What are the results of the 2023 China Economic Mid term Examination? Experts Interpret Power | Growth | Data | Industry | China | Sustainability | Manufacturing | Economy

Half of 2023 has passed, and recently, various departments have successively released economic data for the first half of the year. How do you evaluate the results of the 2023 China Economic Middle School Entrance Examination? How to do it in the future?

Recently, six departments including the People's Bank of China, the Civil Aviation Administration, and the Ministry of Industry and Information Technology released industry operating data for the first half of the year. What are the highlights in the mid year transcripts of these departments? What trends reflect the operation of China's economy in the first half of the year? How should we focus on the expected annual economic growth target of around 5% in the second half of the year?

What are the highlights of the transcripts of each department in the first half of the year?

The financial data for the first half of the year released by the People's Bank of China on the 11th showed that credit investment rebounded significantly in June, and financial support for the real economy continued to increase. Data from the China Association of Automobile Manufacturers on the 11th showed that in the first half of the year, a number of economic indicators of my country's automobile industry hit record highs, and new energy vehicles continued to grow rapidly. On July 12, the Ministry of Industry and Information Technology released the latest data on my country's shipbuilding industry. In the first half of the year, the three major indicators of my country's shipbuilding industry ranked first in the world, and the international market share of new orders received exceeded 70%, achieving my country's shipbuilding industry. A new record of new orders received in the international market. In terms of infrastructure, the reporter learned from the Ministry of Water Resources that in the first half of this year, 17600 new water conservancy projects were started nationwide. In particular, new major water conservancy projects were the most in the same period in history. In terms of transportation and logistics, China's civil aviation industry continued to recover in the first half of this year. The current scale of transportation production in the industry has basically returned to the level of the same period in 2019. In terms of logistics, on the 12th, the relevant person in charge of the State Post Bureau said that in the first half of this year, my country's postal express delivery industry showed the characteristics of steady expansion of the industry scale, accelerated development in the central and western regions, and more balanced urban development.

What are the trends in China's economic operation in the first half of the year?

In the first half of the year, financial support for the real economy continued to increase, and the manufacturing industry, especially the equipment manufacturing industry, was accelerating towards the mid to high end. In terms of economic circulation, "flow indices" such as civil aviation passenger volume and express logistics continued to recover and improve. What is the score for the 2023 China Economic Middle School Entrance Examination? What trends do the data released by relevant departments in the past two days reflect in China's economic operation in the first half of the year? Let's listen to the interpretation of Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics ↓

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: Since the beginning of this year, China's national economy has shown an overall recovery trend, market demand has gradually recovered, production and supply have continued to increase, employment and prices are generally stable, and high-quality development is steadily advancing.

The driving effect of consumption on economic recovery and development is further highlighted

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: Firstly, the role of consumption in driving economic recovery and development is further highlighted. Since the beginning of this year, the non manufacturing business activity index has consistently operated above the critical point of prosperity, reaching 53.8% in June. Hot spot consumption is accelerating growth. In the first half of this year, China's automobile production and sales increased by 9.3% and 9.8% year-on-year, respectively, especially with obvious advantages in the development of new energy vehicles. The consumption of contact and gathering services such as catering and tourism has significantly improved.

From the data of the first half of the year, fixed assets investment has increased in quantity and improved in quality

Wu Sa, Deputy Director of the Economic Research Institute of the Chinese Academy of Macroeconomics: Second, the fixed assets investment has increased in quantity and improved in quality. In the first five months, fixed assets investment increased by 4% year on year, including 6% growth in manufacturing and 7.5% growth in infrastructure investment. The growth of investment in high-tech industries is particularly prominent, reaching 12.8%, especially in the 102 major projects of the 14th Five Year Plan, as well as the steady progress in the construction of long-term major infrastructure related to energy, water conservancy, transportation, and new infrastructure.

From the data of the first half of the year, it can be seen that the new driving force of economic development continues to strengthen

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: Thirdly, new drivers of economic development continue to strengthen. The manufacturing industry has achieved significant results in improving quality and efficiency. The manufacturing of general equipment, specialized equipment, railways and ships, aerospace equipment, electronic machinery and equipment, and other equipment has continuously achieved technological breakthroughs in basic and key fields. The international competitiveness has significantly increased, and the expectations for industrial development continue to improve. The high-level opening-up to the outside world has been solidly promoted. By promoting industrial openness and innovation, China's influence in the global industrial chain, supply chain, and innovation chain has significantly increased. By promoting institutional opening-up to the outside world, an international first-class business environment is being accelerated.

How to focus on achieving the annual target of around 5% in the second half of the year?

One of the main expected development goals for China this year is a growth of around 5% in gross domestic product. How to make efforts in the second half of the year to achieve the expected annual economic growth target of around 5%?

Continue to increase financial support for the real economy in the second half of the year

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: Firstly, we need to continue to increase financial support for the real economy. In the second half of the year, as market confidence and expectations continue to rebound, the demand for financing in the market will be repaired. Therefore, credit allocation needs to be strengthened to better support the financing needs of small and medium-sized enterprises and effectively meet the financing needs of the real economy.

Both the demand and supply sides are making efforts to accelerate the development of high-end manufacturing industry

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: Secondly, the high-end manufacturing industry should continue to accelerate its development. The high-end equipment industry is an important part of stabilizing the economy. Since the beginning of this year, China's equipment manufacturing industry has accelerated its move towards mid to high end manufacturing. In the second half of the year, we will continue to make efforts from both the demand and supply sides, continuously consolidate and expand the development advantages of high-end manufacturing represented by new energy vehicles, shipbuilding industry, etc., and promote the high-quality development of high-end manufacturing industry.

Deep integration of industries continues to promote stable development of the service industry

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: Thirdly, we must continue to promote the stable development of the service industry. Industrial integration, especially the deep integration of advanced manufacturing and modern service industries, is an important way to adapt to the new round of technological revolution and industrial transformation, enhance the core competitiveness of manufacturing, cultivate a modern industrial system, and achieve high-quality development. It is necessary to accelerate the construction of a new system of high-quality and efficient service industries, promote the deep integration of service industries with advanced manufacturing and modern agriculture, and achieve mutual promotion and progress between Chinese services and Chinese manufacturing.