NBS: China's H1 GDP rises 4.7% YoY, Q2 growth slower at 4.3%

For the April-June quarter, the GDP growth rate was 4.3% on year, slower than the 5% rise recorded for the first quarter, the NBS data showed.

During the first half of this year, China's central and local governments focused on promoting high-quality development and effectively implemented more proactive macro policies, which ensured the resilience of economic development in the country, according to NBS.

Among the three backbones of China's economy, the tertiary sector remained the top driving force for the GDP growth in H1, with its production value increasing 5.2% on year to reach Yuan 41.37 trillion.

Within the sector, the leasing and business services industry recorded the most significant growth, with its value added in H1 jumping 11.9% on year. Meanwhile, the added value of information transmission, software and information technology services expanded 10.7% on year, and that of financial services went up 6.7% on year.

During the same period, the output of China's agriculture sector rose 3.7% on year to reach Yuan 3.15 trillion, and that of the industrial sector gained 3.9% on year to Yuan 25.05 trillion, NBS data showed.

Within the industrial sector, mining and manufacturing industries increased 3.6% and 5.6% respectively on year. Notably, the added value of equipment manufacturing saw an increase of 9.3% on year, and that of high-tech manufacturing jumped 13.3%.

By industrial products, the output of 3D printing equipment, lithium-ion battery, and industrial robots continued to grow substantially by 48.5%, 39.3%, and 28% on year respectively.

In H1, China's employment situation remained largely stable, with the unemployment rate in the townships registering 5.2%, while the country's per capita disposable income rose 5.2% on year to Yuan 22,981, according to NBS statistics.

Written by Anthea Shi, shihui@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com