China GDP Growth Collapses in Q2
China’s gross domestic product growth rate collapsed in the second quarter to 6.2%. Several media reported that this was the slowest rate in 27 years, which includes the period through the Great Recession. In a country that often posts growth of 7% or more, the number shows how badly the trade war with the United States has undermined the economy.
According to China’s National Bureau of Statistics:
In the first half of 2019, faced with complex environment both at home and abroad, under the strong leadership of the Central Committee of the Communist Party of China with comrade Xi Jinping as the core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, insisted on the general working guideline of making progress while maintaining stability, stuck to the new development philosophy, advanced the high-quality development, focused on the supply-side structural reform, deepened the reform and opening up, strengthened efforts on maintaining stability in areas like employment, financial sector, foreign trade, foreign investment, domestic investment, and market expectation. As a result, the national economy performed within the reasonable range, and sustained the momentum of progress in overall stability.
According to the preliminary estimates, the gross domestic product (GDP) of China was 45,093.3 billion yuan in the first half of 2019, a year-on-year increase of 6.3 percent at comparable prices. The year-on-year GDP growth for the first quarter was 6.4 percent, and 6.2 percent for the second quarter. The value added of the primary industry was 2,320.7 billion yuan, a year-on-year growth of 3.0 percent; the secondary industry was 17,998.4 billion yuan, a year-on-year growth of 5.8 percent; and the tertiary industry was 24,774.3 billion yuan, a year-on-year growth of 7.0 percent.