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We will consolidate the sound momentum of economic stability

Steady strengthening, steady and better! On July 15, the National Bureau of Statistics (NBS) released encouraging data on the performance of the national economy in the first half of the year. Major macro indicators were within a reasonable range, production demand continued to pick up, quality and efficiency improved steadily, and economic development showed a trend of strengthening and improving while maintaining stability.


On the stable side, according to preliminary estimates, China's GDP in the first half of the year reached 5.3216.7 trillion yuan, up 12.7 percent year on year at comparable prices. The two-year average growth rate was 5.3 percent, 0.3 percentage points higher than that in the first quarter. The surveyed urban unemployment rate was 5 percent in June, and the overall employment situation was stable. Industrial and agricultural production grew steadily. The added value of industries above designated size increased by 15.9 percent year on year. The summer grain harvest was good again. The consumer price index (CPI) rose moderately, with a year-on-year increase of 0.5 percent in the first half of the year. Total imports and exports of goods increased by 27.1% year on year. Despite the grim global epidemic situation, China's economy has sustained steady recovery and growth, which fully demonstrates the forward-looking, targeted and effective macro regulation. It is because of our scientific decision-making and creative response, accurate understanding of changes, scientific response and proactive response, that we have stabilized the basic fundamentals of the economy and consolidated and expanded the achievements of epidemic prevention and control and economic and social development.


On the positive side, the high-tech manufacturing sector grew rapidly, with the output of new-energy vehicles, industrial robots and integrated circuits up 205.0%, 69.8% and 48.1%, respectively, year on year. The expected index of business activity in the service sector was 60.4% in June, which continued to remain in the high boom range. Per capita disposable income rose by 12.6 percent in nominal terms year on year, and the number of goods for upgrading consumption increased rapidly. The rapid growth of new drivers and the positive expectations of market entities fully demonstrate the progress we have made in promoting high-quality development. We fully, accurately and fully implemented the new vision on development, maintained strategic focus and refrained from indiscriminate use of irrigation, thus giving a strong boost to the rapid recovery of economic development.


In the face of complex and volatile domestic and international environments, the hard-won momentum of strengthening stability and making sound progress has laid a sound foundation for economic performance in the second half of the year. In terms of the factors affecting the economic trend in the second half of the year, on the whole, the factors supporting the further recovery and improvement of the economy are gradually accumulating and increasing. On the one hand, the internal driving force of the economy is gradually increasing. The contribution of domestic demand to economic growth reached 80.9 percent, an increase of 4.9 percentage points over the first quarter. Market sales recovered steadily, and investment also recovered steadily. On the other hand, the confidence of market players is growing. China's manufacturing purchasing managers' index has been above the critical point for 16 months in a row, while the non-manufacturing business activity index is also at a relatively high level. In addition, the ongoing recovery of the global economy has laid the foundation for the growth of external demand. Based on this, we have every confidence, confidence and ability to consolidate the sound momentum of economic stability.


Our confidence should not be shaken, our efforts should not be slackened, and our difficulties should not be underestimated. From the external perspective, the epidemic continues to spread, and there are many destabilizing and uncertain factors. In particular, since the beginning of this year, the sharp rise in commodity prices has raised the costs of businesses, and micro, small and medium-sized businesses are facing great difficulties. Internally, the recovery of the domestic economy is uneven, and efforts are still needed to consolidate the foundation for stable recovery and development. To this, we should not only firm confidence, again want to face difficulties, based on the current and long-term, ready to cross cycle adjustment, especially to foster the subject of growing market in important position, by deepening the reform of "pipes", optimize the environment of doing business, give more space to grow up and to micro, small and medium enterprises to promote the health steady economic operation to lay a solid foundation.


President Xi Jinping stressed that "staying focused, enhancing confidence and focusing on our own affairs are the keys for us to cope with various risks and challenges." The more the situation improves, the more important it is to maintain strategic resolve and unswervingly run our own affairs well. We are fully aware that the road ahead will not be smooth, but we are more aware that the Chinese economy has always weathered storms and grown in response to challenges. With firm confidence to win, build on the momentum and forge ahead, the Chinese economy will always be full of vitality and forge ahead.


Source: State-owned Assets and Administration Commission of the State Council