BEIJING: China’s economy is expected to maintain a stable recovery in the second half of the year with a series of adjustment policies taking effect, experts and professionals were quoted as saying in a yicai.com report.
In the second quarter, China saw GDP grow 0.4 percent year-on-year. “Achieving positive growth in Q2 was not easy”, said Fu Linghui, spokesman for the National Bureau of Statistics. Due to increasingly complicated international environment and sporadic virus outbreak domestically, the supply chain and logistics were disrupted, which increased pressure on social consumption and investment activities. However, as virus shocks gradually eased starting in May, national economic indicators began to rebound significantly in June.
Guan Tao, chief economist of BOC International, said China’s macroeconomic adjustment policies are very effective, and the country should continuously ensure the smooth implementation of policies in H2 to offset uncertainties brought by the external environment. In April, value-added industrial output fell 2.9 percent from a year earlier, but the figure turned positive in May and posted a 3.9-percent increase in June as enterprises accelerated work resumption and supply chain woes gradually eased. Value-added output in automobile manufacturing surged 16.2 percent year-on-year in June, ending a three-month decline from March to May. The strong rebound was mainly boosted by policy stimulus, including vehicle purchase tax cuts, said Zhong Zhengsheng, chief economist at Ping An Securities.
–The Daily Mail-China Daily news exchange item
