The Chinese economy saw robust growth in the first half of 2021 as it continued to recover from the adverse impacts of the COVID-19 pandemic.
Chinese GDP was 53.2167 trillion yuan in the first half of 2021, for inflation-adjusted YoY growth of 12.7%, according to figures released by the National Bureau of Statistics (NBS) on 15 July.
The growth figure for the first half marked a deceleration of 5.6 percentage points compared to the first quarter of 2021, as well as a two-year average growth rate of 5.3%.
Chinese GDP posted 18.3% YoY growth in first quarter of 2021, for a two-year average of 5.0%, and 7.9% growth in the second quarter, for a two-year average of 5.5%.
In the first half of 2021 the added value of the service sector had a 53% contribution rate for economic growth, for an increase of 2.1 percentage points compared to the first quarter.
The added value of the manufacturing sector comprised 27.9% of Chinese GDP, for an increase of 1.3 percentage points compared to the same period last year.
Final consumption expenditure had a 61.7% contribution rate for economic growth, 42.5 percentage points higher than total capital formation.
Fixed asset investment (not including rural households) in the first half of 2021 was 25.59 trillion yuan, for YoY growth of 12.6%.