China's GDP grows 11.5% in H1

Analysis

China's GDP rose 11.5% in the first half of the year, after it grew 11.9% in the Q2, official figures revealed on Thursday.

The growth rate for the first half is 0.5 percentage points higher than the same period last year and much faster than the planned 8%, spokesman Li Xiaochao with the National Bureau of Statistics told a press conference.
Consumption, the previously weakest engine compared with exports and investment, has caught up as retail sales grew 15.4% in the first half, 2.1 percentage points more than the rise in the same period last year. Fixed assets investment rose 25.9%, down 3.9 percentage points. “The changes in domestic demand since the beginning of the year are what we were expecting,” Li said, attributing the faster consumption to the rising income of the public.

China has used a full arsenal of industrial and taxation policies to help the poor, including subsidizing low-income families and farmers, increasing minimum wages for migrant rural workers and investing more in education, medical care and housing. “We are keeping a close watch on what direction the accelerated economic growth is taking,” said Li, “but whether or not the economy is overheated is a comprehensive issue that should be viewed from different angles.”
The primary sector posted a growth rate of 4.0% and the tertiary sector, including transport, telecommunications, catering, tourism, banking and insurance, recorded an increase of 10.6%. (people.com.cn)

ADVERTISEMENT

Slovenia consumer morale down in November Analysis

Slovenia consumer morale down in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.