Beijing: According to an official data, the gross domestic product (GDP) of China has recorded a growth of 6.8 per cent. This translates into around 41.90 trillion yuan in the first half of 2018 which is approximately $6 trillion.
As per the reports published in Xinhua news agency, the data of the National Bureau of Statistics (NBS) revealed that the growth is well above the target set by the government. The Government had set the target of 6.5 per cent annual growth.
Service Sector Outpaced Primary and Secondary Industry
The GDP witnessed a fair amount of growth in the second quarter by 6.7 per cent. Though this was a bit lower than the first quarter which was recorded to be 6.8 per cent but this was for the straight 12th quarter that the GDP growth rate was between 6.7 to 6.9 per cent.
The data of NBS also revealed that 7.6 per cent year-on-year growth was recorded by the service sector which outpaced the primary as well as the secondary industry which recorded 3.2 and 6.1 per cent increase.
Consumption – A Major Driver of Growth
Consumption proved to be a major factor behind the growth as it recorded 78.5 per cent growth during January-June which was more than the first quarter where it was 77.8 per cent and also the last year which was recorded to be only 58.8 per cent.
“The Chinese economy has been running soundly in the first six months, offering “a good start” for the country’s pursuit for high-quality development with further restructuring progress and improved economic quality and efficiency,” said Mao Shengyong, Spokesperson of NBS.
On the backdrop increasing external uncertainties and China witnessing a critical stage in structural adjustment, he further said, “The country would stick to the supply-side structural reform and coordinate efforts to ensure stable and sound economic performance”.
It was in 2017 when China’s economy went up to 6.9 per cent where it gained momentum for the first time in seven years.