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China's economy is steadily advancing by 6.3% in the first half of the year
Jul 16,2019
The content below was translated by Tencent automatically for reference.

SMM News: in the first half of the year, China's gross domestic product (GDP) exceeded 45 trillion yuan, an increase of 6.3 percent over the same period last year. In the face of the complex international and domestic situation, China's economic growth has maintained an overall stable, steady and progressive development trend, the main macroeconomic indicators are running in a reasonable range, and the economic structure continues to be optimized and adjusted.

Mao Shengyong, a spokesman for the National Bureau of Statistics, used five adjectives when explaining how to understand the 6.3 percent growth rate. They are "relatively stable", "not low", "relatively high in gold content", "hard-won" and "supportive".

Mao Shengyong pointed out that while the economy is growing by 6.3 percent, employment is relatively stable, prices remain moderately rising, household income is growing faster, and energy consumption for 10,000 yuan of GDP is lower than the same period last year, indicating that the economy is running smoothly within a reasonable range and has a high gold content. At the same time, it should be among the fastest in the world's major economies.

In addition to maintaining a reasonable range of economic operation, China's economic structure also continued to be optimized in the first half of the year. In terms of industrial structure, while agriculture is consolidating its basic position, the planting structure is being adjusted. From within the industry, transformation and upgrading is accelerating. For example, the added value of high-tech manufacturing increased by 9% in the first half of the year, 3 percentage points faster than that of industries above all sizes. The contribution of the service sector continued to rise, and the proportion of added value of the service sector in GDP in the first half of the year was also 0.5 percentage points higher than that of the same period last year.

In terms of demand structure, the contribution rate of consumption growth to economic growth reached 60.1% in the first half of the year, and the upgrading within consumption continues to advance. The structure of investment also shows a trend of optimization, such as investment in the social sector, investment in high-tech industries, and investment in technological transformation of the manufacturing industry all remain at a good level of more than 10%. The proportion of general trade in the first half of the year also continued to rise compared with the same period last year.

In addition, the regional development structure is also being optimized. In the first half of the year, the industrial added value of the central region increased by 8.4 percent over the same period last year, 3.5 percentage points faster than that of the eastern region, and fixed asset investment in the central and western regions also grew faster than that of the eastern region.

According to the June data, some indicators, such as industrial growth, total retail sales of consumer goods, and the growth rate of the service sector production index, all recovered from May. Many market participants pointed out that the recovery in the growth rate of total consumption of social retail goods in June was the main reason to support the economic performance in the second quarter.

ICBC International Chief Economist and Managing Director Cheng Shi said that in the future, in the context of weakening external pressure, inflationary pressure is likely to decline, and the consumption engine may pick up, which is expected to provide a new opportunity to activate the endogenous growth power. It is expected that the value main line of "big consumption" will be further highlighted and mapped to the capital market.

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gross domestic product
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