The economic growth in China slowed sharply in the second quarter, underscoring the price of the regime’s zero-COVID policy and challenging Beijing’s whole-year target.
Gross domestic product (GDP) grew 0.4 percent from a year earlier, the National Bureau of Statistics (NBS) said on July 15. The official figures marked the worst performance since the country began recording data in 1992, excluding a 6.9 percent contraction in the first quarter of 2020, the onset of the COVID-19 pandemic.
On a quarterly basis, China’s economy contracted 2.6 percent from the January to March quarter.
“The downward pressure on the economy has increased significantly since the second quarter,” Fu Linghui, the spokesperson of NBS, told reporters at Friday’s press conference. Fu blamed the slump on the risk of stagflation in the world economy, tightening monetary policies of major economies, and domestic COVID-19 outbreaks….
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