The Chinese economy has displayed significant strength and dynamism during the first half of 2026, operating within a reasonable range despite various pressures.
Agricultural and Livestock Production Shows Steady Growth
Preliminary calculations indicate that the gross domestic product (GDP) for the first half of the year reached 69.5704 trillion yuan, representing a year-on-year increase of 4.7% when calculated at constant prices. The agricultural sector, specifically crop cultivation, saw its value-added output rise by 3.6%. The national summer grain output totaled 150.75 million tons, an increase of 1 million tons or 0.7% compared to the previous year. Production of pork, beef, mutton, and poultry meat reached 50.5 million tons, up 4.3% year-on-year, while milk output grew by 2.4%.
Industrial Production Accelerates with Strong Momentum in Key Sectors
The value-added output of industrial enterprises above a designated size grew by 5.4% year-on-year. Notably, the equipment manufacturing sector expanded by 9.3%, and high-tech manufacturing surged by 13.3%. These growth rates were 3.9 and 7.9 percentage points higher, respectively, than the overall industrial average.
Service Sector Maintains Stable Expansion, Led by Modern Services
The value-added output of the service sector increased by 5.2%. Within this sector, several industries posted strong performances: leasing and business services grew by 11.9%, information transmission, software, and IT services increased by 10.7%, the financial sector rose by 6.7%, and accommodation and catering services expanded by 5.0%.
Consumer Market Continues to Expand with Robust Service Retail
The total retail sales of consumer goods and services grew by 2.7% year-on-year. A breakdown shows that retail sales of services climbed by 5.3%, while retail sales of goods increased by 1.1%. Within service retail, categories such as communications and information services, tourism consulting and leasing services, and cultural, sports, and leisure services experienced relatively rapid growth.
Rapid Growth in Goods Trade Accompanied by Structural Optimization
The total value of goods imports and exports reached 25.4686 trillion yuan, marking a substantial year-on-year increase of 16.9%. Exports amounted to 14.7314 trillion yuan, growing by 13.4%, while imports totaled 10.7372 trillion yuan, surging by 22.1%. Trade with countries participating in the Belt and Road Initiative grew by 14.8%.
Stable Employment Conditions and Mild Consumer Price Increases
The national surveyed urban unemployment rate averaged 5.2% for the first half of the year. The Consumer Price Index (CPI) rose by 1.0% year-on-year, while the core CPI, which excludes food and energy prices, increased by 1.2%.
Overall, the Chinese economy has demonstrated resilience by withstanding pressures, fostering the rapid growth of new drivers of development, and ensuring effective social and livelihood safeguards.
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