China’s economic growth almost comes to a halt
The mainland’s second-quarter GDP slowed to 0.4 percent, reflecting geopolitical challenges and widespread nationwide COVID-19 lockdowns.
China’s gross domestic product (GDP) slowed to post 0.4% growth in the second quarter from a year earlier as the mainland economy faced severe headwinds on multiple fronts, the official said. National Bureau of Statistics of China in a press release. Press release released on Friday.
“This year, in the face of an increasingly complicated and difficult international environment, as well as a multiple and sporadic local outbreak of the COVID-19 pandemic, economic development has been extremely unusual with significantly increased negative impacts, and the economy in the second quarter came under noticeable downward pressure. with severe impacts from unexpected factors,” the office said.
He added that leading economic indicators “dipped” in April, prompting a number of subsequent policy moves to counter the decline, moves the office described as “timely”. After that, the pace of decline seen slowed in May and the economy recovered in June. Preliminary estimates also showed first-half GDP was up 2.5% from a year earlier.