[Salon] China’s second-quarter GDP growth slows to 0.4%



China’s second-quarter GDP growth slows to 0.4%

  • China’s economy expanded only 0.4% in the second quarter from the same period last year, the slowest pace since the COVID pandemic outbreak more than two years ago. The sharp slowdown happened after repeated lockdowns in major cities during the three months ending in June. The country is on track to fall short of its 5.5% annual growth target this year.

  • The Zero-COVID strategy that China sticks to has become increasingly controversial due to its impact on people’s life and the economy. The main argument for the strategy, as a commentary (Zh) in yesterday’s People’s Daily said, is to protect the people from an infectious disease that might cause deaths and overwhelm the country’s medical system, especially since the country has a large population of elderly, children, and people having contraindications to the vaccines.

  • By early May, 81.67% of senior adults above 60 years old in China are fully vaccinated. The U.S. had 0.9% of its elderlies above 65 fully vaccinated when the White House issued the reopening guideline on January 20 last year, and the rate increased to 81.4% on July 1, 2021, when almost all U.S. states had reopened. So far, over 1 million Americans have died from COVID, compared with 14,651 in China. However, the number of non-COVID deaths due to the restrictions in China is unknown.

  • One cannot run experiences on history to tell which is worse for China, a stagnated economy, or a high COVID death toll. But the pain of low economic growth has already been felt and will have profound social implications.



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