China’s Q2 GDP Growth Slows Sharply to 0.4%; 2ND Largest Economy Is About to Collapse!

China’s Q2 GDP Growth Slows Sharply to 0.4%; 2ND Largest Economy Is About to Collapse!

China’s Q2 GDP Growth Slows Sharply to 0.4%; 2ND Largest Economy Is About to Collapse!

China's Q2 GDP growth slows sharply to 0.4%; its GDP growth is only 2.5% in the first half of this year. The world's 2nd largest economy is about to collapse! Systemic and structural problems in China's economy are emerging, while its zero COVID policy have accelerated the deterioration of the economy even more.

China's National Bureau of Statistics (NBS) released data on July 15 that showed a preliminary estimate of gross domestic product (GDP) of 56.264 trillion yuan in the first half of the year, up 2.5% at constant prices. Of this, growth was only 0.4% in the second quarter.

By region, the best performer was the Ningxia Hui Autonomous Region, which grew 5.3 percent in the first half of the year. In the same period of last year, Ningxia ranked third from the bottom among 31 provincial administrative regions, which includes provinces, cities and autonomous regions. Ningxia's economy accounted for 0.4% of the country's total.

The worst economic growth was in Jilin province, which shrank by 6%; the second worst was Shanghai, -5.7%. That's why there is a saying on the Internet: "Neither Shanghai nor Ningxia thought this day would come"!

Overall, China's economic development in the first half of 2022 was disappointing, especially in the second quarter, when the national year-on-year growth rate was only 0.4%, with five regions showing negative growth year-on-year: Shanghai -13.7%, Jilin -4.5%, Beijing -2.9%, Hainan -2.5% and Jiangsu -1.1%.

In fact, under the Communist Party's "Zero COVID" policy, many places have seen a wave of business closures. According to incomplete statistics, by the end of June, 460,000 enterprises had closed down in China, and 3.1 million individual businesses had been dissolved. And in April, the number of businesses being liquidated soar more than 23% year-on-year.