China's Q2 GDP Likely Expanded By About 0.9%-Yicai

The Chinese economy likely expanded about 0.9% in Q2, and should set a 4.3% pace this year in a slow recovery from the disruptions caused by Covid-19 outbreaks, Yicai.com reported citing a poll of economists. Infrastructure investment, which could reach at least 6-8% in 2022, will be the main driver, followed by resilient exports and a marginal consumption rebound, the newspaper said citing Cheng Shi, chief economist of ICBC International. But unemployment and weak property investment would still slow down the recovery process, Yicai said citing Zhou Xue, Asia Economist at Mizuho Securities. Economists also raised their expectations for the yuan against the U.S. dollar to 6.68 by the end of July, compared with the 6.7114 reading on June 30, Yicai added.