China’s Q2 economy growth shows a more balanced recovery

China’s second-quarter economic expansion receded from a staggering 18.3 percent jump in the first three months of the year, with the economic recovery more balanced across sectors.

The world’s second largest economy showed resilience in the retail sector and upbeat growth in factory output in the second quarter. The total value added of its large industrial companies posted an 8.9-percent year-on-year rise during the period, data from the National Bureau of Statistics (NBS) showed on Thursday.

China’s economy continued to recover steadily in the first half of the year, with a 12.7 percent year-on-year GDP expansion for an average two-year growth of 5.3 percent.

By industries, in the first half of 2021, the added value of the primary sector saw a 7.8 percent year-on-year growth, and an average two-year growth of 4.3 percent; the secondary industry grew 14.8 percent year on year, with an average two-year growth of 6.1 percent and the tertiary sector showed a 11.8 percent year-on-year increase, with an average two-year growth of 4.9 percent.

Specifically, the transportation, storage, and postal services and information transmission, software and information technology services increased by 21 percent and 20.3 percent year on year respectively.