BEIJING, July 16,
2024 /PRNewswire/ -- China's gross domestic product (GDP) reached
around 61.68 trillion yuan (about $8.65
trillion), and grew 5 percent year on year in the first half
of 2024, data from the National Bureau of Statistics showed Monday.
In the second quarter, the country's GDP expanded by 4.7 percent
year on year. These achievements are in line with the annual growth
target of "5 percent" for the year, and are broadly consistent with
the International Monetary Fund's expectation of 5 percent growth
for China this year. It is
expected that China's economic
growth rate will continue to lead globally in the first half of the
year.
With a more uncertain, complex, and severe external environment
and new challenges from deepening structural adjustment
domestically, the growth was "hard-won," fully demonstrating the
strong resilience and great potential and vitality of the Chinese
economy, while the fundamentals of its long-term sound growth
remain unchanged. The Chinese economy is still a key engine for
global growth and stability. In the global context, it is expected
that China's economic growth rate
in the first half of the year will still be faster than that of
major economies such as the US, the Eurozone, and Japan. The keyword "stable" is prominent in
the economic data for the first half of the year. China has stabilized growth, prices, and
imports and exports, playing a stabilizing role in the turbulent
global economy.
Another key word in the first half of the year's economic data
is "progress," which refers to structural adjustment,
transformation of development modes, improvement of quality, and
enhancement of efficiency. The highlight of the first half of the
year's economy is the transformation of industries toward "new" and
"green": investment in high-tech industries grew fast, intelligent
and green new products performed well, new consumption models
continued to emerge, energy consumption per unit of GDP continued
to decrease, and the resilience of energy security and industrial
supply chains was enhanced. China's industrial upgrading and high-quality
development are proceeding in an orderly manner. Some achievements
are not directly reflected in GDP data, and some investments are
yet to yield profits and returns, but they contribute to improving
the "quality" and sustainability of China's economic development, enhancing the
resilience of economic risk prevention, and these are important
indicators behind the GDP.
The highlight of the economic data in the first half of the year
is, to a certain extent, due to the precise efforts of policies.
Whether it is the proactive measures of fiscal policy, such as tax
cuts and increased public spending, or the flexible and moderate
monetary policy, such as multiple reserve requirement ratio cuts
and targeted support for small and micro enterprises, they have
effectively promoted the stable recovery of the economy. In
addition, the increase in support for key areas and weak links, the
promotion of equipment renewal, and the exchange of old for new
consumer goods not only directly stimulate demand, but also
accumulate momentum for long-term development. Whether it is
China's economic development or
economic policies, they are filled with a long-term vision and a
commitment to practice.
Commenting on the economic performance in the second quarter,
the spokesperson of the National Bureau of Statistics said that the
ups and downs in the economy may have formed the shape of a curving
wave, but the underlying trend remains positive. This assessment is
fair and objective. China's
economy has entered a critical stage once again, and we are fully
aware of the difficulties and challenges ahead. Since the beginning
of this year, global economic growth momentum has been weak,
inflation has been sticky, and issues such as geopolitical
conflicts and international trade frictions have been frequent. The
external environment facing China's development remains challenging.
Domestically, there are also increasing challenges in economic
operation, with the problem of insufficient effective demand being
particularly prominent, and the domestic circulation not smooth
enough. However, the fundamentals underpinning a stable Chinese
economy have not changed, the momentum of high-quality development
has not changed, and the positive factors driving economic
transformation, upgrading, and high-quality development continue to
accumulate.
China, as the world's second
largest economy, has established a solid foundation for long-term
development and continues to strengthen the internal driving force
for sustainable economic growth. The Third Plenary Session of the
20th Communist Party of China Central Committee is currently being
held to plan for further comprehensive deepening of reforms. The
institutional dividends of China's
economic growth will continue to be released, and its growth
potential will be continuously stimulated. We are confident in the
future of the Chinese economy, and our perspective on the Chinese
economy should also be more forward-looking.
View original
content:https://www.prnewswire.com/news-releases/understanding-the-force-running-deep-in-chinese-economy-global-times-editorial-302197780.html
SOURCE Global Times