Posted on 19 Jul 2021
China's gross domestic product (GDP) grew 12.7% on year over January-June, approximating Yuan 53.2 trillion ($8.23 trillion), and for the second quarter of 2021, the GDP grew 7.9% on year, confirming that China’s national economy had been recovering steadily with all the key macro-economic indicators having returned to the reasonable levels, the country's National Bureau of Statistics (NBS) commented on July 15 when releasing the data.
In the first half of 2021, “production and demand had been recovering further, and stability had been achieved in both employment and prices of the series of goods, and at the same time, new economic driving forces are accelerating, and quality and efficiency had been enhanced in the national economic development,” NBS stated.
The bureau warned, though, that the global pandemic situation had been evolving, uncertainties and instability factors in the exterior environment are still persisting, and the national economic development has remained imbalanced and efforts will still be required to stabilize and solidify the ground for a sustainable recovery.
For the second quarter, China’s GDP growth was short of the 18.3% on-year gain for the first quarter, partly due to the rather low base in the first quarter of 2020 when China’s economy was stalled by the COVID-19 outbreak, Mysteel Global noted.
Among the three industrial sectors, industry including light and heavy saw the added value grow the most by 14.8% on year to Yuan 20.7 trillion or about 38.9% of the total for H1, though the tertiary industry remained the top contributor with the added value at Yuan 29.7 trillion, or up 11.8% on year.
In H1, among all sizeable industrial enterprises, those in new energy vehicle manufacturing saw their output up the most by 205% on year, industrial robotics up 69.8%, and integrated circuit up 48.1% on year, all scoring high among the goods in the survey, and the added value among the mining companies grew 6.2% on year, which was lower than the 11.5% on-year growth among the steelmaking and processing enterprises, the NBS data showed.
Over January-June, social consumer goods retails revenue grew 23% on year to Yuan 21.2 trillion, among which, dining consumption jumped 48.6% on year to Yuan 2.17 trillion, or already levelling that for H1 of 2019, and on-line retails revenue grew slightly faster at 23.2% on year to Yuan 6.1 trillion, according to the NBS data.
In the first half of 2021, China created 6.98 million new jobs in both cities and townships, or accomplishing 63.5% of the annual target, and by the end of June, the unemployment rate was at 5%, down 0.7 percentage point than a year ago, the official data showed.
Source:Mysteel Global
