China's economy demonstrated robust growth in the first half of 2024, driven by surging exports and strategic domestic policies, according to UBS Investment Bank Senior China Economist Zhang Ning. In an exclusive interview with CGTN, Zhang highlighted how government-led retail sector incentives and global demand for Chinese goods helped maintain momentum despite external pressures.
Exports and Policy Synergy Fuel Growth
Zhang noted that China's export sector outperformed expectations, with advanced manufacturing and green technology products gaining international traction. Simultaneously, targeted policies such as consumer vouchers and tax breaks revitalized retail activity, contributing to 5.2% year-on-year GDP growth in H1.
Second-Half Outlook
While praising current stability, Zhang anticipates new stimulus measures to address potential headwinds: "We expect focused support for SMEs and strategic industries, coupled with infrastructure investments to bolster employment and innovation." Analysts suggest these moves could position China to meet its annual 5% growth target while stabilizing the property market.
Global Implications
The developments carry significance for Asian markets and international investors, with China's recovery seen as a stabilizing force for regional supply chains. Cross-border e-commerce and renewable energy sectors are particularly poised to benefit from sustained policy support, according to market observers.
