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GDP Growth Sees Slowest Pace in 3 Years
China's gross domestic product grew 7.6% year on year in Q2 2012, the first time the quarterly growth rate fell below 8% in three years, further evidence that the world's second largest economy is sputtering, according to preliminary data from the National Bureau of Statistics. GDP amounted to ¥22.71 trillion in 1H 2012, up 7.8% from 1H 2011. Output by the primary sector was up 4.3% to ¥1.75 trillion; output by the secondary sector was up 8.3% to ¥11.1 trillion; output by the tertiary sector was up 7.7% to ¥9.87 trillion.
1H Bank Lending Nears ¥4.9t
China's new Renminbi-denominated loans totaled ¥919.8 billion in June, up from ¥793.2 billion a month earlier and ¥285.9 billion more than a year earlier, according to central bank figures. Renminbi-denominated deposits increased ¥2.86 trillion last month, ¥954.2 billion more than a year earlier. In 1H 2012, the nation’s Renminbi-denominated new loans added up to ¥4.86 trillion, ¥683.3 billion more than in 1H 2011; new Renminbi-denominated deposits totaled ¥7.38 trillion, ¥42.5 billion more than in 1H 2011.
Industrial Output Decelerates Slightly in Jun
China's value added industrial output expanded 9.5% year on year in June; the rate was 0.1 percentage points slower than the month before, the National Bureau of Statistics said. In June the growth of light industries was 9% and the growth of the heavy industries was 9.6%; output from state-owned industrials was up 6.5%, and output from non mainland-funded industrials was up 5.5%. In 1H 2012 the nation’s value added industrial output was up 10.5% from 1H 2011.
Fixed Asset Investment Accelerates in Jun
Fixed asset investment in China rose 20.4% year on year to ¥15.07 trillion in 1H 2012; the rate was 0.3 percentage points faster than in the first four months, the National Bureau of Statistics said. Fixed asset investment in the primary sector was up 28.6% to ¥365.4 billion; fixed asset investment in the secondary sector was up 23.7% to ¥6.78 trillion; fixed asset investment in the tertiary sector was up 17.4% to ¥7.93 trillion.
Real Urban Disposable Income Up 9.7% in 1H
China's urban disposable income averaged ¥12,509 per person in 1H 2012, up 13.3% year on year and up 9.7% if inflation is accounted for, according to the National Bureau of Statistics.
Tourism Revenue to Exceed ¥2.5t
The number of people China's tourism industry will receive this year is expected to exceed three billion and tourism revenue is expected to reach ¥2.54 trillion, according to a report by the China Tourism Academy. The number of international tourists arriving in China is expected to hit 66 million this year, and they are expected to spend $23.5 billion in the country. The number of Chinese tourists traveling overseas is expected to grow 19% to 38.5 million this year, and they are expected to spend $36 billion overseas.
Govt Spending Grows Much Faster Than Revenue in 1H
China's government revenue and expenditures totaled ¥1.1 trillion and ¥1.27 trillion respectively in June, up 9.8% and 17.7% year on year respectively, the Ministry of Finance said. In 1H 2012, government revenue and expenditures totaled ¥6.38 trillion and ¥5.39 trillion, up 12.2% and 21.3% respectively from 1H 2011.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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