China's gross domestic product (GDP) grew 5 percent year on year in the first half of 2024, data from the National Bureau of Statistics (NBS) showed Monday.

According to preliminary estimates, the country's GDP in the first half of 2024 reached 61.68 trillion yuan (about $8.65 trillion). In the second quarter, China's GDP expanded 4.7 percent year on year, said the NBS.

By industry, the value added of the primary industry was 3.07 trillion yuan, up by 3.5 percent year on year; that of the secondary industry was 23.65 trillion yuan, up by 5.8 percent; and that of the tertiary industry was 34.96 trillion yuan, up by 4.6 percent. 

By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent. The GDP for the second quarter increased by 0.7 percent quarter on quarter, according to the NBS. 

Generally speaking, as the NBS noted, in the first half year of 2024, the national economic performance maintained stable with steady progress made in the transformation and upgrading. 

Summer grain witnesses another bumper harvest

In the first half year, the value added of agriculture (crop farming) went up by 4 percent year on year, and the summer grain witnessed another bumper harvest, said the NBS. 

The overall output of summer grain was 149.78 million tonnes, 3.63 million tonnes higher than that of last year, an increase of 2.5 percent. In the first half year, the output of pork, beef, mutton and poultry was 47.12 million tonnes, up by 0.6 percent year on year. 

Of this total, the output of beef and poultry grew by 3.9 percent and 6.3 percent, respectively, while that of pork and mutton dropped by 1.7 percent and 0.9 percent, respectively. The output of milk went up by 3.4 percent and that of eggs by 2.7 percent. 

At the end of the second quarter, the number of pigs registered in stock was 415.33 million, down by 4.6 percent year on year, and 363.95 million pigs were slaughtered, down by 3.1 percent in the first half of the year, according to the NBS. 

Industrial production registers fast growth

The total value added of industrial enterprises above the designated size grew by 6 percent year on year in the first half of the year, said the NBS.  

In terms of sectors, the value added of mining increased by 2.4 percent, that of manufacturing increased by 6.5 percent, and that of production and supply of electricity, thermal power, gas and water increased by 6 percent. The value added of equipment manufacturing increased by 7.8 percent, and that of high-tech manufacturing up by 8.7 percent, 1.8 percentage points and 2.7 percentage points faster than that of the industrial enterprises above the designated size, respectively. 

An analysis by types of ownership showed that the value added of state holding enterprises was up by 4.6 percent; that of share-holding enterprises was up by 6.5 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 4.3 percent; and that of private enterprises was up by 5.7 percent. In terms of products, the production of 3D printing devices, new-energy automobiles, and integrated circuits went up by 51.6 percent, 34.3 percent, and 28.9 percent year on year, respectively. 

In June, the value added of industrial enterprises above the designated size went up by 5.3 percent year on year, or up by 0.42 percent month on month. In June, the Manufacturing Purchasing Managers' Index stood at 49.5 percent, the same as that of the previous month. The Production and Operation Expectation Index was 54.4 percent, 0.1 percentage points higher than that of the previous month. In the first five months, the total profits made by industrial enterprises above the designated size were 2.75 trillion yuan, up by 3.4 percent year on year, according to the NBS. 

Service sector continues to recover

In the first half year, the value added of services went up by 4.6 percent year on year, said the NBS.

Specifically, the value added of information transmission, software and information technology services, leasing and business services, transport, storage and postal services, accommodation and catering, and wholesale and retail grew by 11.9 percent, 9.8 percent, 6.9 percent, 6.6 percent and 5.7 percent, respectively. In June, the Index of Services Production increased by 4.7 percent year on year. 

Specifically, the Index of Services Production of information transmission, software and information technology services, leasing and business services and transport, storage and postal services went up by 13.5 percent, 9.7 percent and 5.4 percent, respectively. In the first five months, the business revenue of service enterprises above the designated size grew by 8.5 percent year on year. 

In June, the Business Activity Index for Services stood at 50.2 percent. The Business Activity Expectation Index for Services was 57.6 percent, 0.6 percentage points higher than that of last month. Among which, the Business Activity Index for industries of air transportation, postal services, telecommunication, broadcast, television and satellite transmission services, monetary and financial services, and insurance were within the high expansion range of 55.0 percent and above, according to the NBS. 

Market sales continue to grow

In the first half year, the total retail sales of consumer goods reached 23.6 trillion yuan, up by 3.7 percent year on year, said the NBS.

Analyzed by different areas, the retail sales of consumer goods in urban areas reached 20.46 trillion yuan, up by 3.6 percent, and that in rural areas stood at 3.14 trillion yuan, up by 4.5 percent. Grouped by consumption patterns, the retail sales of goods were 20.97 trillion yuan, up by 3.2 percent; the income of catering was 2.62 trillion yuan, up by 7.9 percent. Certain basic living goods and upgraded goods enjoyed good sales. 

The retail sales of grain, oil and food and of beverage by enterprises above the designated size went up by 9.6 percent and 5.6 percent, respectively, and that of communication equipment and of sports and recreational articles grew by 11.3 percent and 11.2 percent, respectively. 

The online retail sales reached 7.1 trillion yuan, up by 9.8 percent year on year. Specifically, the online retail sales of physical goods were 5.96 trillion yuan, up by 8.8 percent, accounting for 25.3 percent of the total retail sales of consumer goods. In June, the total retail sales of consumer goods went up by 2 percent year on year, or down by 0.12 percent month on month. In the first half year, the retail sales of services went up by 7.5 percent year on year, according to the NBS. 

Investment in fixed assets scales up

In the first half of the year, the investment in fixed assets (excluding rural households) reached 24.54 trillion yuan, up by 3.9 percent year on year, said the NBS.

The investment in fixed assets was up by 8.5 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 5.4 percent; that in manufacturing grew by 9.5 percent; and that in real estate development dropped by 10.1 percent. 

The floor space of newly-built commercial buildings sold was 479.16 million square meters, down by 19.0 percent; and the total sales of newly-built commercial buildings were 4.71 trillion yuan, down by 25 percent. By industry, the investment in the primary industry went up by 3.1 percent, that in the secondary industry up by 12.6 percent, and that in the tertiary industry down by 0.2 percent. 

The private investment increased by 0.1 percent, or by 6.6 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 10.6 percent year on year, of which the investment in high-tech manufacturing and high-tech services grew by 10.1 percent and 11.7 percent, respectively. 

In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicle and equipment and in manufacturing of computers and office devices grew by 38.3 percent and 12.1 percent, respectively. In terms of high-tech services, the investment in e-commerce services and in services for transformation of scientific and technological achievements grew by 24.1 percent and 17.4 percent, respectively. In June, the investment in fixed assets (excluding rural households) increased by 0.21 percent month on month, according to the NBS. 

Imports and exports of goods grow rapidly

In the first half year, the total value of imports and exports of goods was 21.17 trillion yuan, an increase of 6.1 percent year on year, said the NBS.

The total value of exports was 12.13 trillion yuan, up by 6.9 percent. The total value of imports was 9.04 trillion yuan, up by 5.2 percent. The trade balance was 3.09 trillion yuan in surplus. The imports and exports of general trade grew by 5.2 percent, accounting for 65 percent of the total value of imports and exports. 

The imports and exports by private enterprises grew by 11.2 percent, accounting for 55 percent of the total value of imports and exports, 2.5 percentage points higher than that of the same period last year. The exports of mechanical and electrical products grew by 8.2 percent, accounting for 58.9 percent of the total value of exports. 

In June, the total value of imports and exports was 3.67 trillion yuan, up by 5.8 percent year on year. Specifically, the total value of exports was 2.19 trillion yuan, up by 10.7 percent; the total value of imports was 1.48 trillion yuan, down by 0.6 percent, according to the NBS. 

Mild pick-up in consumer prices

In the first half year, the consumer price index (CPI) rose by 0.1 percent year on year, while the index in the first quarter maintained the same level year on year, said the NBS.

Grouped by commodity categories, prices for food, tobacco and alcohol went down by 1.4 percent; clothing up by 1.6 percent; housing up by 0.2 percent; articles and services for daily use up by 0.9 percent; transportation and communication down by 0.7 percent; education, culture and recreation up by 2.0 percent; medical services and health care up by 1.4 percent; and other articles and services up by 3.3 percent. 

In terms of food, tobacco and alcohol prices, the price for fresh fruit went down by 7.8 percent, fresh vegetable went down by 2.7 percent, pork maintained the same, and grain went up by 0.5 percent. The core CPI excluding the price of food and energy grew by 0.7 percent year on year. In June, the consumer price index went up by 0.2 percent year on year and down by 0.2 percent month on month.

In the first half year, the producer prices for industrial products went down by 2.1 percent year on year, the decrease of which was narrowed by 0.6 percentage points compared with that of the first quarter. Specifically, the prices in June dropped by 0.8 percent year on year, or down by 0.2 percent month on month. In the first half year, the purchasing prices for industrial producers went down by 2.6 percent year on year. Specifically in June, the prices dropped by 0.5 percent year on year, or up by 0.1 percent month on month, according to the NBS. 

Employment remains generally stable 

In the first half year, the urban surveyed unemployment rate averaged 5.1 percent, down by 0.1 percentage points over that of the first quarter and 0.2 percentage points over the same period last year, said the NBS.

In June, the surveyed unemployment rate in urban areas was 5 percent, the same as that of the previous month, and 0.2 percentage points lower than that of the same month last year. The surveyed unemployment rate of population with local household registration was 5 percent and that of population with non-local household registration was 4.8 percent, of which the rate of population with non-local agricultural household registration stood at 4.7 percent. 

The urban surveyed unemployment rate in 31 major cities was 4.9 percent. The employees of enterprises worked 48.6 hours per week on average. By the end of the second quarter, the number of rural migrant workers totaled 189.97 million, up by 1.6 percent year on year, according to the NBS.

Household income continues to grow

In the first half of the year, the nationwide per capita disposable income of households was 20,733 yuan, a nominal growth of 5.4 percent year on year; the real growth was 5.3 percent after deducting price factors, said the NBS.

In terms of permanent residence, the per capita disposable income of urban households was 27,561 yuan, a nominal growth of 4.6 percent year on year and a real growth of 4.5 percent; the per capita disposable income of rural households was 11,272 yuan, a nominal growth of 6.8 percent year on year and a real growth of 6.6 percent.

In terms of income sources, the nationwide per capita salary income, net business income, net property income and net income from transfers grew by 5.8 percent, 6.4 percent, 2.1 percent and 5 percent in nominal terms, respectively. The median of the nationwide per capita disposable income of households was 17,358 yuan with a nominal growth of 5.9 percent year on year, according to the NBS.