China sees positive economic growth in Q2, expands 2.5% YoY in H1 2022

19 Jul '22

2 min read

Pic: Shutterstock

China witnessed positive economic growth against all the odds in the second quarter this year and expanded by 2.5 per cent year on year (YoY) in the first half (H1), showcasing resilience and potential. Though economic indicators fell sharply in April due to factors abroad and Omicron flare-ups at home, the downward spiral was quickly checked with government measures.

While the purchasing managers' index for the manufacturing sector is back to the expansion zone, the value-added industrial output reversed its downturn in May and accelerated its growth in June.

Consumption has improved as retail sales of consumer goods rallied 3.1 per cent YoY in June, following YoY drops in April and May. The recovery is expected to continue as China is on a trajectory of consumption expansion, upgrades, and innovations, official Chinese media reported.

Foreign trade registered a relatively fast growth since the year began. Foreign trade of goods jumped by 9.4 per cent YoY between January and June. Industrial upgrades are gaining traction, nurturing new growth drivers. In the first six months, the value-added output of large high-tech manufacturing enterprises grew by 9.6 per cent YoY, while investment in the high-tech industry rose by 20.2 per cent.

Meanwhile, consumer prices grew moderately. Employment has also improved, with the surveyed urban unemployment rate at 5.5 per cent in June, down from 5.9 per cent in May.

Fibre2Fashion News Desk (DS)

More Textiles News - China...