Continue to focus on expanding the domestic demand structure | role | demand
In the first half of this year, with the implementation and effectiveness of various policy measures to expand domestic demand, the potential for domestic demand continued to be unleashed, especially with the significant increase in the driving effect of consumption on economic growth. At the same time, economic development is facing a more complex and severe external environment. In the second half of the year, we will continue to focus on expanding domestic demand and promoting sustained, stable, and healthy economic development.
Efforts should be made to expand domestic demand, starting from both consumption and investment, continuously optimizing policy measures, forming a policy synergy, and fully leveraging the fundamental role of consumption and the key role of investment. According to data from the National Bureau of Statistics, in the first half of the year, the contribution rate of final consumption expenditure to economic growth reached 77.2%, significantly higher than last year. The rapid growth of investment in key areas has effectively played a role in optimizing the supply structure.
Looking ahead to the second half of the year, the fundamentals of China's economy have not changed in the long term, and the characteristics of strong resilience, great potential, and abundant vitality have not changed. The conditions supporting high-quality development have not changed. With the accumulation of positive factors promoting development, the economy is expected to continue to recover and improve. However, it should also be noted that the global economic recovery is weak, the external environment is becoming more complex and severe, and domestic economic development is facing certain pressures. More powerful measures should be taken to expand domestic demand, accelerate the cultivation and growth of new drivers, and promote the overall improvement of the economy.
In terms of consumption, from the perspective of the whole year, there are many favorable conditions that support consumption growth, and consumption is expected to continue to recover. At present, China is in a stage of rapid development and upgrading of consumption structure. We should steadily promote new urbanization, effectively promote rural revitalization, continuously improve consumption related infrastructure, and continuously unleash consumption potential. At the same time, we will continue to improve the consumption environment, implement policies to promote consumption, maintain a good consumption order, and continuously enhance consumer confidence.
It is worth emphasizing that in the first half of the year, the per capita disposable income of residents increased by 5.8% year-on-year, which is 2 percentage points faster than the first quarter. This indicates that household income has steadily increased and is expected to provide more impetus for consumption. As the economic cycle of production, distribution, circulation, and consumption gradually becomes smooth, the driving force and support for consumption will gradually increase. To grasp the favorable conditions of overall improvement in employment situation and continuous increase in resident income, continuously enhance resident consumption ability and enhance consumption willingness. At the same time, the policy of stabilizing consumption and promoting consumption will focus on reducing burden and increasing vitality, revitalizing existing assets to enhance disposable resources of residents, and stimulating consumption vitality through scenario innovation.
In terms of investment, although investment growth has slowed down since the beginning of this year due to multiple factors, the investment structure has continued to optimize, steadily improving support for future development. All regions and departments should continue to deeply implement the decisions and deployments of the Party Central Committee, actively expand effective investment, optimize investment structure, promote major infrastructure construction, and support enterprises to increase innovation investment. We should continue to leverage the role of government investment and policy incentives to effectively stimulate private investment, continuously optimize investment structure, enhance investment efficiency, and promote high-quality economic development.
The Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy have recently been released, making new major deployments to promote the development and growth of the private economy. This is of great significance for continuously optimizing the development environment of the private economy, boosting the confidence of private enterprises, and will further stimulate the vitality of private investment in China.
In the current complex and severe domestic and international situation, China is accelerating economic recovery, striving to smooth economic circulation, and a new driving force for economic growth is emerging. I believe that with the gradual implementation of various measures to expand domestic demand, the resilience and sustainability of China's economic development will be further enhanced.
