Inventory of data from the first half of the year, understanding the resilience and vitality of China's economy, and sufficient electricity consumption | Data | Economy

CCTV News: Recently, multiple authoritative departments have released various economic data for the first half of the year. Data shows that China's economy continues to improve and high-quality development presents a strong trend.

The increase in electricity consumption in the first half of the year highlights the vitality of economic recovery

According to data released by the National Energy Administration, the electricity consumption of the whole society increased by 5% year-on-year in the first half of the year, while the electricity consumption of the service industry, high-end manufacturing and other industries increased rapidly.

In June, the total electricity consumption in society was 775.1 billion kilowatt hours, a year-on-year increase of 3.9%. From January to June, the total electricity consumption of the whole society reached 4307.6 billion kilowatt hours, a year-on-year increase of 5%. Among them, the electricity consumption of the primary, secondary, and tertiary industries increased by 12.1%, 4.4%, and 9.9% year-on-year, respectively, and the electricity consumption of urban and rural residents increased by 1.3% year-on-year.

Stable investment in railway transportation industry in the first half of the year with strong momentum

Since the beginning of this year, China Railway Group has made new progress in promoting the construction of a number of key projects identified in the 14th Five Year Plan, with a focus on networking, network supplementation, and strengthening the supply chain.

From January to June, fixed assets investment of national railways reached 304.9 billion yuan, up 6.9% year on year. From January to June, the national railway sent 1.053 billion tons of coal, a year-on-year increase of 1.6%. Among them, there were 777 million tons of electric coal, a year-on-year increase of 13.1%, effectively ensuring the stable operation of the national economy and the production and living needs of the people.

Investment in strategic emerging industries by central enterprises increased by over 40% year-on-year in the first half of the year

According to the latest data from the State owned Assets Supervision and Administration Commission of the State Council, from January to June this year, the central enterprises completed 1.4 trillion yuan of fixed assets investment, up 18.6% year on year. Among them, the investment in strategic emerging industries increased by over 40% year-on-year, mainly covering 15 key industrial areas such as next-generation mobile communication, artificial intelligence, biotechnology, and new materials.

Over 70 years of development in the automotive industry, multiple indicators have achieved leapfrog development

The Ministry of Industry and Information Technology announced today that China's automotive industry has achieved leapfrog development in multiple indicators over the past 70 years. The production and sales volume have been the world's top for 14 consecutive years, and this year it is expected to become the world's largest exporter. In addition, the proportion of automobile sales to the national retail sales remains stable at around 10%.

In the first half of the year, domestic tourism revenue reached 2.30 trillion yuan, a year-on-year increase of 95.9%

According to data from the Ministry of Culture and Tourism, in the first half of 2023, the total number of domestic tourists was 2.384 billion, a year-on-year increase of 63.9%, and the domestic tourism revenue was 2.30 trillion yuan, a year-on-year increase of 95.9%. Among them, urban residents spent 1.98 trillion yuan on travel, a year-on-year increase of 108.9%; Rural residents spent 0.32 trillion yuan on travel, a year-on-year increase of 41.5%.

The national summer grain production is 146.13 million tons, achieving a bumper harvest

This year, the summer grain production was 146.13 million tons, at a relatively high level, achieving a bumper harvest. Data shows that in 2023, the national summer grain sowing area was 26609 thousand hectares, an increase of 78.5 thousand hectares or 0.3% compared to the previous year, achieving growth for three consecutive years.

In the first half of the year, China's economic development saw a new and prosperous trend

In the first five months of this year, the cumulative total retail sales of consumer goods reached 18.76 trillion yuan, a year-on-year increase of 9.3%. Experts say that compared to before, the total consumption of Chinese residents has been returning to normal levels since the first half of the year.

Zhao Yue, Chief Economist of Hong Kong Wealth Management Securities: The consumption situation reflected by the actual total retail sales of social goods has basically returned to normal, and the catering industry, which has been greatly affected, has also seen significant improvement.

Experts say that the proportion of service-oriented consumption has increased overall, reflecting the increasing demand for high-quality and personalized consumption among consumers. With the mild economic recovery and further efforts of a new round of stable growth measures, the promoting effect of consumption on the economy will continue to emerge in the future.

Professor Peng Siqing from the Marketing Department of Guanghua School of Management, Peking University: The consumption structure of residents is changing and undergoing transformation and upgrading. As the proportion of service consumption continues to increase, it is actually very helpful for the improvement and upgrading of Chinese industries, such as the tertiary industry service industry itself. We need to use more new technologies, explore more new consumption scenarios, and apply new consumption models to provide consumers with better new experiences and enjoyment.

Data shows that in the first five months of this year, the national fixed assets investment grew 4.0% year on year. From the perspective of sub items, the year-on-year growth rate of the electrical machinery and equipment manufacturing industry reached 38.9%, the year-on-year growth rate of the electricity, heat, gas and water production and supply industry reached 27.6%, the year-on-year growth rate of the automobile manufacturing industry reached 17.9%, and the year-on-year growth rate of the railway transportation industry reached 16.4%, all of which are far higher than the national average and have also shown significant growth compared to before. Experts say that these data fully reflect that China's policy guidance and industrial upgrading have played a significant role in key industries. In the future, the leading and driving effects of leading enterprises in key industries will continue to be evident.

He Zhiyi, Chief Expert of the Global Industry Research Institute at Tsinghua University: It can drive the entire industry chain, form industrial clusters, and create a thriving scene for the entire industry.

Long term trend remains positive, rational view of short-term adjustments

Experts say that China's economy is currently in a critical period of transformation, with a greater emphasis on quality and efficiency in economic development. In this process, shifting modes and adjusting structures will drive the reconfiguration of production factors, which will inevitably bring about adjustments such as personnel mobility and enterprise transformation in the short term. From a long-term development perspective, experiencing these changes will continue to improve the driving force of China's economic development and contribute to high-quality development.

Zhao Yue, Chief Economist of Hong Kong Wealth Management Securities: We need to have a scientific and comprehensive understanding of the changes brought about by these structural adjustments. Only by adjusting the structure can we ensure sustained growth in the future.