National Bureau of Statistics: In the first half of the year, the national economy faced challenges but showed stability and improvement

According to the National Bureau of Statistics on July 15, in the first half of the year, the national economy withstood pressure and faced challenges, with overall stable and improving economic operations, stable growth in production demand, generally stable employment situation, continued increase in residents' income, growth of new driving forces, new progress in high-quality development, and stability in the overall social situation. Preliminary calculations show that the gross domestic product (GDP) in the first half of the year was 66,053.6 billion yuan, a year-on-year increase of 5.3% at constant prices. By industry, the added value of the primary industry was 3,117.2 billion yuan, a year-on-year increase of 3.7%; the added value of the secondary industry was 23,905.0 billion yuan, an increase of 5.3%; and the added value of the tertiary industry was 39,031.4 billion yuan, an increase of 5.5%.

Original text as follows:

The national economy faced challenges and improved in the first half of the year

In the first half of the year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, adhered to the general principle of seeking progress while maintaining stability, fully and accurately implemented the new development concept, accelerated the construction of a new development pattern, coordinated domestic economic work and international economic and trade struggles, and effectively implemented a more proactive and effective macro policy. The national economy withstood pressure and faced challenges, with overall stable and improving economic operations, stable growth in production demand, generally stable employment situation, continued increase in residents' income, growth of new driving forces, new progress in high-quality development, and stability in the overall social situation.

Preliminary calculations show that the gross domestic product (GDP) in the first half of the year was 66,053.6 billion yuan, a year-on-year increase of 5.3%. By industry, the added value of the primary industry was 3,117.2 billion yuan, a year-on-year increase of 3.7%; the added value of the secondary industry was 23,905.0 billion yuan, an increase of 5.3%; and the added value of the tertiary industry was 39,031.4 billion yuan, an increase of 5.5%. By quarter, the GDP in the first quarter increased by 5.4% year-on-year, and in the second quarter, it increased by 5.2%. On a quarter-on-quarter basis, the GDP in the second quarter grew by 1.1%.

1. Summer grain production remained stable, and livestock farming grew steadily

In the first half of the year, the added value of agriculture (planting industry) increased by 3.7% year-on-year. The total summer grain output nationwide was 149.74 million tons, a decrease of 150,000 tons compared to the previous year, down 0.1%. In the first half of the year, the output of pork, beef, mutton, and poultry meat was 48.43 million tons, a year-on-year increase of 2.8%, among which the output of pork, beef, and poultry meat increased by 1.3%, 4.5%, and 7.4% respectively, while the output of mutton decreased by 4.6%; milk production increased by 0.5%, and egg production increased by 1.5%. By the end of the second quarter, the number of live pigs was 424.47 million, a year-on-year increase of 2.2%; in the first half of the year, the number of pigs slaughtered was 366.19 million, an increase of 0.6%.

1. Industrial production grew rapidly, with good momentum in equipment manufacturing and high-tech manufacturing

In the first half of the year, the added value of industrial enterprises above designated size nationwide increased by 6.4% year-on-year. By the three major categories, the added value of the mining industry increased by 6.0% year-on-year, manufacturing grew by 7.0%, and the production and supply of electricity, heat, gas, and water grew by 1.9%. The added value of equipment manufacturing increased by 10.2% year-on-year, and the added value of high-tech manufacturing increased by 9.5%, with growth rates 3.8 and 3.1 percentage points faster than that of all industrial enterprises above designated size, respectively. By economic type, the added value of state-controlled enterprises increased by 4.2% year-on-year; joint-stock enterprises grew by 6.9%, and foreign and Hong Kong, Macao, and Taiwan-invested enterprises grew by 4.3% Private enterprises grew by 6.7%. By product, the output of 3D printing equipment, new energy vehicles, and industrial robots increased by 43.1%, 36.2%, and 35.6% year-on-year, respectively. In June, the industrial added value above designated size increased by 6.8% year-on-year and 0.50% month-on-month. In June, the manufacturing purchasing managers' index was 49.7%, an increase of 0.2 percentage points from the previous month; the business activity expectation index was 52.0%. From January to May, the total profit of industrial enterprises above designated size nationwide was 27,204 billion yuan, a year-on-year decrease of 1.1%.

III. Service industry growth accelerated, and modern service industry developed well

In the first half of the year, the added value of the service industry increased by 5.5% year-on-year, accelerating by 0.2 percentage points compared to the first quarter. Among them, the added value of information transmission, software and information technology services, leasing and business services, transportation, warehousing and postal services, and wholesale and retail industries increased by 11.1%, 9.6%, 6.4%, and 5.9%, respectively. In June, the national service production index increased by 6.0% year-on-year. Among them, the production index of information transmission, software and information technology services, leasing and business services, finance, and wholesale and retail industries increased by 11.6%, 8.4%, 7.3%, and 6.9%, respectively. From January to May, the operating income of service enterprises above designated size increased by 8.1% year-on-year. In June, the business activity index of the service industry was 50.1%, and the business activity expectation index of the service industry was 56.0%. Among them, the business activity index of industries such as postal, telecommunications, broadcasting and television, satellite transmission services, internet software and information technology services, monetary financial services, capital market services, and insurance was above 55.0%, indicating a high prosperity range.

IV. Market sales growth rate rebounded, and the sales of upgraded consumer goods were relatively good

In the first half of the year, the total retail sales of consumer goods reached 24,545.8 billion yuan, a year-on-year increase of 5.0%, accelerating by 0.4 percentage points compared to the first quarter. By the location of the operating units, the retail sales of consumer goods in urban areas were 21,305.0 billion yuan, a year-on-year increase of 5.0%; in rural areas, the retail sales of consumer goods were 3,240.9 billion yuan, an increase of 4.9%. By consumption type, the retail sales of goods were 21,797.8 billion yuan, an increase of 5.1%; catering revenue was 2,748.0 billion yuan, an increase of 4.3%. Sales of basic living goods and some upgraded consumer goods showed good momentum, with retail sales of grain, oil, and food, sports and entertainment products, and gold and silver jewelry in units above the designated size increasing by 12.3%, 22.2%, and 11.3%, respectively. The policy of replacing old consumer goods with new ones continued to show effects, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, communication equipment, and furniture in units above the designated size increasing by 30.7%, 25.4%, 24.1%, and 22.9%, respectively. The national online retail sales reached 74,295 billion yuan, a year-on-year increase of 8.5%. Among them, the online retail sales of physical goods were 61,191 billion yuan, an increase of 6.0%, accounting for 24.9% of the total retail sales of consumer goods. In June, the total retail sales of consumer goods increased by 4.8% year-on-year, with a month-on-month decrease of 0.16%. In the first half of the year, the retail sales of services increased by 5.3% year-on-year, accelerating by 0.3 percentage points compared to the first quarter V. Fixed asset investment continues to expand, with rapid growth in manufacturing investment

In the first half of the year, national fixed asset investment (excluding rural households) reached 24,865.4 billion yuan, a year-on-year increase of 2.8%; excluding real estate development investment, national fixed asset investment grew by 6.6%. By sector, infrastructure investment increased by 4.6% year-on-year, manufacturing investment grew by 7.5%, and real estate development investment decreased by 11.2%. The sales area of newly built commercial housing nationwide was 45.851 million square meters, a year-on-year decrease of 3.5%; the sales amount of newly built commercial housing was 44,241 billion yuan, down 5.5%. By industry, investment in the primary industry increased by 6.5% year-on-year, investment in the secondary industry grew by 10.2%, and investment in the tertiary industry decreased by 1.1%. Private investment decreased by 0.6% year-on-year; excluding real estate development investment, other private investment grew by 5.1%. In high-tech industries, investment in information services, aerospace and equipment manufacturing, and computer and office equipment manufacturing increased by 37.4%, 26.3%, and 21.5% year-on-year, respectively. In June, fixed asset investment (excluding rural households) decreased by 0.12% month-on-month.

VI. Continuous growth in goods import and export, trade structure continues to optimize

In the first half of the year, the total value of goods import and export reached 21,787.6 billion yuan, a year-on-year increase of 2.9%. Among them, exports were 13,000 billion yuan, an increase of 7.2%; imports were 87,875 billion yuan, a decrease of 2.7%. The import and export of private enterprises grew by 7.3%, accounting for 57.3% of the total import and export value, an increase of 2.3 percentage points compared to the same period last year. Import and export with countries participating in the Belt and Road Initiative increased by 4.7%. The export of electromechanical products grew by 9.5%, accounting for 60.0% of total exports. In June, the total import and export value was 38,527 billion yuan, a year-on-year increase of 5.2%. Among them, exports were 23,394 billion yuan, an increase of 7.2%; imports were 15,134 billion yuan, an increase of 2.3%.

VII. Resident consumer prices remain stable, core CPI shows moderate recovery

In the first half of the year, the national consumer price index (CPI) decreased by 0.1% year-on-year. By category, food, tobacco, and alcohol prices decreased by 0.3%, clothing prices increased by 1.3%, housing prices increased by 0.1%, prices of daily necessities and services remained stable, transportation and communication prices decreased by 2.9%, education, culture, and entertainment prices increased by 0.8%, healthcare prices increased by 0.3%, and prices of other goods and services increased by 6.7%. Among food, tobacco, and alcohol prices, fresh vegetable prices decreased by 5.3%, grain prices decreased by 1.3%, fresh fruit prices increased by 2.7%, and pork prices increased by 3.8%. In June, the national consumer price index increased by 0.1% year-on-year and decreased by 0.1% month-on-month. In the first half of the year, the core CPI, excluding food and energy prices, increased by 0.4% year-on-year, an expansion of 0.1 percentage points compared to the first quarter. Among them, the core CPI in June increased by 0.7% year-on-year, an expansion of 0.1 percentage points compared to the previous month.

In the first half of the year, the national industrial producer price index decreased by 2.8% year-on-year. Among them, in June, it decreased by 3.6% year-on-year and by 0.4% month-on-month. In the first half of the year, the industrial producer purchase price index decreased by 2.9% year-on-year. Among them, in June, it decreased by 4.3% year-on-year and by 0.7% month-on-month 8. The overall employment situation is stable, and the urban survey unemployment rate has slightly decreased.

In the first half of the year, the national urban survey unemployment rate averaged 5.2%, a decrease of 0.1 percentage points from the first quarter. In June, the national urban survey unemployment rate was 5.0%. The unemployment rate for local registered labor was 5.1%; the unemployment rate for migrant labor was 4.8%, with the unemployment rate for migrant agricultural labor also at 4.8%. The urban survey unemployment rate in 31 major cities was 5.0%. The average weekly working hours for employees in national enterprises was 48.5 hours. By the end of the second quarter, the total number of rural laborers working outside their hometowns was 19.139 million, an increase of 0.7% year-on-year.

1. Resident income has grown steadily, with rural residents' income growing faster than urban residents'.

In the first half of the year, the national per capita disposable income was 21,840 yuan, a nominal increase of 5.3% year-on-year, and a real increase of 5.4% after accounting for price factors. By residence, the per capita disposable income for urban residents was 28,844 yuan, a nominal increase of 4.7%, and a real increase of 4.7%; the per capita disposable income for rural residents was 11,936 yuan, a nominal increase of 5.9%, and a real increase of 6.2%. In terms of income sources, the national per capita wage income, net operating income, net property income, and net transfer income increased nominally by 5.7%, 5.3%, 2.5%, and 5.6%, respectively. The median per capita disposable income for residents nationwide was 18,186 yuan, a nominal increase of 4.8% year-on-year.

Overall, the more proactive macro policies in the first half of the year have shown results, and the economy continues to maintain a stable and improving development trend, demonstrating strong resilience and vitality. However, it is also important to recognize that there are many external instability and uncertainty factors, and domestic effective demand is insufficient, so the foundation for economic recovery still needs to be strengthened. In the next phase, we must adhere to Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era as our guide, maintain the general tone of seeking progress while ensuring stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, coordinate domestic economic work and international economic and trade struggles, resolutely manage our own affairs, further strengthen the domestic economic cycle, and respond to external uncertainties with the certainty of high-quality development, promoting sustained, stable, and healthy economic development.


This article is compiled from the National Bureau of Statistics, edited by Zhitong Finance: Chen Wenfang