China's economy rebounds to 3.2% growth in Q2

China's gross domestic product expanded 3.2 percent year on year in the second quarter of 2020, data from the National Bureau of Statistics showed on Thursday.

In the first half of this year, the country's GDP stood at 45.66 trillion yuan (US$6.53 trillion) amid COVID-19 impact, down 1.6 percent year on year, according to NBS data.

A breakdown of the data showed output of the primary industry rose 0.9 percent year on year, while the service sector and the secondary industry saw a decline of 1.6 percent and 1.9 percent, respectively.

Thursday's data showed China's job market improved slightly in June, with surveyed unemployment rate in urban areas standing at 5.7 percent, down 0.2 percentage points from the previous month.

Industrial output

China's value-added industrial output, an important economic indicator, went up 4.4 percent year on year in the second quarter as factories stepped up production amid COVID-19 control, data from the National Bureau of Statistics showed.

In June alone, industrial output went up 4.8 percent year on year, faster than the 4.4-percent expansion seen in May and marking the third consecutive month of growth, the NBS data showed.

In the first half of the year, industrial output fell 1.3 percent, dragged down by the 8.4-percent slump in the first quarter as the novel coronavirus outbreak disputed economic activities during the period.

Last month, output by the industries in the production and supply of electricity, thermal power, gas and water reported the quickest recovery by expanding 5.5 percent year on year.

Output in the manufacturing sector went up 5.1 percent, with that of high-tech manufacturing rising 10 percent, while the mining sector saw output up by 1.7 percent.

Home prices

China's housing market remain generally stable in June, with mild month-on-month increases in home prices in 70 major Chinese cities, official data showed on Thursday.

New home prices in four first-tier cities — Beijing, Shanghai, Guangzhou and Shenzhen — rose by 0.6 percent month on month in June, according to data from the National Bureau of Statistics.

On a monthly basis, new home prices edged up 0.9 percent in 31 second-tier cities, and rose 0.8 percent in 35 third-tier cities. 

Fixed-asset investment

China's fixed-asset investment went down 3.1 percent year on year in the first half of 2020, narrowing from the 6.3-percent decline in the first five months, the National Bureau of Statistics said on Thursday.

Total fixed-asset investment came in at 28.16 trillion yuan in the first half, according to the NBS.

In breakdown, the investment in the primary industry rose 3.8 percent from the same period last year, while that in the secondary and tertiary industries went down 8.3 percent and 1 percent, respectively.

The investment in high-tech industries increased 6.3 percent in the first half, compared with the 12.1-percent decline in the first quarter, the NBS said.

Private investment decreased 7.3 percent during the period, narrowing from the 18.8-percent decline in the first quarter.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.

Unemployment

China's surveyed unemployment rate in urban areas stood at 5.7 percent in June, 0.2 percentage points lower than that of May, data from the National Bureau of Statistics showed.

A total of 5.64 million new urban jobs were created in the first half of 2020, completing 62.7 percent of the annual target, said the NBS.

The surveyed unemployment rate among those aged between 25 and 59, the majority of the labor market, stood at 5.2 percent in June, down 0.2 percentage points from May.

Meanwhile, the surveyed unemployment rate in 31 major cities was 5.8 percent last month, down 0.1 percentage points from May, according to the NBS.

The surveyed urban unemployment rate is calculated based on the number of unemployed people who have participated in the employment survey in urban areas, including migrant workers in cities.

China will give priority to stabilizing employment and ensuring living standards this year, aiming to add over 9 million new urban jobs and keep the surveyed urban unemployment rate at around 6 percent, according to the government work report.

Services production

China's Index of Services Production increased 2.3 percent year on year in June as economic activities continued to recover, data from the National Bureau of Statistics showed on Thursday.

The pace is 1.3 percentage points faster than the growth in May, according to the NBS.

In the first half of 2020, the Index of Services Production dropped 6.1 percent from the same period last year, 5.6 percentage points slower than the decline in the first quarter, the NBS said.

Retail sales

China's retail sales of consumer goods declined 3.9 percent year on year in the second quarter of this year, the National Bureau of Statistics said Thursday.

The figure narrowed 15.1 percentage points from the first quarter, the data showed.

In the first half of the year, retail sales of consumer goods went down 11.4 percent year on year to 17.23 trillion yuan, narrowing by 7.6 percentage points from the first quarter.

Property investment

China's investment in property development edged up 1.9 percent year on year in the first half of 2020 (H1), compared with the 7.7-percent decline during the January-March period.

Disposable income

China's per capita disposable income stood at 15,666 yuan (US$2,241) in the first half of the year, up 2.4 percent from the same period last year in nominal terms, official data showed on Thursday.

After deducting price factors, per capita disposable income fell 1.3 percent year on year.

Industrial capacity utilization

China's industrial capacity utilization rate stood at 74.4 percent in the second quarter of 2020, up 7.1 percentage points from the first quarter.