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China s economic growth slows to 7 9% | Ludlow Advertiser
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Update: China s industrial output up 15 9 pct in H1
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China Growth Slows To 7.9% In Second Quarter In Covid Recovery By Beiyi SEOW
07/15/21 AT 12:17 AM
China s sharp economic rebound from last year s pandemic slowdown lost steam in the second quarter, official data showed Thursday, with consumers lacking the confidence to splurge.
The world s second-largest economy has staged a rapid recovery from last year s slump caused by the coronavirus pandemic, but its pace is easing with manufacturing slowing and consumer demand not picking up as quickly as expected.
China s GDP growth came in at 7.9 percent on-year in the April to June period, said the National Bureau of Statistics (NBS) a significant drop from the 18.3 percent surge in the first three months.
China’s economic growth slowed to a still-strong 7.9% over a year earlier in the three months ending in June as a rebound from the coronavirus levelled off.
Growth slowed from the previous quarter’s explosive 18.3% expansion, which was magnified by comparison with early 2020, when the economy shut down to fight the coronavirus.
The economy expanded at a 1.3% pace in the April-June quarter compared with the previous three months, the way other major economies report results.
That reflects a return to normal for factory activity and consumer spending as government stimulus and easy credit wind down.
It was faster than the 0.6% expansion in the previous quarter over the final three months of 2020, which had prompted warnings the rebound was ending.
Xinhua Commentary: Solid growth momentum highlights China s economic resilience - Buz & Tech News
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