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Technology hub Shenzhen’s GDP grew 3% in first half, retail sales grew fastest this year in June
China’s technology hub Shenzhen saw its GDP grow by 3% in the first half of 2022 from a year earlier, according to data released by the local government on Wednesday, compared to the 2.5% growth for the national GDP during the period and 2% GDP growth for Guangdong province where the city is located.
China’s industrial profits returned to growth in June, profit structure improved
Profits at China’s industrial companies returned to growth in June after falling for two consecutive months, mainly driven by recovery in the automobile industry. Profit structure improved as divergence between upstream and downstream industries narrowed.
Asian Development Bank lowers forecast of developing Asia’s 2022 GDP growth, citing China’s zero-Covid policy
The Asian Development Bank lowered its forecast for GDP growth in developing Asia in 2022, saying that China’s zero-tolerance to Covid creates ripple effects on regional supply chains and economic development.
More than 20 provincial-level regions in China reported local Covid case in latest outbreaks
More than 20 provincial-level regions in China have reported locally transmitted COVID-19 cases in the latest round of outbreaks, and unlike the previous round, cases are found in some inland and small cities, posing challenges to the country’s epidemic control efforts.
