The Chinese economy is showing positive growth continuously during the second quarter after the increase in investments in the retail sector. Gross domestic product of the country increased by 6.9 percent compared to the estimated figure of 6.8 percent. Investments in Fixed- assets increased from 8.1 percent to 9.1 percent during the first three months of the year. Retail sales also increased from estimated 9.7 percent to 10.9 percent. Industrial output had also seen an increase from 6.3 percent to 7.6 percent compared to last year.
All the above events were triggered due to an increase in investments in the production houses. This had also given a rise to investments in real estate sector. The increase in investment has also led to an increase in new job opportunities in the market. According to a survey, China has been able to generate 3.34 million job opportunities in the first quarter of the year. Thus, the ratio of unemployed people reduced below 5 percent in the big cities of China. Consumption has also been a major contributor to the development of the economy. Consumption has increased by 77.2 percent as compared to 64.6 percent during this year.
China has always been a production hub and this increase in investments led to improvement in the purchasing power of the people. Ultimately this led to increasing in consumption level in China. The government has been very supportive of the business community and had recently announced about the Xiongan economic zone which would contribute to the long-term development plans of the country. On the other hand, Government has imposed heavy restrictions in order to avoid any kind of manipulations. Every sector is showing a positive graph of growth currently and has been expected to stay stable at least until the end of this year.
Currently, China produces nearly half of the world’s steel and has seen a remarkable increase of 1.8 percent compared to last year. Even the coal production has increased but oil production and consumption have been stagnant during the first quarter at 3.91 million barrels per day. Property developments projects have increased and are one of the major contributors to the development of the economy. Property development increased 9.1 percent compared to 8.9 percent during the last two months and 6.9 percent during last year. This year has been really great so far for the Chinese economy and expected to flourish similarly until next quarter.
According to the economists, heavy investment in property development and infrastructure would be very beneficial to China in long term perspective.
Daniel is acting editor of Talk Herald with over two years of experience in the field of online news under his belt. Daniel has worked with multiple media houses and is currently leading a team of journalists, sub-editors, and writers through his entrepreneurial endeavors.
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