July 18, 2022: -China eked out GDP growth of 0.4% in the second quarter from a year ago, which missed expectations as the economy struggled to shake off the impact of Covid controls.
In June, industrial production cut expectations, increasing by 3.9% from a year ago versus the 4.1% forecast.
Although, retail sales in June rose by 3.1%, recovering from a before slump and beating expectations for no growth from the preceding year. Major e-commerce companies held a promotional shopping festival in the middle of last month.
Retail sales in June saw a boost from spending across many categories, including autos, cosmetics, and medicine. But catering, furniture, and construction materials saw a decline. Within retail sales, online sales of physical goods grew by 8.3% from a year ago in June, slower than the 14% growth the prior month.
Fixed asset investment for the year’s first half came in above expectations, up 6.1% versus 6% predicted.
Overall fixed asset investment picked up every month, rising by 0.95% in June from May to an undisclosed figure. At the same time, investment in infrastructure and manufacturing maintained a similar or better pace of growth from May to June, and real estate worsened. Investment in real estate in the first half of the year fell by 5.4% from a year ago, worse than the 4% decline in the first five months of the year.
Unemployment across China’s 31 biggest cities fell from pre-pandemic highs to 5.8% in June, but that for the age 16 to 24 category rose further to 19.3%.
The statistics bureau described the recent economic results as “hard-earned achievements” but warned about the “lingering” impact of Covid and “shrinking demand” at home. The bureau noted the rising “risk of stagflation in the world economy” and tightening monetary policy overseas.
On Friday, during a press conference, statistics bureau spokesperson Fu Linghui said economic indicators in the second quarter halted a downward trend. He said that the impact of Covid was “short-lived” and emphasized how China’s inflation is far below that of the U.S. and Europe. Fu further said that ” challenges ” exist to achieving the full-year economic targets.
In the second quarter, mainland China faced its worst Covid outbreak since the height of the pandemic in early 2020. Strict stay-home orders hit the metropolis of Shanghai for approximately two months, while travel restrictions contributed to supply chain disruptions.
Corporate leaders often navigate turbulent waters where failure is not just a possibility but an inevitable part of the journey …
Corporate leaders play a pivotal role in shaping organizational cultures that embrace diversity and foster inclusivity. How can these …
Corporate leaders occupy a unique vantage point in the business world, offering insights and guidance shaped by their …
Corporate leaders today stand at the nexus of unprecedented technological evolution, where digital transformation reshapes industries and redefines …
Corporate leaders stand at the helm of their organizations, often tasked with making decisions that can steer their companies toward …
Corporate leaders are often tested by crises that threaten the very foundation of their organizations. How do these leaders navigate turbulent …
Corporate leaders often navigate turbulent waters where failure is not just a possibility but an inevitable part of the journey …
Shares of Lululemon Athletica Inc. experienced a significant surge after the company reported strong quarterly earnings driven by robust international …
Systems thinking is an approach that focuses on understanding how different parts of a system interact and influence one another within a whole. It is a holistic framework considering interrelationships and patterns rather than static snapshots. By expanding perspectives, systems thinking clarifies complex situations and can spur innovation.
A definite ‘NO’ to the question if struggling families had child care asked by a group of committed volunteers in the San Fernando Valley in 1974, urged the volunteers to look for a way to support families struggling to find quality child care, development, and education services for their families. That year, the San Fernando Valley Child Care Consortium and the Mayor’s Child Care and Junior Task Force proposed the first child care resource center in the San Fernando Valley. Doris McLain was elected chairperson as Mayor Bradley accepted the proposal and gave the newly founded Child Care Resource Center (CCRC) space in Van Nuys City Hall Center. CCRC began 45 years to help working moms find child care.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
