Continuously Strengthening Economic Recovery Situation Epidemic | China | Economy

Since the beginning of this year, with the comprehensive restoration of normal operation of the economy and society, macroeconomic policies have shown significant effectiveness and strength. China's economy has gradually overcome the impact of the epidemic and returned to the track of normal operation, showing a recovery and positive trend.

Understanding the Chinese economy, looking at both domestic and global factors, as well as growth rate, structure, and momentum. In the first half of the year, China's market demand gradually recovered, production and supply continued to increase, the overall employment situation remained stable, and people's livelihoods were effectively guaranteed. The year-on-year growth rate of 5.5% is significantly faster than last year's full year economic growth rate of 3%, faster than the first quarter economic growth rate of 4.5%, and also significantly faster than the world's major developed economies. Against the backdrop of a significant slowdown in global economic growth, the Chinese economy recovered well in the first half of the year, demonstrating strong resilience and vitality, laying a solid foundation for achieving the annual economic and social development goals and injecting more certainty into the world economic recovery.

The characteristic of stability is obvious, and the trend of progress continues. Since the beginning of this year, various policy measures to expand domestic demand have come into effect, and the potential for domestic demand has continued to be unleashed, especially with a significant increase in the driving force of consumption on economic growth. In the first half of the year, the contribution rate of final consumer spending to economic growth reached 77.2%, significantly higher than last year. The service industry is developing well, with the added value of the service industry accounting for 56% of the gross domestic product and contributing 66.1% to economic growth, which is higher than the contribution rate of the secondary industry; The industrial upgrading is steadily advancing, and the growth rate of added value in the equipment manufacturing industry is 2.7 percentage points higher than that of large-scale industries; Green development is accelerating, and the production of new energy products such as new energy vehicles, solar cells, and charging stations is growing rapidly; Technological innovation continues to empower high-quality development, the production of semiconductor related production equipment maintains high-speed growth, the demand for intelligent consumer products continues to increase, and the investment growth rate in high-tech industries is significantly faster than that of all investments; The per capita disposable income of Chinese residents increased by 5.8% in real terms, significantly faster than the entire year of last year.

Development achievements are hard won, and risks and challenges cannot be underestimated. At present, the international environment is complex and severe, and the world economic recovery is still weak. The spillover effects of monetary policy tightening in major economies are prominent, and there are many unstable and uncertain factors. China will seek and promote its own development in a more complex and severe external environment. At the same time, the foundation for sustained recovery and development of the domestic economy is still unstable, and economic transformation and upgrading face new obstacles. To promote high-quality development, many difficulties and challenges still need to be overcome. Affected by multiple factors both domestically and internationally, some economic indicators have also experienced short-term fluctuations. In fact, this fluctuation is also a normal phenomenon in the post epidemic economic recovery process.

At present, China is in a critical period of economic recovery and industrial upgrading. To promote the transition of the Chinese economy from restorative growth to expansionary growth, sustained efforts are needed. In the next stage, we must thoroughly implement the decisions and deployments of the Party Central Committee, scientifically and accurately implement macro policies, focus on expanding domestic demand, comprehensively deepen reform and opening up, accelerate the cultivation and growth of new driving forces, stimulate the vitality of business entities, and promote the overall improvement of the economy. Especially in terms of stabilizing growth, employment, and risk prevention, it is necessary to timely introduce and implement a series of targeted, combined, and collaborative policy measures.

It should be noted that China's economic development may experience temporary fluctuations, but the fundamentals of stable and long-term improvement have not changed. The basic characteristics of abundant potential, great resilience, strong vitality, large room for maneuver, and multiple policy tools have not changed. High quality development still has a series of significant advantages. We have confidence, ability, and conditions to achieve the expected goals and tasks of economic and social development for the whole year, and achieve effective improvement in quality and reasonable growth in quantity.