Despite a sluggish post-Covid recovery, China’s GDP grew by 6.3 percent year on year in the
second quarter of 2023. According to the National Bureau of Statistics, growth was 4.5
percent in the first quarter and 6.3 percent in the second quarter. Market demand
increased, production supply increased, employment and prices stayed consistent, and
inhabitants’ income continuously increased. Analysts predicted a 7.1% increase, but warned
that the results would be skewed due to the low base of comparison with pandemic-plagued 2022.
Quarter-on-quarter growth in the world’s second-largest economy was 0.8% in April-
June, down from 2.2 percent in the previous three months.
The post-pandemic recovery is slowing, which will likely increase requests for further
economic stimulus. In June, young unemployment in China reached a new high of 21.3
percent.
