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Beijing, July 14 (Reuters)China’s economic growth has skyrocketed in January-June since the first five months, the finance ministry said on Thursday, as the economy shows a slowdown in June following the crisis that led to a slowdown.

Rates in the first half increased by 3.3% from the previous year, with the exception of the return on value added tax (VAT), faster than the 2.9% increase in January-May, Xue Xiaoqian, an official in the Ministry of Finance, said. press conference in Beijing.

Income alone in June alone grew 5.3% from the previous year after adjusting to VAT debt reduction.

Xue said China’s currency is expected to rise sharply in the second half of this year as the economy recovers.

Real estate sales fell by 40.01% in June alone, according to Reuters estimates based on government estimates, growing from a 24.03% decline in May amid a collapse in the stock market.

Total revenue amounted to 10.52 trillion ($ 1.56 trillion) in the first half, plus 1.84 trillion yuan for VAT repayment.

Expenditure reached 12.89 trillion yuan in the first quarter, up 5.9% from the previous year.

China has unveiled plans to provide financial assistance in recent months, in addition to providing specialized local government funding to support rapid development projects, helping to revive the economy that has been damaged by the severe closure that began in late March.

The Chinese government provided 3.41 trillion of special bonds at the end of June, Song Qichao’s deputy prime minister said at a press conference, which is part of the 2022 special bond issue of 3.65 trillion yuan.

Sources told Reuters that China will pay 2023 special government interest in the fourth quarter, while the new sector could be larger than the 1.46 trillion announced last year.

Fluent data on Friday is expected to show some signs of a slight economic downturn, while industrial output is expected to rise sharply and resume to decline in a few months.

($ 1 = 6.7288 yuan renminbi of China)

(Reports by Kevin Yao, Ellen Zhang and Stella Qiu; Edited by Christian Schmollinger and Jamie Freed)

((yifan.qiu@thomsonreuters.com; 86-10-66271289;))

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