China’s economy continued its steady growth trajectory in the first half of 2024, expanding by 5% to reach a total output of 61.68 trillion yuan ($8.49 trillion), according to data released by the National Bureau of Statistics (NBS) on Monday.
The robust performance aligns with the government’s annual growth target and underscores the resilience of the world’s second-largest economy amid global uncertainties. In the second quarter alone, China’s Gross Domestic Product (GDP) increased by 4.7% year-on-year, demonstrating sustained momentum from the first quarter.
“Overall, the national economy has continued to improve in the first half in a stable manner,” the NBS stated in its report. The bureau attributed the positive performance to supportive policy measures, a rebound in external demand, and the development of new high-quality productive forces.
The growth has been buoyed by a combination of domestic consumption recovery, increased industrial output, and a surge in exports. Policy incentives aimed at stimulating investment and innovation have played a crucial role in fostering economic activities across various sectors.
Analysts note that China’s commitment to maintaining economic stability while pursuing high-quality development has been a key factor in achieving these results. The emphasis on technological advancement, sustainable practices, and opening-up policies continues to attract global investors and business professionals seeking opportunities in the dynamic Asian markets.
Looking ahead, the NBS expressed confidence in the economy’s ability to sustain its growth momentum in the remaining half of the year. “With the implementation of proactive fiscal policies and prudent monetary policies, we are well-positioned to meet our annual objectives,” the bureau stated.
This positive outlook resonates with scholars and market analysts who highlight the importance of China’s economic performance for global growth prospects. As China remains a central player in international trade and investment, its steady expansion offers valuable insights and opportunities for global readers, investors, and the Asian diaspora worldwide.
Reference(s):
cgtn.com
