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Here’s what you need to know about China in the past 24 hours China economic news.
China’s industrial activities are continuing a recovery trend following recent COVID-19 outbreaks, led by production in high-tech industries.
The country’s industrial output jumped 3.4 percent annually in the first half of 2022, data from the Ministry of Industry and Information Technology (MIIT) showed on Tuesday. During the January-June period, high-tech manufacturing saw a 9.6-percent increase from the first six months last year, significantly higher than other industries.
Among the 41 major industrial sectors, 33 industries have achieved positive growth in the first half of the year, nine of which have achieved double-digit growth rates.
In June alone, China’s industrial output jumped 3.9 percent from last year, led by strong new energy vehicle (NEV) production, according to the NBS.
Output growth was 3.2 percentage points higher than in May, adding to signs that the country’s economy is further recovering from recent COVID-19 outbreaks.
Breaking it down by sectors, NEV production increased the most with a 120.8-percent rise as the world’s largest auto market continued to recover with measures to boost NEV consumption.
China’s economy expanded 2.5 percent yearly in the first half of 2022. In the second quarter alone, the country’s gross domestic product only grew 0.4 percent from the same period last year. In April, factory output declined 2.9 percent compared to the same month in 2021, as a new wave of the coronavirus spread across China slowed down business activities and production.
But with recent supportive policies and getting COVID-19 outbreaks under control, the economy is expected to pick up momentum to stabilise and rebound in the second half.
In the first half of the year, China’s industrial economy stabilized and rebounded, showing a trend of recovery and growth, giving full play to the role of economic "ballast stone".
According to the data of the Ministry of Industry and Information Technology (MIIT) on July 19th, the added value of industrial enterprises above designated size increased by 3.4% from January to June this year. Among them, the added value of high-tech manufacturing industry increased by 9.6% year-on-year, and the growth rate was significantly higher than that of the whole industry.
Among the 41 major industrial sectors, the added value of 33 industries achieved positive growth in the first half of the year, of which 9 industries achieved double-digit growth rates. Among them, the coal mining and washing industry increased by 11.2%, and the oil and gas mining industry increased by 3.6%.
According to the data of the National Bureau of Statistics, the added value of China’s industrial enterprises above designated size fell to -2.9% in April, then turned from negative to positive growth of 0.7% in May, and accelerated to 3.9% in June, leaving a V-shaped situation. Among them, the production of new energy vehicles is strong. In the first half of the year, the production and sales volume of new energy vehicles both exceeded 2.6 million, with a year-on-year increase of 1.2 times. In order to increase the guiding role of consumption, since June, the relevant departments have also launched a series of measures to expand automobile consumption, such as new energy vehicles going to the countryside, halving the tax on car purchase, and completely canceling the restrictions on moving used cars.
In the first half of 2022, the GDP increased by 2.5% year-on-year. In the second quarter, it was repeatedly affected by the domestic epidemic, and the economy was hit hard. However, with the improvement of the epidemic, the economic fundamentals were gradually restored, and the GDP in the second quarter increased by 0.4% year-on-year.
Looking forward to the second half of the year, the epidemic situation is still the biggest uncertain factor of domestic economic development, and China’s economy is still facing downward pressure in the second quarter. However, with the epidemic situation under control, the rapid improvement of industrial economy has also provided a solid foundation for stabilizing the economic market in the second half of the year.
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