What is the perspective on economic growth rate in the first half of the year, 5.5% growth rate | annual | economy

In the first half of this year, the gross domestic product (GDP) increased by 5.5% year-on-year, with a growth rate of 5.5% significantly faster than the economic growth rate of 3% for the entire year last year, and also faster than the average annual growth rate of 4.5% over the past three years due to the pandemic. The economic growth rate of 5.5% in the first half of the year is a relatively high speed.

5.5% economic growth is a relatively fast growth rate globally

Since the beginning of this year, global economic growth has been sluggish, with weak growth in major economies. China's economy has maintained rapid growth, providing important support for global economic development. Recently, major international organizations have raised their global economic growth expectations, and a significant factor is the recovery of the Chinese economy.

From the data released by major economies, it can be seen that in the first quarter of this year, the GDP of the United States, the eurozone, Japan, and Brazil increased by 1.8%, 1%, 1.9%, and 4% year-on-year, respectively. Even considering the situation in the second quarter, the overall growth rate of China's economy in the first half of the year is still relatively fast among major economies.

5.5% economic growth is a result of structural improvement and optimization of driving forces

From a demand perspective, economic growth has shifted from being mainly driven by investment and exports last year to being mainly driven by consumption and investment this year. Among them, consumption has significantly increased its contribution to economic growth. In the first half of this year, the contribution rate of final consumer spending to economic growth exceeded 70%.

From the perspective of production, economic growth has shifted from being mainly driven by industry last year to being jointly driven by the service industry and industry, with a significant increase in the contribution of the service industry. In the first half of the year, the contribution rate of service industry growth to economic growth exceeded 60%.

5.5% economic growth is driven by innovation and a shift in development patterns

The in-depth implementation of the innovation driven strategy and the sustained growth of new driving forces will contribute to promoting high-quality development. In the first half of the year, investment in high-tech industries increased by 12.5% year-on-year, the added value of information transmission, software and information technology services increased by 12.9%, and the online retail sales of physical goods increased by 10.8%.

The green transformation has achieved significant results and enhanced synergy with economic growth. From the environmental quality data of the first half of the year, the overall air quality excellence rate remains at a high level; In the national surface water assessment section, the proportion of sections with good water quality increased by 2.1 percentage points year-on-year. From the perspective of green transformation labor, in the first half of the year, the production of new energy vehicles and solar cell products increased by 35% and 54.5%, respectively.

Energy utilization efficiency continues to improve. In the first half of the year, the energy consumption per unit of GDP decreased by 0.4% year-on-year.

5.5% economic growth is a result of high-level opening up, expansion, and optimization of trade structure

Against the backdrop of weak global economic recovery and a slowdown in global trade and investment, China has actively expanded high-level opening up, promoted trade structure optimization, and strengthened economic and trade exchanges with countries around the world on the basis of mutual benefit and win-win results, continuously demonstrating its effectiveness. In the first half of the year, China's total import and export of goods increased by 2.1% year-on-year, with the proportion of general trade imports and exports with higher added value accounting for 65.5% of the total import and export.

Diversified trade development is improving. In the first half of the year, China's imports and exports to countries along the "the Belt and Road" increased by 9.8%, and its total imports and exports to Latin America and Africa increased by 7% and 10.5% respectively. New forms of foreign trade such as cross-border e-commerce are developing rapidly.

5.5% economic growth is a result of expanding employment and improving people's livelihoods

Since the beginning of this year, the overall urban survey unemployment rate in China has decreased, dropping to 5.2% in June, which is close to the level of the same period before the epidemic.

The expansion of employment brings about an increase in resident income. In the first half of the year, the per capita disposable income of residents in China increased by 5.8% in real terms, significantly faster than the full year of the previous year.

The positive economic recovery has driven up residents' willingness to consume and promoted an increase in consumer spending. In the first half of the year, the per capita consumption expenditure of Chinese residents increased by 7.6% in real terms.

5.5% economic growth is a consolidation of food and energy security growth

Since the beginning of this year, various parties have tightened their responsibility for grain production. Despite encountering the adverse effects of "rotten rain" during the harvest period, summer grain production has still achieved a bountiful harvest, with output ranking second in history, laying a solid foundation for firmly holding the rice bowl in their own hands.

The energy supply guarantee continues to strengthen. In the first half of the year, the total production of primary energy increased by 2.7% year-on-year, with raw coal, crude oil, and natural gas production increasing by 4.4%, 2.1%, and 5.4% respectively, effectively ensuring the production and daily energy consumption.