Faster Growth in Chinese Finance, IT Sectors Softened Economic Slowdown
Faster Growth in Chinese Finance, IT Sectors Softened Economic Slowdown
(Bloomberg) -- The continued growth of China’s finance sector and the strong expansion of IT helped soften the economic slowdown in the second quarter and offset a muted performance from the manufacturing and tertiary sectors.
Output from finance increased 7.6% from a year earlier, a step higher from the previous three-month period, the statistics bureau said Tuesday. Information technology growth slowed to 20.1%, the lowest in two years but still well above the 6.2% expansion in overall gross domestic product.
The sector breakdowns were released in a report on Tuesday, following the announcement of the main data on Monday. Overall GDP slowed slightly from the first quarter, but the data also showed a surprisingly strong expansion in retail sales and industrial output in June.
Services, which makes up more than half of output, maintained steady 7% growth, while primary industry expanded 3.3% and secondary industry, which contains manufacturing and construction, slowed to 5.6%.
To contact the reporter on this story: Kari Lindberg in Hong Kong at klindberg13@bloomberg.net
To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, ;Jeffrey Black at jblack25@bloomberg.net, James Mayger, Sharon Chen
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