Look at the recovery of China's economy!, Six aspects of the national economy | year-on-year | economy

On July 17th, the State Council Information Office held a press conference, and the spokesperson of the National Bureau of Statistics introduced the operation of the national economy in the first half of 2023 and answered questions from reporters.

At the press conference, it was pointed out that since the beginning of this year, with the comprehensive restoration of normal economic and social operations, the effects of policies to stabilize growth, employment, and prices have gradually emerged. Market demand has gradually recovered, production and supply have continued to increase, the overall employment situation is stable, people's livelihoods are effectively guaranteed, development quality continues to improve, and the national economy is recovering well. The recovery of the Chinese economy has six characteristics.

Firstly, the overall recovery of economic growth

In the first half of this year, the gross domestic product (GDP) increased by 5.5% year-on-year, significantly faster than the economic growth rate of 3% for the entire year last year and also faster than the economic growth rate of 4.5% in the first quarter.

Since the beginning of this year, the global economic recovery has been weak, global inflation levels remain high, and the spillover effects of monetary policy tightening in major economies have been prominent. In the complex and severe external environment, China's economic growth rate is significantly faster than that of major developed economies in the world, demonstrating the strong resilience of China's economic development.

Secondly, domestic demand continues to expand

Various policy measures to expand domestic demand have come into effect, and the potential for domestic demand continues to be unleashed.

The driving force of consumption on economic growth has significantly increased. In the first half of the year, the total retail sales of consumer goods increased by 8.2% year-on-year, maintaining a rapid growth; The contribution rate of final consumption expenditure to economic growth reached 77.2%, significantly higher than last year.

Investment continues to grow, with rapid growth in key areas. In the first half of the year, fixed assets investment increased by 3.8% year on year, of which infrastructure investment and manufacturing investment increased by 7.2% and 6% respectively.

Thirdly, the development of industries will continue to be consolidated

Under a series of policies and measures to ensure stable and increased agricultural production and promote the development of the real economy, the three industries have continued to recover and the foundation for development has been consolidated.

Agricultural production remains stable. Summer grain production has achieved a bumper harvest, and the market supply of vegetables, fruits, meat, poultry, eggs, and milk is generally sufficient. In the first half of the year, the production of pigs, cattle, sheep, and poultry meat increased by 3.6% year-on-year.

Industrial production continues to recover. In the first half of the year, the added value of industrial enterprises above designated size increased by 3.8% year-on-year, which was 0.8 percentage points faster than the first quarter.

The service industry is growing rapidly. In the first half of the year, the added value of the service industry increased by 6.4% year-on-year, faster than the economic growth rate. Among them, the growth rate of contact aggregation service industries such as wholesale and retail, accommodation and catering, and transportation rebounded significantly.

Fourthly, economic structure adjustment and optimization

The industrial structure continues to be optimized. In the first half of the year, the added value of the service industry accounted for 56% of the gross domestic product, contributing 66.1% to economic growth, higher than the contribution rate of the secondary industry; The proportion of the added value of equipment manufacturing industry to the added value of industrial enterprises above designated size reached 32.3%, an increase of 1.4 percentage points compared to the same period last year.

Improvement in consumption and investment structure. In the first half of the year, the retail sales of upgraded goods such as gold, silver, jewelry, and sports and entertainment products from units above the quota increased by 17.5% and 10.5% year-on-year, respectively; The investment in high-tech industries increased by 12.5% year-on-year, significantly faster than the overall investment growth.

The fifth is the continuous enhancement of innovation momentum

The growth and growth of new industries. In the first half of the year, the added value of the aerospace and equipment manufacturing industry above designated size and the lithium-ion battery manufacturing industry increased by 22.9% and 29.7% year-on-year, respectively; The added value of information transmission, software, and information technology services increased by 12.9%.

New business formats continue to be active. In the first half of the year, the online retail sales of physical goods increased by 10.8% year-on-year, accounting for 26.6% of the total retail sales of consumer goods in society.

Sixth, employment and people's livelihood are guaranteed

The employment situation is gradually improving. In the first half of the year, the average national urban survey unemployment rate was 5.3%, a decrease of 0.2 percentage points from the first quarter, with June's rate at 5.2%, showing an overall downward trend since the beginning of this year.

The income of residents is growing rapidly. In the first half of the year, the per capita disposable income of Chinese residents increased by 5.8% in real terms after deducting price factors, significantly faster than the growth rate of the entire year last year.

The income gap between urban and rural residents has narrowed. In the first half of the year, the per capita disposable income ratio of urban and rural residents decreased by 0.05 compared to the same period last year.

Overall, the economic operation is showing a trend of recovery and improvement, with solid progress in transformation and upgrading. However, it should also be noted that the international political and economic situation is complex, and the global economic recovery is weak. Further efforts are still needed to promote the sustained recovery and improvement of the economy. In the next stage, we must deeply implement the decisions and deployments of the Party Central Committee, adhere to the overall tone of seeking progress while maintaining stability, focus on the primary task of high-quality development, 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, promote the overall improvement of the economy, and strive to achieve effective improvement in quality and reasonable growth in quantity.