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A delivery worker rests outside mall in Beijing on Julu 15. Photo: WANG ZHAO/AFP via Getty Images

China's GDP grew 1.3% in the second quarter of 2021, faster than the 0.6% growth it saw in the previous quarter, according to the National Bureau of Statistics of China.

State of play: Compared with the second quarter from last year, the country's economy grew 7.9% in the April to June period. That's less than half of the 18.3% year-over-year growth the nation saw during the first quarter of 2021, per the South China Morning Post.

  • On the other hand, retail sales grew faster than expected at 12.1% year-over-year, compared with an 11% estimate by Reuters.

What they're saying: "Generally speaking, the national economy in the first half year continued to recover steadily with the sound growth momentum consolidated," the NBSC said.

  • But the bureau noted that "the economic recovery is unbalanced and more efforts are needed to consolidate the foundation for the steady recovery of the development."

Go deeper

Kate Marino, author of Markets
Oct 22, 2021 - Economy & Business

Changing the inflation conversation

Illustration: Annelise Capossela/Axios

Inflation looks like it’ll run hot for longer than plenty of smart people thought it would. The conversation over just how much more Americans will have to pay for their stuff has taken on a new intensity, as supply problems show few signs of fading.

Why it matters: The rate of price growth has remained consistently strong in recent months — a time that some thought would bring cooling prices after an initial reopening spike. What goes on with prices will influence the decisions made by Congress, the Biden Administration, and the Federal Reserve.

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Axios-Ipsos poll: Omicron's big numbersAnother wave of death — FDA limits use of Regeneron and Lilly antibody treatments — Fauci: "Confident" Omicron cases will peak in February.
  2. Vaccines: Pfizer begins clinical trial for Omicron-specific vaccine — The shifting definition of fully vaccinated.
  3. Politics: Biden admin withdraws temporary vaccine-or-test mandate for large employers — New York Supreme Court strikes down Gov. Hochul's mask mandate for public areas — Sarah Palin tests positive, delaying defamation trial — Virginia school boards sue Gov. Youngkin for lifting mask mandate.
  4. World: U.K. to lift travel testing requirement for fully vaccinated — Beijing Olympic Committee lowers testing threshold ahead of Games.
  5. Variant tracker

The Robinhood M&A rumor mill churns

Illustration: Sarah Grillo/Axios

Robinhood's valuation is now just over $11 billion, a fraction of where it traded in August and below that of its last private round of funding. Cue the M&A mongers.

Why it matters: It's not just Robinhood—falling values of growth-oriented tech stocks have raised speculation that formerly high-flying fintechs could be snapped up by more well-capitalized buyers.