China’s GDP growth slows in second-quarter

Growth slowed to 7.5 per cent against 7.7 per cent in the first-quarter.

New Statesman
Chinese industrial enterprises value rises in first-half. Credit: Getty Images.

The Chinese gross domestic product (GDP) in the second-quarter of 2013 slowed to 7.5 per cent, compared to a 7.7 per cent growth in the prior quarter, according to the figures released by the National Bureau of Statistics of China.

However, the economic growth reached 24,800bn Yuan in the first half of 2013, a year-over-year rise of 7.6 per cent at comparable prices despite complicated and volatile economic environment in the country and overseas markets.

Ren Xianfang, an economist at IHS Global Insight told the BBC: “As of now, China's gross domestic product has been staying under 8 per cent for five straight quarters, a clear sign of distress. The rather sharp growth deceleration and the recent financial market turmoil indicate that risks have been building on both the financial and real goods sector.”

Primary industry added value grew in the first half of 2013 by 3 per cent to 1,862.2bn Yuan, while the secondary industry added value increased by 7.6 per cent to 11,703.7bn Yuan. The tertiary industry added value grew by 8.3 per cent to 11,235bn Yuan.

During the period, the total output of summer grain was 131.89 million tonnes, a year-over-year rise of 1.96 million tonnes.

In the first half, the total value of the industrial enterprises grew by 9.3 per cent year-on-year, while investment in fixed assets, excluding rural households, was 18,131.8bn Yuan, a year-over-year growth of 20.1 per cent.

The total investment in real estate development was 3,682.8bn Yuan during the first half, registering a year-over-year growth of 20.3 per cent.

In the first half, the total retail sales of consumer goods reached 11,076.4bn Yuan, an increase of 12.7 per cent, while total value of imports and exports was $1,997bn, a year-over-year rise of 8.6 per cent.

Per capita total income of urban households was 14,913 Yuan during the first half of 2013, while consumer price went up by 2.4 per cent year-over-year.