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China’s GDP remains at 7 percent in Q2

By Wang Yanlin | July 15, 2015, Wednesday | Online Edition

China's economic growth remained at 7 percent in the second quarter, better than market expectations and the same as that in the first three months, the National Bureau of Statistics said today.

The country's gross domestic product amounted to 29.68 trillion yuan (US$4.78 trillion) in the first half of this year, up 7 percent year on year.

Sheng Laiyun, a spokesman with the bureau, said China's economic growth was kept stable in the face of weak global demand and huge downward pressure in the domestic market.

"China's employment, inflation and people's confidence in the economy are stabilizing along with accelerating industrial restructuring and reforms," Sheng said.

"We see positive factors accumulating, and in the next phase, we will try to carry out various targets and missions set by the central government in rebalancing the economy," Sheng said.

The official annual growth target has been set at around 7 percent for this year, lowered from the previous goal of 7.5 percent. The Chinese authorities have proclaimed the "new normal" of a bit slower expansion but with higher quality under deepening reforms.

In the first six months, China's expansion was led by the service sector, which gained 8.4 percent to 14.70 trillion yuan. The manufacturing sector added 6.1 percent to 12.96 trillion yuan, while the agriculture rose 3.5 percent to 2.02 trillion yuan.

Industrial production increased 6.3 percent in the first half. Factories reported an expansion of 6.8 percent in June alone, extending a faster growth for the third straight month.

Fixed-asset investment grew 11.4 percent to 23.71 trillion yuan during the period, weakening from the increase of 13.5 percent in the first three months. Capital flowing into the property sector rose 4.6 percent, much less than the first-quarter expansion of 8.5 percent.

Retail sales, a broad gauge of domestic consumption, accelerated 10.4 percent to 14.15 trillion yuan in the first six months, 0.2 percentage points slower than that in the January-March period. One spotlight fell on the online spending, which surged 39.1 percent to 1.64 trillion yuan.

To buttress the economy and prevent a rout in the stock market, China has continued escalating policy supports during the past months. The country has taken pragmatic measures such as cut of interest rates and reserve requirement ratio to bolster market liquidity, while speed up various projects.

The State Council, China's Cabinet, said last week that the country has the confidence and condition to realize its major economic and social development targets this year.

"China's fiscal and monetary policies have been taking effect, while both development momentum and risk prevention capabilities have been strengthened," said the State Council in a statement after its executive meeting presided over by Premier Li Keqiang.

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