China’s economic growth in first half of 2020

For China First half of 2020 was challenging because of covid-19 pandemic, global recession and fast changing situation. The national economy recovered gradually. Here’s main financial data:

  1. In the first half of 2020, GDP of China was 45,661B yuan (yoy decline of 1.6% at comparable prices).
  2. In the first half of 2020, the value added of agriculture (crop farming) grew by 3.8% yoy.
  3. In the first half of 2020, the total value added of the industrial enterprises above the designated size declined by 1.3% yoy.
  4. In the first half of 2020, the Index of Services Production decreased by 6.1% yoy.
  5. In the first half of 2020, the total retail sales of consumer goods decreased by 11.4% yoy.
  6. In the first half of 2020, the investment in fixed assets (excluding rural households) declined by 3.1% yoy.
  7. In the first half of 2020 , the total value of imports & exports of goods decreased by 3.2%. The total value of exports: 7,713.4B yuan (down by 3%). The total value of imports: 6,524.5B yuan (down by 3.3%). The trade balance was 1,188.9B yuan in surplus.
  8. In the first half of 2020, the consumer price went up by 3.8% yoy (the price went up by 3.6% in urban areas and up by 4.7% in  rural areas).
  9. In the first half of 2020, the newly increased employed people in urban areas totaled 5.64 million, accounting for 62.7% of the whole-year target.
  10. In the first half of 2020, the nationwide per capita disposable income was 15,666 yuan (a nominal growth of 2.4%). The per capita disposable income of urban households was 21,655 yuan (nominal growth of 1.5%, or a real decrease of 2%). The per capita disposable income of rural households was 8,069 yuan (a nominal growth of 3.7%, or a real decrease of 1%).

Chinese economy is stable but definitely impacted by global financial instability. Financial data looks like there decline in all categories but in second quarter economic recovery improved. Current main strategy: “ensure the implementation of decisions and arrangements so as to win the battle against poverty, achieve the goal of building a moderately prosperous society in all aspects and promote the long-term and stable growth of the economy”.

Subscribe to my blog for more.

Leave a Reply