According to data released by the National Bureau of Statistics (NBS) on Monday, China's economy will remain stable and grow by 5 % to 61.68 trillion yuan (US$8.49 trillion) in the first half of 2024, matching the government's annual target.
According to the NBS, the country's GDP increased by 4.7 percent year-on-year in the second quarter.
"Overall, the national economy continued to improve steadily in the first half of the year," the NBS said in a statement commenting on the economic results, citing support from policy incentives, a recovery in external demand and the development of a new high-quality manufacturing force.
The second industry grew by 5.8 % y-o-y in the first half, outpacing the 3.5% growth of the primary industry and the 4.6% growth of the services sector, NBS data showed.
The overall performance of the Chinese economy is stable, said Wen Bin, chief economist of China Minsheng Bank, highlighting the rapid development of new-quality productive forces and continuous economic and industrial growth.
In the first half of the year, value-added industrial production recorded an annual growth of 6.0 % and continued to contribute to the solid performance of the country's industrial sector.
The domestic consumption sector, which is a key component of balanced economic growth, also expanded, with retail sales increasing by 3.7 % y-o-y in the first half of 2024, indicating that consumer confidence and spending remain stable.
Investment in fixed assets, comprising expenditure on items including infrastructure, property, plant and equipment, increased by 3.9 % in the first half of the year compared to the previous year.
Moreover, China has continued to make good progress in its transition to a more innovation-driven economy.
With increasing investment in research and development, the government continues to focus on commercialising technological advances and creating quality jobs.
Wen also expressed confidence in the Chinese economy's prospects for the second half of 2024, saying that "with the further implementation of policies and measures, economic growth momentum will become more balanced."
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