China witnessed positive economic growth against all the odds in the second quarter this year and expanded by 2.5 per cent year on year (YoY) in the first half (H1), showcasing resilience and potential. Though economic indicators fell sharply in April due to factors abroad and Omicron flare-ups at home, the downward spiral was quickly checked with government measures.
While the purchasing managers' index for the manufacturing sector is back to the expansion zone, the value-added industrial output reversed its downturn in May and accelerated its growth in June.
Consumption has improved as retail sales of consumer goods rallied 3.1 per cent YoY in June, following YoY drops in April and May. The recovery is expected to continue as China is on a trajectory of consumption expansion, upgrades, and innovations, official Chinese media reported.
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