China's economy secures positive growth in the 1H 2022

BEIJING, July 15 (Bernama) -- China's gross domestic product (GDP) expanded 2.5 per cent year on year in the first half of 2022, data from the National Bureau of Statistics (NBS) showed Friday, Xinhua reported.

In the second quarter (Q2), the country's GDP grew 0.4 per cent year on year.

The Chinese economy faced marked increases of downward pressure in the second quarter due to a complex global environment and domestic COVID-19 resurgences, with steep falls of major economic indicators in April. A slew of supportive policies led the country's major economic indicators to narrow declines in May and rebounds in June, helping achieve a positive Q2 growth.

"The economic growth didn't come by easily," the NBS said in a statement.

It said China's value-added industrial output, an important economic indicator, went up 3.4 per cent year on year in the first half of this year.

In June alone, industrial output growth quickened to 3.9 per cent year on year, expanding by 3.2 percentage points from that in May.

The industrial output is used to measure the activity of designated large enterprises with an annual business turnover of at least 20 million yuan (about US$2.96 million).

NBS also said China's per capita disposable income stood at 18,463 yuan (about US$2,735) in the first half of 2022, up 4.7 per cent year on year in nominal terms.

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

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

China's surveyed urban unemployment rate stood at 5.5 per cent in June, down from 5.9 per cent in May, according to NBS data.

In the first half of the year, surveyed urban unemployment rate in the country was 5.7 per cent, 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 labour market, stood at 4.5 per cent in June, according to the data.

The surveyed unemployment rate in 31 major cities came in at 5.8 per cent 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.

Meanwhile, China's retail sales of consumer goods went up 3.1 per cent year on year in June, data from the NBS showed.

-- BERNAMA