The focus is now on fiscal stimulus to ramp up GDP. China’s economy grew by 7.9 per cent in the second quarter of 2021 compared with a year earlier, the National Bureau of Statistics (NBS) announced today(Jul 15) .
In the first quarter, China's economy expanded 18.3 percent, but the high growth in the first quarter was largely due to economic contraction the country experienced due complete lockdown in early 2020 to contain the spread of Coronavirus. China’s economy in the first quarter of last year shrunk by 6.8 per cent,
In the first six months, China's GDP gained 12.7 percent year-on-year to 53.2 trillion yuan ($8.22 trillion), NBS said today.
In the April-June period, factory output rose 8.9 percent year-on-year while retail sales were up 13.9 percent, according to the NBS.
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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