China’s National Bureau of Statistics reported on July 15 that China’s gross domestic product (GDP) increased by 2.5% year-on-year in the first half of this year, while GDP in the second quarter increased by 0.4% year-on-year. As Global Times commented in a July 15 editorial, “the economy performed fairly well in January and February. In March and April, it was severely affected, and in May and June, it showed a trend of gradual stabilization and recovery…. Under the impact of unexpected factors such as the Russia-Ukraine conflict and new waves of COVID-19 outbreaks, we have withstood the test, achieved positive growth, and stabilized the economy. This has not been easy, and the Chinese economy has once again shown great resilience.”
The editorial also pointed out that higher than average growth rates were seen in high-tech manufacturing (9.6%) and overall industrial output (3.4%), and that “summer grain production has seen a bumper harvest, which will help ensure the country’s food security and avoid risks at a time when the shadow of a food crisis looms over the world.”
The editorial concluded that “Optimism is by no means the same thing as avoiding problems, and blind optimism can never overcome obstacles. The road ahead for China will not be smooth: global economic recovery is still fragile and weak.… There will be ups and downs in the future, but as long as the whole of society works together, there will be no hills that cannot be climbed or hurdles that cannot be overcome.”
