China's Economy Grows 7.5% in 2nd Quarter
Calum MacLeod
USA TODAY 12:59 a.m. EDT July 16, 2014
BEIJING — China's economy, the second largest worldwide after the USA, achieved better than expected growth in the second quarter of 2014, according to official figures released Wednesday that showed government stimulus measures starting to bite.
Economic growth was 7.5% in the second quarter, compared to the same period last year, said a statement from the National Bureau of Statistics. The eagerly awaited figure, representing gross domestic product (GDP), showed growth quickening from the 7.4% achieved in the first quarter, a quarter on quarter increase of 2%.
"Generally speaking, China's economy showed good momentum of stable and moderate growth in the first half year," said the bureau. "However, we should keep in mind that the domestic and international economic environment is still complicated and the national economy still faces many challenges."
After growth slowed in the first quarter — 7.4% was the lowest for 18 months — Beijing introduced several policies in April to stimulate the economy, including tax breaks for small enterprises and more infrastructure spending. Chinese Premier Li Keqiang said last month that China must achieve a minimum growth of 7.5%t for 2014.
Other data released Wednesday also beat many analysts' expectations. Industrial production in June increased 9.2% year-on-year, and fixed asset investment, a key driver of China's economy, rose 17.3% from January to June.
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| China and Russia signed a huge energy agreement earlier in 2014. |
USA TODAY 12:59 a.m. EDT July 16, 2014
BEIJING — China's economy, the second largest worldwide after the USA, achieved better than expected growth in the second quarter of 2014, according to official figures released Wednesday that showed government stimulus measures starting to bite.
Economic growth was 7.5% in the second quarter, compared to the same period last year, said a statement from the National Bureau of Statistics. The eagerly awaited figure, representing gross domestic product (GDP), showed growth quickening from the 7.4% achieved in the first quarter, a quarter on quarter increase of 2%.
"Generally speaking, China's economy showed good momentum of stable and moderate growth in the first half year," said the bureau. "However, we should keep in mind that the domestic and international economic environment is still complicated and the national economy still faces many challenges."
After growth slowed in the first quarter — 7.4% was the lowest for 18 months — Beijing introduced several policies in April to stimulate the economy, including tax breaks for small enterprises and more infrastructure spending. Chinese Premier Li Keqiang said last month that China must achieve a minimum growth of 7.5%t for 2014.
Other data released Wednesday also beat many analysts' expectations. Industrial production in June increased 9.2% year-on-year, and fixed asset investment, a key driver of China's economy, rose 17.3% from January to June.
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