China GDP: economic growth slows to 7.9 per cent in second quarter, 12.7 per cent in first half of 2021
- The economy grew by 7.9 per cent in the second quarter of 2021 compared to a year ago, while in the first half of the year, it grew by 12.7 per cent year on year
- Beijing has set an economic growth target of ‘above 6 per cent’ for 2021 after it grew by 2.3 per cent last year overall
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China’s economy rose 7.9 per cent year on year in the second quarter of 2021
China’s economy grew by 7.9 per cent in the second quarter of 2021 compared with a year earlier to post a 12.7 per cent growth in the first half of the year, the National Bureau of Statistics (NBS) announced on Thursday.
However, analysts expect growth to easily surpass that target, growing by more than 8 per cent this year.
The national economy witnessed steady and sound growth momentum consolidated
“China’s economy sustained a steady recovery with the production and demand picking up, employment and prices remaining stable, new driving forces thriving fast, quality and efficiency enhancing, market expectations improving and major macro indicators staying within reasonable range,” said the NBS.
“The national economy witnessed steady and sound growth momentum consolidated.”
The results mark a remarkable turnaround from the first half of last year, when the economy suffered a dramatic collapse as a result of the coronavirus pandemic.