China’s economy exhibited notable strengths in the second quarter of 2024, marked by improved industrial production and robust export performance, according to a recent report by the China Finance 40 Forum (CF40), a prominent Chinese think tank.
The CF40’s macro policy report highlighted that while the global manufacturing industry is recovering, inflationary pressures persist. In the first half of the year, China’s import and export scale, along with its trade surplus, reached historic highs for the same period. The cumulative year-on-year growth of China’s exports was 3.6 percent, an increase of 7.1 percentage points compared to the same period last year.
Despite these positive indicators, the report noted that insufficient domestic demand remains a key challenge for China in achieving a more balanced trade volume. To address medium- and long-term reform issues, the think tank emphasized the importance of improving the economic sphere, optimizing resource allocation, and enhancing productivity—key goals of structural reform.
These themes were echoed during the recently concluded third plenary session of the 20th Central Committee of the Communist Party of China. The session’s communique underscored the need to deepen foreign trade structural reform, calling for strengthened coordination of trade policies with fiscal, tax, financial, and industrial policies. It also proposed establishing systems and policies to support efforts in making China a strong trading nation and advancing reforms to integrate domestic and foreign trade.
Meanwhile, the government has introduced practical policy measures targeting specific issues, demonstrating a commitment to addressing economic challenges, CF40 noted.
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CF40 highlights strengths in China's economy amid challenges
cgtn.com
