China's Economic Growth Persists
(MENAFN) China’s gross domestic product expanded by 5.3% in the first half of the year when compared to the same period in the previous year, as stated by the National Bureau of Statistics (NBS).
This economic momentum continued in spite of ongoing global challenges, especially the intensifying trade frictions with both the European Union and the United States.
In the initial quarter, economic activity increased by 5.4%, but slowed slightly to 5.2% in the following quarter.
Nevertheless, the second-quarter figure slightly surpassed expectations of a 5.1% increase, based on a poll conducted by Reuters.
The World Bank has projected that China’s GDP will expand by 4.5% in 2025 and 4.0% in 2026. Meanwhile, the Chinese government has set a growth target of approximately 5% for the current year.
Analysts consulted by Reuters anticipate growth figures of 4.6% this year and 4.2% for next year.
Beijing is currently under pressure to reach a comprehensive tariff accord with Washington by August 12.
This follows a provisional agreement made in June that temporarily halted weeks of escalating reciprocal import levies.
Recent trade discussions have indicated some tentative progress.
China has made minor compromises, such as loosening restrictions on rare earth exports.
In return, the United States has resumed the export of Nvidia’s AI chips.
Nonetheless, major disagreements remain unresolved, particularly concerning technologies that could have military applications.
If an agreement is not reached, international supply chains may again be disrupted due to the reintroduction of tariffs surpassing 100%.
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