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China’s Economy Expands by 6.8% in H1 2018

By Dipo Olowookere

Data released on Monday by the Chinese National Bureau of Statistics (NBS) showed that the nation’s economy expanded in the first half of 2018 by 6.8 percent.

According to the stats office, the Gross Domestic Product (GDP) increased in the second quarter of this year by 6.7 percent year-on-year, though slightly lower than the 6.8 percent recorded the first quarter of this year.

Business Post reports that the growth recorded by the economy was the 12th straight quarter that GDP growth rate has stayed within the range of 6.7 to 6.9 percent.

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Spokesman of the NBS, Mr Mao Shengyong, disclosed at a news conference today that the GDP in H1 2018 stood at 41.90 trillion yuan ($6.27 trillion).

According to him, the pace was well above the government’s annual growth target of around 6.5 percent.

He noted that the Chinese economy has been running soundly in the first six months, offering a good start for the country’s pursuit of high-quality development with further restructuring progress and improved economic quality and efficiency.

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However, Mr Shengyong stated that China will stick to the supply-side structural reform and coordinate efforts to ensure stable and sound economic performance.

He said while external demand remains an important factor in growth, despite China’s challenges in foreign trade in H2, there are still favorable conditions to support stable and relatively fast trade growth.

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The stats office spokesman said for the rest of the year, China’s economy would stay sound and stable as domestic demand is now the deciding force behind economic growth, expecting consumption to continue its upward trend, and investment to remain stable.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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