BEIJING — China’s economy continued its stable trajectory in the first half of 2024, expanding by 5 percent to reach 61.68 trillion yuan ($8.49 trillion), aligning with the government’s annual target, according to data released by the National Bureau of Statistics (NBS) on Monday.
In the second quarter, the country’s GDP expanded by 4.7 percent year-on-year, the NBS reported.
“Overall, the national economy has continued to improve in the first half in a stable manner,” the NBS said in a statement, highlighting the support from policy incentives, a rebound in external demand, and the development of new quality productive forces.
Economic Sector Performance
The second industry expanded by 5.8 percent year-on-year in the first half, outpacing a 3.5-percent increase in the primary industry and 4.6 percent in the service sector, according to the NBS data.
“The overall performance of the Chinese economy is stable,” said Wen Bin, chief economist of China Minsheng Bank. He emphasized the rapid development of new quality productive forces and continuous economic and industrial growth.
Industrial Output and Consumption
The value-added industrial output registered a growth of 6.0 percent year-on-year in the first half, contributing robustly to the country’s industrial sector performance.
The domestic consumption sector, a crucial component of balanced economic growth, also expanded, with retail sales increasing by 3.7 percent year-on-year in the first half of 2024. This indicates stable consumer confidence and spending.
Fixed-asset investment, covering expenditures on infrastructure, property, machinery, and equipment, grew by 3.9 percent in the first half of the year compared to a year earlier.
Innovation and Future Prospects
China has continued to make substantial progress in its transition towards a more innovation-driven economy. Increased investments in research and development, commercialization of technological advancements, and the creation of high-quality jobs remain central government focuses.
Wen Bin expressed confidence in China’s economic prospects for the second half of 2024, stating, “With the further implementation of the policies and arrangements, economic growth momentum will become more balanced.”
Key Highlights:
- GDP Growth: 5 percent increase, reaching 61.68 trillion yuan ($8.49 trillion).
- Sector Performance: Second industry grew by 5.8 percent, primary industry by 3.5 percent, and service sector by 4.6 percent.
- Industrial Output: 6.0 percent growth in value-added industrial output.
- Retail Sales: 3.7 percent increase, indicating stable consumer confidence.
- Fixed-Asset Investment: 3.9 percent growth.
- Innovation: Continued progress towards an innovation-driven economy with increased R&D investments.
China’s stable economic performance in the first half of 2024 sets a positive tone for the remainder of the year, supported by strong industrial output, steady consumption growth, and ongoing innovation initiatives.