Skip to content 
July 15, the National Bureau of Statistics released 2024 China’s economic “half-yearly report” – the first half of China’s gross domestic product (GDP) 61.7 trillion yuan, an increase of 5.0%, the operation of the overall stable, steady progress, the new momentum New dynamic energy is accelerating growth, and new progress has been made in high-quality development. This year is a critical year for realizing the goals and tasks of the 14th Five-Year Plan. In the face of the complex and severe external environment, the CPC Central Committee with Comrade Xi Jinping as the core of the planning and scientific decision-making, the whole country is united in their determination to rise to the challenge, and to promote the sustained and healthy development of the economy.
The fundamentals of the economy’s stable operation and long-term improvement have not changed.In the first half of this year, the external environment has become more complex, severe and uncertain. In the first half of the year, China’s GDP grew by 5.0% year-on-year; of which 4.7% in the second quarter, the growth rate fell compared to the first quarter. In this regard, a spokesman for the National Bureau of Statistics said that in the short term, the second quarter economic growth rate fell back extreme weather, rain and floods and other short-term factors, but the economy is running steadily, the fundamentals of the long-term good has not changed, the second quarter of the economic volume of more than 32 trillion yuan, the value added by industry, the total amount of goods imported and exported more than 10 trillion yuan, the total size of the indicator is still very impressive. A closer look at this “half-yearly report”, domestic demand continues to recover, external demand has improved. Looking inward, in the first half of the year, the total retail sales of consumer goods increased by 3.7% year-on-year, of which the retail sales of services increased by 7.5% year-on-year. investment in fixed assets nationwide increased by 3.9% year-on-year, although the real estate investment is running at a low level, but the investment in infrastructure and manufacturing industry increased by 5.4% and 9.5% respectively, showing the warmth of the recovery. Looking outward, in the first half of the year, the total import and export of goods increased by 6.1% year-on-year. among them, foreign trade in the second quarter increased by 7.4% year-on-year, compared with the first quarter and the fourth quarter of last year, respectively, increased by 2.5 and 5.7 percent, the quarterly trend continues to be good. Foreign exchange reserves have stabilized at over US$3.2 trillion. Maintaining employment and price stability is an important symbol of stable economic operation. In the first half of the year, the national consumer price index (CPI) rose 0.11 TP3T year-on-year, and the core CPI excluding food and energy prices rose 0.71 TP3T year-on-year, maintaining a moderate rise. The national urban survey unemployment rate averaged 5.1%, down 0.1 percentage point from the first quarter and 0.2 percentage point from a year earlier. While the fundamentals of China’s economy remained solid, the quality of economic development continued to improve. In the first half of the year, investment in high-tech industries grew by 10.6% year-on-year, faster than all investment by 6.7 percentage points; the value-added of high-tech manufacturing industries above designated size grew by 8.7% year-on-year; the proportion of non-fossil energy consumption in total energy consumption increased by 1.9 percentage points year-on-year; the online retail sales of physical commodities grew by 8.8% year-on-year… …These indicators confirm that China’s economic structure has been continuously optimized, and new kinetic energy has been cultivated and strengthened at an accelerated pace. In the first half of the year, the national residents per capita disposable income of 20,733 yuan, year-on-year nominal growth of 5.4%, deducting the price factor in real terms increased by 5.3%. “‘Shape of the fluctuations, the trend is still good,’ short-term fluctuations will not change the long-term positive trend. ” The spokesman for the National Bureau of Statistics said, put in global coordinates to observe, China’s economic performance is still better, the first quarter GDP growth faster than the United States, the euro zone, Japan, etc., combined with the second quarter of the domestic and international situation, China’s economic growth rate in the first half of the year is expected to remain ahead of the world’s economic growth is still an important engine and stabilizing force.Policy effects continue to show the release of growth warmthThis year, in the face of the difficult challenges facing the economic operation, various departments around the front of the implementation of the macro policy, the results achieved is not easy. Reporter combing found that this year, especially since the second quarter, a series of policy initiatives intensively introduced, the policy effect continues to appear – expanding domestic demand policies continue to strengthen. in March, China introduced to promote large-scale equipment renewal and consumer goods to the old for the new action program, clear 5 aspects of the 20 key tasks. The National Development and Reform Commission and other departments have recently issued Measures on Creating New Scenes of Consumption and Cultivating New Growth Points of Consumption to further cultivate and grow new growth points of consumption. Statistics show that in the first half of the year, final consumption expenditure contributed 60.5% to economic growth, pulling GDP growth by 3.0 percentage points. Driven by the policy of large-scale equipment renewal, the first half of the year investment in the purchase of equipment, plant and equipment increased by 17.3%, pulling the growth of investment in fixed assets by 2.1 percentage points, with a contribution rate of 54.8%. The issuance of ultra-long-term special treasury bonds can not only boost current investment and consumption, but also build the foundation for long-term high-quality development. As of July 5, the Ministry of Finance has issued seven issues of ultra-long-term special treasury bonds, with a total issue size of 308 billion yuan. In the first half of the year, infrastructure investment grew 5.4% year-on-year, 1.5 percentage points faster than all investment, pulling all investment up 1.2 percentage points. Since the beginning of this year, from the abolition of the lower limit of mortgage interest rates at the national level, downward adjustment of the down payment ratio and provident fund loan interest rates, to the allocation of guaranteed housing to expand to all cities and counties across the country, the real estate policy to further adjust and optimize. With the gradual release of policy effects, the recent real estate market activity has increased. In the first half of the year, the national sales area of new commercial housing, sales decline than 1 to May narrowed 1.3, 2.9 percentage points, real estate, “three major projects” pulling real estate development investment of 0.9 percentage points. “Large-scale equipment renewal and consumer goods trade-in policy effects continue to emerge, the previous issuance of special bonds, ultra-long-term special treasury bonds, etc. gradually transformed into physical workload, strengthen policy integration, comprehensive policy will continue to form policy synergy, for the smooth operation of the economy to provide favorable policy conditions.” National Bureau of Statistics spokesman said.Achievement of the annual goal has the strength and foundationWhat is the trend of China’s economy in the second half of the year? Can it realize the expected goal of economic development for the whole year? “The target of around 5% can be realized with hard work” “China is still the largest contributor to global economic growth” …… From the Boao Forum for Asia Annual Conference in March to the Summer Davos Forum in June, there have been a lot of optimistic voices about China’s economic prospects. Summer Davos Forum in June, there have been a steady stream of voices optimistic about China’s economic prospects. In recent times, the International Monetary Fund, the World Bank, Morgan Stanley, Goldman Sachs, UBS and other international organizations have raised China’s economic growth expectations for this year, casting a vote of confidence in China’s economic prospects. Confidence, from the economic transformation and upgrading burst of new kinetic energy – robotic arm to replace traditional workers, the textile industry equipped with “intelligent brain”, drone delivery to bring a new consumer experience …… latest Data show that at present China’s high-tech enterprises amounted to 463,000, the installed capacity of industrial robots accounted for the global proportion of more than 50%, the industrial Internet to achieve full coverage of industrial categories, the digital economy, the green and low-carbon development will give rise to more new growth points. Confidence, from the new vitality inspired by reform – the first administrative regulation on fair competition review, the Fair Competition Review Regulations, will come into force on August 1st. Greater efforts will be made to break regional blockades and industry monopolies, creating a favorable market environment; accelerating the improvement of basic systems such as market access, property rights protection and transactions, data information, social credit, etc……. The construction of a unified national big market is proceeding at a brisk pace, and market vitality will continue to be released. Confidence, from the new opportunities brought about by opening up and cooperation – Earlier this month, Decathlon’s Beijing Wukesong store was unveiled to the public with a new brand image. “In the next two years, Decathlon plans to open 20 to 30 new stores each year.” said Zhang Chundi, vice president of Decathlon China. Sam’s member store settled in Zhongshan, Guangdong Province, the first Costco member store with gas station in mainland China was unveiled in Nanjing, Jiangsu Province, and GE Healthcare invested an additional 380 million yuan for the construction of its Shanghai base……. More and more multinationals are increasing their investment and accelerating their layout. For the first time, a negative list management system has been established nationwide for cross-border trade in services, a pilot project to expand the opening-up of value-added telecommunication business has been launched, and a number of policy measures to further support foreign institutions to invest in domestic science and technology enterprises have been introduced. …… A series of policy initiatives have been introduced one after another, demonstrating China’s firm determination to open up to promote reform and development. Maintaining strategic determination and continuously improving the quality of development, we have the confidence and stamina to realize this year’s development goals and push China’s economic ship forward along the high-quality development course.
