China's economy continues to remain stable in the first half of 2024, expanding by 5 percent to reach 61.68 trillion yuan ($8.49 trillion), aligning with the government's annual target, according to data released by the National Bureau of Statistics (NBS) on Monday.
In the second quarter, the country's GDP expanded 4.7 percent year on year, according to the NBS.
"Overall, the national economy has continued to improve in the first half in a stable manner," the NBS said in a statement commenting on the economic performance, citing support from policy incentives, rebound in external demand and development of new quality productive forces.
CBD, Beijing, China. /CFP
The second industry expanded 5.8 percent year on year in the first half, outpacing a 3.5-percent increase in primary industry and 4.6 percent in the service sector, data from the NBS 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, the value-added industrial output registered a growth of 6.0 percent year on year, and continued to contribute to the robust performance of the country's industrial sector.
The domestic consumption sector, a crucial component of balanced economic growth, has also expanded, with retail sales increasing by 3.7 percent year on year in the first half of 2024, indicating that consumer confidence and spending have remained stable.
Fixed-asset investment, covering expenditure on items including infrastructure, property, machinery and equipment, grew by 3.9 percent in the first half of the year, compared to a year earlier.
Recently constructed building complex, composed of both commercial and residential property types, in Cangshan District, Fuzhou, Fujian Province, March 29, 2024. /CFP
Moreover, China has continued to make substantial progress in its transition towards a more innovation-driven economy.
As investments in research and development have increased, commercialization of technological advancements and the creation of high-quality jobs continue to be a central focus for the government.
Wen also expressed confidence in China's economic prospects for the second half of 2024, stating that "with the further implementation of the policies and arrangements, economic growth momentum will become more balanced."