China Q2 GDP Slows, Up 4.7% on Year

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China Q2 GDP Slows, Up 4.7% on Year

MT Newswires Live07-15

China Q2 GDP Slows, Up 4.7% on Year Mainland China's gross domestic product (GDP) grew by 4.7% on year in the second quarter, slowing from a 5.3% on-year gain in the first quarter, and underlining ...

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Consumption is soft too, with retail sales only rising 2.0% year-over-year this June,\" reported the Sydney-based Macquarie brokerage, citing NBS figures.House prices in China began declining in May of 2022, and the nation's new home prices in 70 cities declined by 4.5% year-on-year in June of this year, after a 3.9% on-year decline in May, the NBS has reported. Several large China property developers have suffered financial collapse in 2024, including China Evergrande.But China's industrial base and exports showed strength in the first half, and will continue to undergird the nation's GDP in the second half, added Macquarie.China exports \"and manufacturing investment are driving the industrial powerhouse. GDP in the industrial sector grew 5.8% year-over-year in 1H24,\" said Macquarie. In the first half, \"China's trade surplus reached $435 billion, the highest on record over the same period. Meanwhile, the manufacturing capex grew by 9.5% year-over-year, driven by the strong demand for new energy. In the first half, the production of EVs and solar panels grew by 34% and 18% year-over-year, respectively.\"Given low consumer price inflation in China, the People's Bank of China could lower interest rates to spur economic growth and a property-sector revival, but instead, the central bank may hold firm to defend the foreign exchange rate of the nation's currency, the yuan, said Macquarie.The \"People's Bank of China continues to prioritize currency stability over domestic reflation,\" said Macquarie.The central bank's lowering of interest rates would tend to relatively depress the exchange rate of the yuan against the US dollar and other currencies.A declining yuan and lower interest rates could lead to capital flight from China, as investors seek higher returns offshore.In addition, President Xi Jinping has called for a strong yuan in order to make China a \"financial power,\" and increase the yuan's role as an international reserve currency, to be held and trusted globally, as the US dollar is today.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}