China’s economy secures positive growth in Q2 despite downward pressure

China’s gross domestic product expanded 2.5 percent year on year in the first half of 2022, data from the National Bureau of Statistics showed.

In the second quarter, the country’s GDP grew 0.4 percent year on year.

Chinese economy faced marked increases of downward pressure in Q2 due to a complex global environment and domestic COVID-19 resurgences, with steep falls of major economic indicators in April.

Thanks to a slew of supportive policies, the country’s major economic indicators saw narrowed declines in May and rebounds in June, helping achieve a positive Q2 growth.

“The economic growth didn’t come by easily,” an NBS statement said.

China’s value-added industrial output, an important economic indicator, went up 3.4 percent year on year in the first half.

Urban unemployment rate

China’s surveyed urban unemployment rate stood at 5.5 percent in June, down from 5.9 percent in May, data from the National Bureau of Statistics showed.

In the first half of the year, the surveyed urban unemployment rate in the country was 5.7 percent, with a total of 6.54 million new urban jobs created during the period.

The surveyed unemployment rate among those aged between 25 and 59, the majority of the labor market, stood at 4.5 percent in June.

The surveyed unemployment rate in 31 major cities came in at 5.8 percent in June, down 1.1 percentage points from May.

The surveyed urban unemployment rate is calculated based on the number of unemployed people who have participated in the employment survey in urban areas, including migrant workers in cities.

China’s fixed-asset investment went up 6.1 percent year on year in the first half.

China’s per capita disposable income stood at 18,463 yuan (US$2,735) in the first half of 2022, up 4.7 percent year on year in nominal terms.

After deducting price factors, per capita disposable income rose 3 percent from the previous year.

Separately, urban per capita disposable income came in at 25,003 yuan, up 3.6 percent in nominal terms and 1.9 percent in real terms, while per capita income in rural areas stood at 9,787 yuan, up 5.8 percent in nominal terms and 4.2 percent in real terms.

China’s retail sales of consumer goods went up 3.1 percent year on year in June.

China’s home prices in 70 large and medium-sized cities displayed a generally stable trend in June, the NBS said.

In June, 31 out of the 70 cities saw a month-on-month growth in new home sales prices, up 6 from May.

Shanghai’s GDP shrinks

Shanghai’s GDP shrank 5.7% year on year in the first half.

In the second quarter, the GDP slumped 13.7% compared to the same period last year, due to impact of the COVID19 pandemic.

Shanghai’s urban unemployment rate rose to 12.5% in Q2, the highest among all provinces and regions.

“The impact brought by COVID19 is short-term and external, and will not change the general trend of the regional economic development,” said Fu Linghui, the spokesperson of National Bureau of Statistics.