China's economy demonstrated robust performance in the first half of 2024, with a year-on-year gross domestic product (GDP) growth of 5 percent, according to the National Bureau of Statistics (NBS).
The country's GDP reached 61.68 trillion yuan (approximately $8.65 trillion) in the first six months. Breaking down the growth by industry, the primary sector saw a 3.5 percent increase, the secondary sector grew by 5.8 percent, and the tertiary sector expanded by 4.6 percent.
In agriculture, summer grain production hit a bumper harvest with a 2.5 percent rise, totaling 149.78 million tonnes. The livestock sector also showed growth, particularly in beef and poultry, despite a slight decline in pork and mutton production.
Industrial production surged by 6 percent, driven by significant advancements in manufacturing and high-tech sectors. Investments in fixed assets climbed by 3.9 percent, highlighting continued confidence in infrastructure and technological development.
The service sector maintained its upward trajectory with a 4.6 percent increase, supported by strong performance in information technology, business services, and transportation. Retail sales also grew by 3.7 percent, reflecting consumer confidence and increased spending on both essential and luxury goods.
China's trade remained resilient, with imports and exports rising by 6.1 percent, resulting in a trade surplus of 3.09 trillion yuan. The steady economic indicators are a testament to China's ongoing transformation and upgrading efforts.
Despite global economic uncertainties, China's first-half data shows a stable and growing economy, positioning it as a key player in the global market landscape.
Reference(s):
cgtn.com
