Home / Knowledge / News / Textiles / China's GDP increases 6.7 % in first half of 2016
China's GDP increases 6.7 % in first half of 2016
18
Jul '16
In the first half of 2016, the Chinese economy achieved a “moderate and steady” development with its Gross Domestic Product (GDP) showing a year-on-year increase of 6.7 % at comparable prices, the country's National Bureau of Statistics said on Friday.

Preliminary estimation showed at 34,063.7 billion yuan, the year-on-year GDP in the first half of 2016 was 6.7% higher at comparable prices. More specifically, the year-on-year growth of GDP in the first quarter was 6.7 % more than that in second quarter.

The GDP of the second quarter of 2016 went up by 1.8 % on a quarter-on-quarter base while agricultural production went down by 1.2 %.

However, general trade structure improved with the gap in the total value of exports and imports narrowing down and balance of trade showing a surplus of 1,672.0 billion yuan. This, despite the pace of growth at 3.3 % being slower than the 3.6% witnessed in the first quarter.

In June, the total value of imports and exports was 2,037.8 billion yuan, a year-on-year decrease of 0.3 %. Of this total, the value of exports was 1,174.5 billion yuan, up by 1.3 %; and that of imports was 863.3 billion yuan, down by 2.3 %.

General trade accounted for 56.4 % of the total value of imports and exports, an increase of 1.2 % points compared with the same period last year. Specifically, the export of general trade accounted for 55.7 % of the total value of exports – an increase of 1.3 % points.

Among the country's major exports were mechanical and electronic goods (57.2 %), followed by private enterprises (46.6 % -- an increase of 3.6 %).

The export to some the countries along the “Belt and Road” increased: Exports to Pakistan by 22.5 % while those to Russia, Bangladesh, India and Egypt increased by 16.6 %, 9.0 %, 7.8 % and 4.7 % respectively.

On the other hand, the import of certain bulk commodities continued to grow during the period. China imported 494 million tons of iron ore, an increase of 9.1 %; 187 million tons of crude oil (+14.2 %) ; coal 108 million tons (+8.2 %) and ; 2.74 million tons of copper (+22 %).

The value added of the primary industry at 2,209.7 billion yuan was up by 3.1 % while. The secondary industry (13,425.0 billion yuan, up by 6.1 %; while the tertiary industry at 18,429.0 billion yuan, was up by 7.5 %.

Meanwhile, the total retail sales of consumer goods reached 15,613.8 billion yuan, a nominal year-on-year rise of 10.3 % (a real growth of 9.7 % after deducting price factors), growing at the same speed as the first quarter.

Specifically, the retail sales of the enterprises above the designated size stood at 7,107.5 billion yuan, up by 7.5 %. Analyzed by different areas, the retail sales in urban areas reached 13,424.9 billion yuan, up by 10.2 %, and the retail sales in rural areas stood at 2,188.9 billion yuan, up by 11.0 %.

Must ReadView All

Textiles | On 24th Sep 2016

GST Council sets exemption limit at Rs 20 lakh

The GST Council has decided to exempt businesses from the Goods and...

Apparel/Garments | On 24th Sep 2016

DGFT adds new service providers in EPCG scheme

Providing great relief to the job working units in garment clusters...

Apparel/Garments | On 24th Sep 2016

Niti Aayog kicks off Indian ecommerce policy review

A Niti Aayog committee set up for the purpose, held deliberations...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

Karel Williams
Dow Microbial Control

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search