National Bureau of Statistics (NBS): In the first half of this year (H1), GDP was up 5.3% YoY. The national economy has advanced amid challenges and maintained steady and positive growth.

The National Bureau of Statistics (NBS) released economic data for the first half of this year. Preliminary calculations show that the GDP for the first half of the year was 66,053.6 billion yuan, representing a 5.3% YoY increase at constant prices. By industry, the added value of the primary industry was 3,117.2 billion yuan, up 3.7% YoY; the added value of the secondary industry was 23,905 billion yuan, increasing by 5.3%; and the added value of the tertiary industry was 39,031.4 billion yuan, growing by 5.5%. By quarter, the GDP for Q1 increased by 5.4% YoY, and for Q2, it grew by 5.2%. On a QoQ basis, the GDP for Q2 increased by 1.1%.

The national economy for the first half of the year has overcome difficulties and maintained steady and positive growth.

In the first half of the year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, various regions and departments have earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, adhered to the general principle of making progress while ensuring stability, fully and accurately implemented the new development philosophy, accelerated the construction of a new development pattern, coordinated domestic economic work with international economic and trade struggles, effectively implemented more proactive and effective macro policies. The national economy has withstood pressure, overcome difficulties, and maintained overall stability and positive growth. Production and demand have grown steadily, the employment situation has remained generally stable, residents' incomes have continued to increase, new growth drivers have expanded and strengthened, new progress has been made in high-quality development, and social stability has been maintained.

Preliminary calculations show that the GDP for the first half of the year was 66,053.6 billion yuan, representing a 5.3% YoY increase at constant prices. By industry, the added value of the primary industry was 3,117.2 billion yuan, up 3.7% YoY; the added value of the secondary industry was 23,905 billion yuan, increasing by 5.3%; and the added value of the tertiary industry was 39,031.4 billion yuan, growing by 5.5%. By quarter, the GDP for Q1 increased by 5.4% YoY, and for Q2, it grew by 5.2%. On a QoQ basis, the GDP for Q2 increased by 1.1%.

I. Stable production and bumper harvest of summer crops, steady growth in animal husbandry

In the first half of the year, the added value of agriculture (crop farming) increased by 3.7% YoY. The total summer grain output nationwide was 149.74 million mt, a decrease of 150,000 mt or 0.1% compared to the previous year. In the first half of the year, the output of pork, beef, mutton, and poultry meat was 48.43 million mt, up 2.8% YoY. Specifically, the output of pork, beef, and poultry meat increased by 1.3%, 4.5%, and 7.4% respectively, while the output of mutton decreased by 4.6%. The output of milk increased by 0.5%, and the output of eggs increased by 1.5%. At the end of Q2, the inventory of live pigs was 424.47 million heads, up 2.2% YoY. In the first half of the year, the number of live pigs slaughtered was 366.19 million heads, an increase of 0.6%.

II. Rapid growth in industrial production, with good momentum in equipment manufacturing and high-tech manufacturing

In the first half of the year, the added value of industrial enterprises above designated size nationwide increased by 6.4% YoY. By industry, the added value of the mining industry increased by 6.0% YoY, manufacturing by 7.0%, and the production and supply of electricity, heat, gas, and water by 1.9%. The added value of equipment manufacturing increased by 10.2% YoY, and that of high-tech manufacturing by 9.5%, with growth rates 3.8 and 3.1 percentage points faster, respectively, than that of all industrial enterprises above designated size. By economic type, the added value of state-controlled enterprises increased by 4.2% YoY; joint-stock enterprises by 6.9%; foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan by 4.3%; and private enterprises by 6.7%. By product, the production of 3D printing equipment, NEVs, and industrial robots increased by 43.1%, 36.2%, and 35.6% YoY, respectively. In June, the added value of industrial enterprises above designated size increased by 6.8% YoY and 0.50% MoM. In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month; the expected index of enterprise production and operation activities was 52.0%. From January to May, industrial enterprises above designated size nationwide achieved a total profit of 2,720.4 billion yuan, down 1.1% YoY.

III. Accelerated Growth in the Service Sector and Sound Development of Modern Service Industries

In H1, the added value of the service sector increased by 5.5% YoY, 0.2 percentage points faster than in Q1. Among them, the added value of the information transmission, software, and information technology service industry, the leasing and business service industry, the transportation, storage, and postal service industry, and the wholesale and retail industry increased by 11.1%, 9.6%, 6.4%, and 5.9%, respectively. In June, the national service sector production index increased by 6.0% YoY. Among them, the production indices of the information transmission, software, and information technology service industry, the leasing and business service industry, the financial industry, and the wholesale and retail industry increased by 11.6%, 8.4%, 7.3%, and 6.9%, respectively. From January to May, the operating revenue of service enterprises above designated size increased by 8.1% YoY. In June, the business activity index of the service sector was 50.1%, and the expected index of service sector business activities was 56.0%. Among them, the business activity indices of industries such as postal services, telecommunications, radio, television, and satellite transmission services, internet software and information technology services, monetary financial services, capital market services, and insurance were all above 55.0%, indicating a relatively high prosperity level.

IV. Rebound in Market Sales Growth and Sound Sales of Consumer Upgrade Goods

In H1, the total retail sales of consumer goods reached 24,545.8 billion yuan, up 5.0% YoY, 0.4 percentage points faster than in Q1. By the location of business units, the retail sales of consumer goods in urban areas were 21,305 billion yuan, up 5.0% YoY; in rural areas, they were 3,240.9 billion yuan, up 4.9%. By consumption type, retail sales of goods reached 21,797.8 billion yuan, up 5.1% YoY; catering revenue was 2,748 billion yuan, up 4.3% YoY. Sales of basic necessities and some upgraded goods performed well, with retail sales of grain, oil, and food products, sports and entertainment goods, and gold, silver, and jewelry goods by enterprises above the designated size increasing by 12.3%, 22.2%, and 11.3% YoY, respectively. The trade-in policy for consumer goods continued to show effectiveness, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, communication equipment, and furniture by enterprises above the designated size increasing by 30.7%, 25.4%, 24.1%, and 22.9% YoY, respectively. National online retail sales reached 7,429.5 billion yuan, up 8.5% YoY. Among them, online retail sales of physical goods were 6,119.1 billion yuan, up 6.0% YoY, accounting for 24.9% of the total retail sales of consumer goods. In June, the total retail sales of consumer goods increased by 4.8% YoY and decreased by 0.16% MoM. In H1, service retail sales increased by 5.3% YoY, 0.3 percentage points faster than in Q1.

V. Fixed asset investment continued to expand, with manufacturing investment growing rapidly

In H1, national fixed asset investment (excluding rural households) was 24,865.4 billion yuan, up 2.8% YoY; excluding real estate development investment, national fixed asset investment increased by 6.6% YoY. By sector, infrastructure investment increased by 4.6% YoY, manufacturing investment increased by 7.5% YoY, and real estate development investment decreased by 11.2% YoY. The sales area of newly-built commercial housing nationwide was 458.51 million m², down 3.5% YoY; the sales value of newly-built commercial housing was 4,424.1 billion yuan, down 5.5% YoY. By industry, investment in the primary industry increased by 6.5% YoY, investment in the secondary industry increased by 10.2% YoY, and investment in the tertiary industry decreased by 1.1% YoY. Private investment decreased by 0.6% YoY; excluding real estate development investment, other private investment increased by 5.1% YoY. Among high-tech industries, investment in the information service industry, aviation, spacecraft, and equipment manufacturing, and computer and office equipment manufacturing increased by 37.4%, 26.3%, and 21.5% YoY, respectively. In June, fixed asset investment (excluding rural households) decreased by 0.12% MoM.

VI. Import and export of goods continued to grow, with the trade structure continuing to optimize

In H1, the total import and export of goods was 21,787.6 billion yuan, up 2.9% YoY. Among them, exports were 13,000 billion yuan, up 7.2% YoY; imports were 8,787.5 billion yuan, down 2.7% YoY. The import and export of private enterprises increased by 7.3%, accounting for 57.3% of the total import and export, 2.3 percentage points higher than the same period last year. The import and export with countries participating in the joint construction of the "Belt and Road" increased by 4.7%. Exports of mechanical and electrical products increased by 9.5%, accounting for 60.0% of the total export value. In June, the total import and export value reached 3,852.7 billion yuan, up 5.2% YoY. Among this, exports amounted to 2,339.4 billion yuan, up 7.2% YoY, and imports were 1,513.4 billion yuan, up 2.3% YoY.

VII. Consumer prices remained generally stable, with core CPI rebounding mildly

In the first half of the year, the national consumer price index (CPI) decreased by 0.1% YoY. By category, prices for food, tobacco, and alcohol decreased by 0.3%, clothing prices increased by 1.3%, housing prices increased by 0.1%, prices for daily necessities and services remained unchanged, transportation and communication prices decreased by 2.9%, education, culture, and entertainment prices increased by 0.8%, healthcare prices increased by 0.3%, and prices for other goods and services increased by 6.7%. Among food, tobacco, and alcohol prices, fresh vegetable prices decreased by 5.3%, grain prices decreased by 1.3%, fresh fruit prices increased by 2.7%, and pork prices increased by 3.8%. In June, the national CPI increased by 0.1% YoY and decreased by 0.1% MoM. In the first half of the year, the core CPI, excluding food and energy prices, increased by 0.4% YoY, an increase of 0.1 percentage points from Q1. Among this, the core CPI increased by 0.7% YoY in June, an increase of 0.1 percentage points from the previous month.

In the first half of the year, the national ex-factory prices of industrial producers decreased by 2.8% YoY. Among this, they decreased by 3.6% YoY and 0.4% MoM in June. In the first half of the year, the purchase prices of industrial producers decreased by 2.9% YoY. Among this, they decreased by 4.3% YoY and 0.7% MoM in June.

VIII. The employment situation remained generally stable, with a slight decrease in the surveyed urban unemployment rate

In the first half of the year, the average surveyed urban unemployment rate was 5.2%, a decrease of 0.1 percentage points from Q1. In June, the surveyed urban unemployment rate was 5.0%. The surveyed unemployment rate for local registered labor was 5.1%, and for migrant labor was 4.8%, among which the surveyed unemployment rate for migrant agricultural labor was also 4.8%. The surveyed urban unemployment rate for 31 major cities was 5.0%. The average weekly working hours for employees in enterprises nationwide was 48.5 hours. At the end of Q2, the total number of migrant rural workers was 191.39 million, up 0.7% YoY.

IX. Residents' income grew steadily, with rural residents' income growing faster than urban residents'

In the first half of the year, the national per capita disposable income of residents was 21,840 yuan, up 5.3% in nominal terms YoY and 5.4% in real terms after adjusting for price factors. By place of residence, the per capita disposable income of urban residents was 28,844 yuan, up 4.7% in nominal terms YoY and 4.7% in real terms; the per capita disposable income of rural residents was 11,936 yuan, up 5.9% in nominal terms YoY and 6.2% in real terms. In terms of income sources, the nominal growth rates of per capita wage income, net operating income, net property income, and net transfer income of residents nationwide were 5.7%, 5.3%, 2.5%, and 5.6%, respectively. The median per capita disposable income of residents nationwide was 18,186 yuan, with a nominal YoY growth rate of 4.8%.

Overall, the more proactive and effective macro policies implemented in H1 have yielded significant results, with the economy continuing to maintain a stable and positive development trend, demonstrating strong resilience and vitality. However, it should also be noted that there are many external unstable and uncertain factors, and domestic effective demand remains insufficient. The foundation for economic rebound and improvement still needs to be strengthened and consolidated. In the next stage, we should adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the general principle of pursuing progress while ensuring stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, coordinate domestic economic work with international economic and trade struggles, unwaveringly focus on our own affairs, further strengthen the domestic economic cycle, respond to external uncertainties with the certainty of high-quality development, and promote sustained, stable, and healthy economic development.