China Economy Up 6.7% in Q1
Although it may have been above some estimates, China’s economy grew only 6.7% in the first quarter. It is worth noting that many experts believe China inflates the number, and it could be much lower.
According to China’s National Bureau of Statistics:
According to the preliminary estimation, the gross domestic product (GDP) of China in the first quarter of 2016 was 15,852.6 billion yuan, a year-on-year increase of 6.7 percent at comparable prices. The value added of the primary industry was 880.3 billion yuan, up by 2.9 percent year-on-year; that of the secondary industry was 5,951.0 billion yuan, up by 5.8 percent; and that of the tertiary industry was 9,021.4 billion yuan, up by 7.6 percent. Calculated at 2015 prices, the GDP in the first quarter increased by 985.1 billion yuan year-on-year, 22.2 billion yuan more than that in the same period of last year.
The value of imports and exports is another sign of the moderation in growth.
The total value of imports and exports in the first quarter of 2016 was 5,214.4 billion yuan, a year-on-year decrease of 5.9 percent. The total value of exports was 3,012.3 billion yuan, dropped by 4.2 percent; and that of imports was 2,202.1 billion yuan, down by 8.2 percent. The trade surplus was 810.2 billion yuan. In March, the total value of imports and exports was 1,905.6 billion yuan, up by 8.6 percent year-on-year. The total value of exports was 1,050.1 billion yuan, up by 18.7 percent; and that of imports was 855.5 billion yuan, down by 1.7 percent.
Estimates of what China “adds to GDP growth” are as high as 2%. In a report in China Daily:
Several local officials in China’s Northeast region sought to explain dramatic economic drops in their areas by admitting they had faked economic data in the past few years to show high growth when the real numbers were much lower.