Chinese Economics Thread
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Don't worry. After the 20th National Congress is over in a few months and Xi gets labeled as god emperor for life, zero COVID will be removed and China's economy will rise like a rocket ship. That's my cope anyways.
@KYli Sour graping, a new kind of instant relief formula, better than opioid and fentanyl...lol the Chinese do induced such anxiety on Americans that they had to take such relieves measure to make themselves feel good...lol
If you can read Chinese, here is the most detailed content
According to preliminary calculations, China's GDP in the first half of the year reached 562642 trillion yuan, an increase of 2.5% year-on-year at constant prices. By industry, the added value of primary industry reached 2,913.7 billion yuan, up 5.0% year on year. The added value of the secondary industry was 2.28636 trillion yuan, up 3.2%; The added value of the tertiary industry was 30,486.8 billion yuan, up 1.8%. Of this, the GDP of the second quarter was 2.92464 trillion yuan, up 0.4% year-on-year. By industry, the added value of the primary industry in the second quarter was 1,818.3 billion yuan, up 4.4% year on year. The added value of the secondary industry was 12.245 trillion yuan, up 0.9%; The added value of the tertiary industry was 15.1831 trillion yuan, down 0.4%.
According to preliminary calculations, China's GDP in the first half of the year reached 562642 trillion yuan, an increase of 2.5% year-on-year at constant prices. By industry, the added value of primary industry reached 2,913.7 billion yuan, up 5.0% year on year. The added value of the secondary industry was 2.28636 trillion yuan, up 3.2%; The added value of the tertiary industry was 30,486.8 billion yuan, up 1.8%. Of this, the GDP of the second quarter was 2.92464 trillion yuan, up 0.4% year-on-year. By industry, the added value of the primary industry in the second quarter was 1,818.3 billion yuan, up 4.4% year on year. The added value of the secondary industry was 12.245 trillion yuan, up 0.9%; The added value of the tertiary industry was 15.1831 trillion yuan, down 0.4%.
Given the sad sad state of the western world, having growth is so much better than 1~3% shrinkage.
But at what cost? At cost of 20% GDP of Shanghai. Assuming without lockdown growth.
Some consumption up in June thanks to favorable policy of tax cuts on consumer goods. Idk if inflation is included.
Like I said before, maintaining zero covid with Omicron and new even more faster spreader variants = zero growth.
Some consumption up in June thanks to favorable policy of tax cuts on consumer goods. Idk if inflation is included.
Like I said before, maintaining zero covid with Omicron and new even more faster spreader variants = zero growth.
The overall global situation is precarious to say the least. But given the success of past Chinese efforts, maybe there is still a way to save the growth and keep it above 5% for 2022.
China beat the 2008 crisis, and with help from its access to the largest pool of resources in the world coupled with the strongest industries, I believe it can beat this crisis too, but only if competent policy is used.
With the elections looming in Q3 2022, we may likely see a change of leadership, a change of policy or both. Either way, a time of great change and uncertainty is coming.
What elections?
November will be the time for the Congress to elect new central Committee who in turn will decide the ministers, including general secretary.
I.e we can expect unpopular politicians with bad policies to leave or be reassigned, with new promising ones brought in to give another perspective.
I think they may soon declare the end of the COVID pandemic in China, allowing variants with low lethality to become endemic and opening up the country to international tourism.
(This was one of the companies Xi Jinping toured a few years back too).