China’s post-pandemic growth slows as government aims for more stable course

China’s fast rebound from the Covid-19 pandemic has now slowed, according to official figures.

The nation’s GDP for the second quarter of 2021 was up 7.9 per cent on the same period in 2020, falling short of economist’s forecasts of 8.1 per cent growth.

It was less than half the growth seen in the first quarter of 2021.

Figures for June showed better-than-expected results for retail and sales and industrial production, but economists in recent months have been raising concerns.

While the world’s second-largest economy achieved a “stable recovery in the first half of the year,” the National Bureau of Statistics for China said, they warned to be cautious.

“We must be aware that the pandemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities,” they continued.

China has faced supply chain issues as the pandemic still maintains a tight grip on the world, with shipping firms experiencing backlogs.

With the growth for the first half of the year thought to be owing to industrial manufacturing and domestic consumption, any delay to the supply chain is likely to be damaging.

In the first quarter of 2021, China’s grew by a record 18.3 per cent. It was the biggest jump in GDP since China began keeping quarterly figures in 1992.

The spokesperson for the NBS acknowledged that the recovery period had been unbalanced and that the government was working to maintain a more stable course.