China's economy grows at weakest rate in Q2 since Coronavirus outbreak
China's economy experienced its worst quarterly performance in more than two years, falling short of forecasts as the country failed to recover from the coronavirus outbreak last spring
China's economy experienced its worst quarterly performance in more than two years, falling short of forecasts as the country failed to recover from the coronavirus outbreak last spring.
The magnitude of the delay shows the devastation inflicted by strict lockdowns that kept millions of Chinese in their homes for two months and forced many companies to close as officials attempted to contain a coronavirus outbreak in China's wealthiest metropolis.
China's industrial output increased by 3.9 % year on year in June, following a 0.7 % increase in May.
Fixed asset investment increased by 6.1 % in the first half of the year, compared to the 6 % projected.
Unemployment in cities
Retail sales increased 3.1 % year on year in June, the fastest gain in four months, analysts had predicted flat growth following May's 6.7 % decrease.
Unemployment in China's 31 major cities declined from pre-pandemic highs to 5.8 % in June, but it soared to 19.3 % for those aged 16 to 24.
“China’s economy is no doubt bottoming. But it is still in the midst of its recovery,” said Bruce Pang, chief economist and head of research, Greater China, JLL, CNBC quoted.