Consolidating and rebounding towards a positive trend, People's Review: Seizing the Momentum and Advancing Recently | Confidence ① | National Bureau of Statistics | Situation
Taking advantage of the situation and consolidating the upward trend
——Understanding China's Confidence from Half Year Reports ①
Recently, the National Bureau of Statistics released economic data for the first half of 2023. How to read this semi annual report? Starting from today, this version will launch a series of comments that comprehensively, dialectically, and in the long run analyze the "form" and "trend" of economic operation, consolidating the confidence and strength to promote the stable and far-reaching development of the Chinese economy on the track of high-quality development.
——Editor
The first quarter achieved a good start, the second quarter continued to recover, and China's economic operation continued to rebound, demonstrating tremendous development resilience
Today on the branches of Wushan, tomorrow on the tables of the people. In July, planes carrying Wushan crispy plums flew from Wushan County, Chongqing to major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. From 1 flight per day last year to 2 flights per day this year, the operating cycle has increased from 15 days last year to 20 days. The expansion of the "crisp plum special plane" not only reflects the continuous expansion of domestic demand, but also reflects the overall recovery of the economy.
Recently, the National Bureau of Statistics released the semi annual report on the Chinese economy. In a complex and severe external environment, the first quarter achieved a good start, the second quarter continued to recover, and the gross domestic product increased by 5.5% year-on-year in the first half of the year. Our country's economic performance continues to rebound and improve, demonstrating tremendous development resilience, fully demonstrating our country's ability to embark on an uphill journey.
To understand the Chinese economy, one should not only focus on growth rate, but also analyze structure and quality. From the perspective of growth rate, the economic growth rate in the first half of the year was faster than 3% for the entire year last year and also faster than 4.5% in the first quarter, indicating a clear rebound trend. From a structural perspective, in the first half of the year, the added value of the service industry accounted for 56% of GDP, and the contribution rate of final consumption expenditure to economic growth reached 77.2%. The growth rate of investment in high-tech industries was significantly faster than that of all investments, and the structure of industry, consumption, and investment was continuously optimized. From the perspective of quality, the high-tech industry has shown good growth momentum, new industries have grown and grown, new formats continue to be active, and the synergistic development effects of green transformation and economic growth continue to emerge. Overall, the month on month growth rate has continued to grow for four consecutive quarters, and market vitality has been continuously released. This indicates that the foundation of China's economic stability is constantly strengthening, the driving force for progress is accelerating, and high-quality development is continuously advancing.
To understand the Chinese economy, one should also observe it from a global perspective. In the first quarter of this year, the year-on-year GDP growth rates of the United States, the eurozone, and Japan were all below 2%. Even considering the situation in the second quarter, China's economic growth rate in the first half of the year was still relatively fast among major economies. Against the backdrop of insufficient global economic growth momentum, still significant inflationary pressures, and a slowdown in global trade growth, the Chinese economy has achieved a development trend of recovery, stable prices, and financial stability. The results of the semi annual report were not easy to come by. Recently, multiple international organizations and institutions such as the World Bank and the OECD have raised China's economic growth expectations for this year, demonstrating the international community's confidence in China's economic development prospects.
Enterprises have a say in the economy. Understanding the Chinese economy, foreign-funded enterprises are an important perspective. Since the beginning of this year, Tesla's energy storage super factory project has settled in the Lingang New Area of Shanghai. Airbus has announced the construction of a second production line in Tianjin, and AstraZeneca has signed an investment cooperation agreement with the Qingdao National High tech Industrial Development Zone in Shandong Province. Many foreign enterprises have cast a vote of confidence in the prospects of China's economic development through practical actions. This also indicates from one side that the Chinese market has broad prospects and remains the main engine of global economic growth.
Currently, China is in a critical period of economic recovery and industrial upgrading, with structural problems and cyclical contradictions intertwined and overlapping. The more complex the situation, the more we need to approach it with a comprehensive, dialectical, and long-term perspective. Looking at the world, no major country has a smooth path to economic growth, and only after experiencing ups and downs can a country's economy become more robust. Maintaining strategic composure, enhancing development confidence, placing stable growth in a more prominent position, and using greater efforts to promote sustained economic recovery and improvement, China's economic ship is sure to cross rapids and dangerous shoals and steadily move forward.
