In the first half of 2024, the Chinese mainland’s economy continued on a path of steady progress towards high-quality development, marking a new chapter of growth. Despite uncertainties in the global economic environment, weak worldwide growth momentum, and the complexities of domestic structural adjustments, China’s economy maintained a stable growth rate and achieved significant improvements in quality.
China’s gross domestic product (GDP) reached 61.68 trillion yuan (approximately $8.65 trillion), with a year-on-year growth rate of 5 percent in terms of comparable prices in the first six months of 2024. This growth rate surpassed that of other major economies globally, showcasing the resilience and potential of China’s economy. Against the backdrop of high-quality development, industrial upgrading in China has accelerated.
The value-added of industries above a designated scale increased by 6.0 percent, with equipment manufacturing growing by 7.8 percent and high-tech manufacturing by 8.7 percent, outpacing general industrial growth by 1.8 and 2.7 percentage points, respectively. This shift towards high-end, intelligent, and green-oriented manufacturing enhances new productive forces within the country.
Emerging strategic industries, such as the new energy vehicle sector, maintained strong growth momentum. Data reveals a significant year-on-year increase of 34.3 percent in the production of new energy vehicles, reflecting notable progress in this sector and expanding market demand. The rapid development of new energy vehicles not only drives structural upgrades in the automotive industry but also promotes the widespread adoption of clean energy and the achievement of energy-saving and emissions-reduction goals.
High-end equipment manufacturing and aerospace equipment manufacturing continued to grow, with the value-added of aerospace equipment manufacturing increasing by 10 percent. These advancements indicate significant progress in China’s high-end manufacturing sector, enhancing overall industrial competitiveness and technological levels.
New technologies such as big data and artificial intelligence have been widely applied across various sectors, giving rise to new consumption scenarios and business models. Trends like live-streaming e-commerce and instant delivery have boosted the rapid growth of online retail sales of physical goods, stimulating consumer market prosperity and deepening the digital economy.
China’s economic performance in the first half of 2024 demonstrates its crucial role as a driving force in the global economy. The continued emphasis on high-quality development, technological innovation, and industrial upgrading not only benefits China’s economy but also contributes to global economic growth and stability.
Reference(s):
cgtn.com
