【satta mobi 143】China's economy maintains stable expansion in H1 despite challenges
This satta mobi 143stitched drone photo taken on June 20, 2024 shows robots working at an intelligent workshop of Jiangsu Sanxiao Group Co., Ltd in Hangji Township of Yangzhou City, east China's Jiangsu Province. (Xinhua/Li Bo)
* China's economy grew 5 percent year on year in the first half of 2024, according to the National Bureau of Statistics (NBS). In the second quarter, its GDP expanded 4.7 percent.
* The growth was "hard-won" as the world's second-largest economy had faced a more complex external environment, as well as new challenges from deepening structural adjustment domestically.
* From a comprehensive perspective, the favorable conditions facing China's development are stronger than the unfavorable ones, and the economic fundamentals that will sustain long-term growth remain unchanged.
BEIJING, July 15 (Xinhua) -- China's economy maintained stable expansion in the first half of 2024 despite rising challenges from home and abroad, official data showed Monday.
The country's gross domestic product (GDP) grew 5 percent year on year in the period to 61.68 trillion yuan (about 8.65 trillion U.S. dollars), according to the National Bureau of Statistics (NBS). In the second quarter, China's GDP expanded 4.7 percent year on year.
"Overall, the national economy has continued to improve in the first half in a stable manner," the NBS said in an online comment, citing support from policy incentives, a rebound in external demand and the development of new quality productive forces.
The country's retail sales of consumer goods went up 3.7 percent year on year in the first half, while fixed-asset investment rose 3.9 percent and value-added industrial output expanded 6 percent.
The bureau said the growth was "hard-won" as the world's second-largest economy had faced a more uncertain, complex and severe external environment, as well as new challenges from deepening structural adjustment domestically.
An aerial drone photo taken on April 1, 2024 shows commodity vehicles to be loaded for export at Zhifu Bay Area of Yantai Port in east China's Shangdong Province. (Xinhua/Li Ziheng)
RESILIENCE AMID CHALLENGES
The NBS noted solid performance in several key indicators. The country's surveyed urban unemployment rate stood at 5.1 percent in the first half, down 0.2 percentage points from the same period last year.
Its per capita disposable income went up 5.4 percent year on year in nominal terms in the period, outpacing economic growth.
Industrial production has turned smarter and greener, according to the NBS. The high-tech manufacturing sector saw output up 8.7 percent year on year in the first half, while the production of service robots and new energy vehicles surged 22.8 percent and 34.3 percent, respectively.
The bureau attributed the milder second-quarter GDP growth compared with the first quarter to short-term factors such as extreme weather and floods, as well as rising difficulties and challenges, especially from insufficient effective demand and unsmooth economic flow at home.
The NBS remarks echoed Premier Li Qiang, who said at a symposium on China's economic situation last week that factors affecting growth have become more complex than before, and therefore addressing these difficult problems in economic operation requires greater efforts.
The premier said China should further ensure solid macroeconomic policy delivery, work to leverage policy synergies, enhance the effectiveness of policy implementation and facilitate the sustained and healthy development of the economy.
To support growth, China has initiated a slew of measures, including a new round of consumer goods trade-ins and the issuance of ultra-long special treasury bonds, to boost investment and consumption.
Driven by the policy incentives, consumption continued to play a major role in promoting growth in the first half, with final consumption contributing to 60.5 percent of the economic expansion, or 3 percentage points to the GDP growth.
A customer shops at a supermarket in Nanjing, east China's Jiangsu Province, March 9, 2024.
(Photo by Liu Jianhua/Xinhua)
SOUND FUNDAMENTALS
The NBS expects external uncertainties and instabilities to continue increasing while domestic challenges remain in the second half of the year, but it said they are "growing pains" and the cure lies in further development.
"From a comprehensive perspective, the favorable conditions facing China's development are stronger than the unfavorable ones," the bureau said.
"The economic fundamentals that will sustain long-term growth remain unchanged, and the trend toward high-quality development has not changed," the NBS said, noting that the Chinese economy is still a key engine for global growth.
"We have the confidence and capability to achieve the growth target of around 5 percent for this year," Premier Li said when speaking at the 2024 Summer Davos in the northeastern city of Dalian last month.
Many foreign-invested institutions have recently raised growth expectations for the country's economy. Barclays and Goldman Sachs have lifted their forecast for China's GDP growth in 2024 to 5 percent from the previous 4.4 percent and 4.8 percent, respectively.
The International Monetary Fund (IMF) also revised China's economic outlook to 5 percent, 0.4 percentage points higher than the previous forecast.
According to IMF analysis, a 1 percentage point increase in China's GDP growth would result in an average of 0.3 percentage point increase in growth for other economies.
Qi Yunlan, a researcher at the Development Research Center of the State Council, said that with the macro economy on a solid footing for recovery and policy incentives paying off, China is very likely to achieve its annual growth target.
A key part of China's growth momentum against headwinds has come from its new growth drivers and faster upgrading of traditional industries. Investment into high-tech manufacturing and services expanded 10.1 percent and 11.7 percent, respectively, in the first half, well above the 3.9 percent headline growth of fixed-asset investment.
The NBS also expected the ongoing third plenary session of the 20th Central Committee of the Communist Party of China, which primarily studies issues concerning further comprehensively deepening reform and advancing Chinese modernization, to further liberate and develop social productive forces and boost social vitality.
Editor: WXL下一篇:Bridge Fire in Southern California explodes over 10 times in size
- ·中国功夫,到非洲了!
- ·China's strong economic development offers opportunities and hope for world: Pakistani expert
- ·HORROR美少女贞子手办欣赏:2025年3月发售
- ·紫光展锐与中兴通讯签署全方位 5G 战略合作框架协议
- ·韩国称朝鲜再次向韩放飞气球
- ·山灵 H0 桌面解码耳放发布:690mW@32Ω 推力,售价 648 元
- ·探索沙箱世界:发现更好玩的单机游戏
- ·福满京城兆吉祥 寻访北京带福字的老地名
- ·CPC releases rules on handling underperforming Party members
- ·iQOO Neo9S Pro+ 手机维修备件价格公布:显示屏 720 元起,主板 2390 元起
- ·关注八楼象女士官方微信号:日常唠嗑,严肃活泼
- ·血火纷争继续 《龙之家族》续订第三季
- ·China's commercial reusable test rocket completes vertical takeoff, landing flight test
- ·安徽启动2024省自然科学基金项目申报工作
- ·推荐五款沙箱游戏:让你沉浸其中
- ·小糊涂仙副总裁梁国杰称去年完成目标 这么有信心为何不公布业绩?
- ·网约车乘客“开门杀”致人受伤后跑掉?成都交警回应
- ·剧版《史密斯夫妇》续订第二季 首季主演不回归
- ·微博观影团《神偷奶爸4》北京双人免费抢票
- ·短剧风靡海外,TikTok for Business 预测其市场规模可达百亿美元
- ·感受中国式现代化,非洲元首去了哪些中国城市
- ·非遗吹腔戏“唱”团圆
- ·鲁花主播短时间内多次喝油“自证品质” 董事长孙东伟对此知晓吗?
- ·荣耀Magic V3发布,搭载荣耀鸿燕通信,折叠屏首发支持天通卫星通信
- ·Over 300 cultural relic sites newly found in China's Xizang
- ·越强大越轻薄,荣耀Magic V3正式发布,售价8999元起
- ·China awards model teachers, education institutions as Teachers' Day nears
- ·三大运营商服务器集采动辄上百亿 为何要求国产服务器占比大?这里肯定有奥秘!
- ·理想汽车辟谣AI医疗领域合作:涉事方已删除不当言论并致歉
- ·我国科学家在南海深海发现幽灵蛸目新种
- ·Dithubaruba cultural festival celebrated in Botswana
- ·影迷评《海关战线》:紧张刺激 扣人心弦
- ·安徽启动2024省自然科学基金项目申报工作
- ·外卖员烈日下吃饭被店员吼进空调屋 网友点赞:凉快又暖心
- ·Death toll from Israeli airstrikes on Syrian military sites rises to 18
- ·越强大越轻薄,荣耀Magic V3正式发布,售价8999元起