China's Economy: GDP expands by 6.3% in first half of 2019
Updated 14:05, 15-Jul-2019
We begin with the latest on China's growth. New numbers show the country's economy has grown by 6-point-3 percent so far this year. It's the latest figure just released by the National Bureau of Statistics. It also falls within the annual target of between 6 and 6-point-five percent. CGTN's Zou Yun has more.
Solid growth and broad stability. The country's GDP grew 6.2 percent in the second quarter of this year. That brings China's growth rate to 6.3 percent for the first half of 2019, hitting 45 trillion yuan. That's around 6.5 trillion U.S. dollars. Other data released also show the economy is still growing at a steady pace.
The country's total value added of industrial enterprises posted steady growth in the same period, up by 6 percent year-on-year. Fixed-asset investment growth was 5.8 percent in the first half of the year, faster than the growth in the first 5 months.
Also, employment has remained stable, with the unemployment rate in urban areas at 5.1 percent.
A spokesperson for the National Bureau of Statistics said the economy has performed within a reasonable range while moving steadily towards its goal of high-quality development.
MAO SHENGYONG, SPOKESPERSON NATIONAL BUREAU OF STATISTICS "The economy has sustained the momentum of progress in overall stability. However, we should also be aware that the economic conditions are still severe both at home and abroad, global economic growth is slowing down, and there is still an acute level of unbalanced and inadequate development at home."
Internal and external challenges do remain for the country's economy, but experts say that even though downward pressure lingered in the second half, solid fundamentals can still bring optimism for the country's development.
GAO RUIDONG, CHIEF MACRO ECONOMIST GUOTAI JUN'AN SECURITIES "I think there will be greater resilience shown in terms of the economic performance, which will be reflected in 3 aspects. First, large-scale tax cuts and fee reductions will provide stronger support to the economy. Then, counter-cyclical adjustment measures will strengthen macro prudent management. And finally, opening up and reform is also a big boost to our confidence."
Moreover, consumption, which has played a prominent role in driving growth, contributed over 60 percent of the GDP in the first half of the year.
ZOU YUN BEIJING "The solid results from the first half of the year have laid a foundation for continued economic growth. Challenges ahead do remain, but experts say China is prepared to withstand the pressure."