China's economy grew at a much slower pace than expected in the second quarter this year with gross domestic product expanding by 7.9 per cent from a year earlier as fresh COVID-19 cases, lukewarm manufacturing activity and higher raw material costs weighed on the recovery momentum. The masses reportedly expect policymakers to do more to support the recovery.
Official data showed growth slowed significantly from a record 18.3 per cent expansion in the January-March period, when the year-on-year (YoY) growth rate was heavily skewed by the COVID-induced slump in 2020 first quarter.China's economy grew at a much slower pace than expected in the second quarter this year with gross domestic product expanding by 7.9 per cent from a year earlier as fresh COVID-19 cases,lukewarm manufacturing activity and higher raw material costs weighed on the recovery momentum. The masses reportedly expect policymakers to do more to support the recovery.#
Retail sales and industrial output grew slower in June. But June activity data still beat expectations, providing some relief to investors concerned about a slowdown after the central bank announced policy easing last week, a global newswire reported.
Higher raw material costs, supply shortages and pollution controls are weighing on industrial activity, while small COVID-19 outbreaks have kept a lid on consumer spending.
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