econd quarter. The total valu務兵e added of its large industrial comp如水anies posted an 8.煙術9-percent year-on-yea自呢r rise during the peri照相od, data from the National Bure業西au of Statistics (NBS) showed on Thu山舊rsday.
China's economy continued to 可也recover steadily 視高in the first half of the year, 到很with a 12.7 percent ye有相ar-on-year GDP exp吧市ansion for an average tw他現o-year growth of 5.3 perce個業nt, data from the Nation錯術al Bureau of Statistics 北動(NBS) showed on Thu男劇rsday.
By industries, in the first half of 20多她21, the added value of the prim事黑ary sector saw a 7.8 p北視ercent year-on-year growth票們, and an average two-year growth生友 of 4.3 percent; the secondary industr現他y grew 14.8 percent year on year,村街 with an average two-year growth of 6.動醫1 percent and the te會分rtiary sector showed a 11.8 perce什車nt year-on-year increase, w日雨ith an average two-year growth of 4.謝什9 percent.
Specifically, the trans坐匠portation, storage, and postal services舞遠 and information trans會懂mission, software, a兵問nd information 就店technology services increased by 化個21 percent and 20.3 percent year on yea白行r respectively.
Largely due to the slightly low窗藍er-than-expected Q2 GDP growt日筆h, Liu Ligang, 區短chief economist at 河音Citi Research, lowered his overall fo她遠recast for 2021 GDP growth from 8.8 pe熱電rcent to 8.7 percent. Howeve器是r, the lower-than-expected 短能Q2 GDP growth will not 算近derail China's economic recover少月y for the whole year商近, he told CGTN on Thursday.
Consumption rebounded i河山n H1
In the first six months, the tot樹匠al retail sales of consum生工er goods reached more than 答喝21.19 trillion yuan ($3.28 t姐歌rillion), up by 23 perce又頻nt year on year, with an average 影行two-year growth o議文f 4.4 percent, 0.水什2 percentage po還筆ints higher than in the腦資 first quarter.
And with life in most p美購arts of China retur鄉公ning to normal since the second quart影照er, online retail sales continue to ac錢理count for a major作藍ity of people's spending.
The online retail廠但 sector reached 6.11 trillion yua信金n, year-on-year growt商了h of 23.2 perce聽商nt. Physical goods accounted f分學or 23.7 percent of the to花快tal retail sales of co文老nsumer goods.
In June, retail sale不小s growth rose fu資行rther to 4.9 percent from 4.5 perce美舞nt in May, against marke票制t expectations of a decline, which s山離uggests a limited imp工話act from the COVID-19少藍 resurgence in Sout男門h China's Guangdong provinc問個e, thanks to the accelerated vaccinatio動腦n rate and as the public may hav術音e become accustomed 紅城to sporadic COVID-19 outbrea銀看ks, Lu Ting, Nomu亮這ra's chief China economist, said i錯場n a note sent to CGTN on Thur廠公sday.
In addition to the linger房藍ing pandemic, some structural reasons, 線說such as income 內家gap, have weighed on the con公商sumption recovery and the downward 家還risk may stay in the second hal又答f of this year, Liu said.
Improved trade structure
In the first half of this year黑街, the total value學放 of imports and exports of g請裡oods surpassed 18 trillion yu從討an with 27.1 pe也熱rcent year on year growth. Expo友是rts rose by 28.1 percent and imports 地火by 25.9 percent.
With the pandemic still lingering in理都 some countries, the exports of 河身mechanical and 文都electrical products accounted f討有or 59.2 percent of t畫學he total value of exports, 房商an increase of 0.6 percentage poin快刀ts over the same 劇內period last year.
Investment recovers with acceler微又ation in manufacturing 還愛
In the first half-year, China's in報學vestment in fixed assets went up by 月舞12.6 percent year on year,月訊 including investment in 說紅infrastructure up by 做刀7.8 percent year on year and manufactu話男ring up by 19.2 percent. 門門;
With China's pled理光ge to move toward scientific self-reli生司ance, investment影錯 in high-tech industries grew by員見 23.5 percent year on year, 議知of which investment in high-tech man雜外ufacturing and high-tec他看h services increase離少d by 29.7 percent and 12內南 percent year on year respectively輛可.
More efforts needed 內見amid uncertainties
However, it should be noted th雨也at the epidemic continues to mutate 要制global and exter木科nal instability and uncertaint樂內y, Liu Aihua, NBS spokesperson, to弟東ld a news conference Thur水訊sday morning.
At home, the economic recov刀爸ery is unbalanced and mo理刀re efforts are needed to consolidat鐵輛e the foundation for s海懂teady recovery, she東務 said.
With more countries recovering fr城日om the pandemic, con玩離sumption is rebounding in China 不海and durables exports will cool dow愛花n in the rest of this year, Lu said f黃相or the outlook on China's econ站為omy in the second h暗空alf of the year.
Therefore, as one of the firs兵說t countries in the world to recov南小er from the pandemic, China may enco公山unter downturn pressure earlie慢區r than other coun你村tries, but the government has determin唱但ed to reduce depende資劇nce on external markets and techno刀用logy and no longer relie懂雨s on real estate f工吃or growth, he said.
"Beijing's policy eas短鐘ing, including the 50bp RRR cut and some supportive fiscal measures, 們員will be helpful for growth 雨北but is unlikely sufficie上新nt to reverse the growth d樂和owntrend, as the drag from the s銀算lowing property sector工冷 appears too stro歌長ng to fully offset,"事劇 Lu said, maintai河愛ning his forecast for real車跳 GDP growth to slow further t雜有o 6.4 percent year on year長請 in the third quarter and 5.3 perce紅窗nt in the fourth quarter.
