Chinese officials have commented on the fluctuation in the second-quarter GDP growth rate, stating that the fundamental state of economic operations remains unchanged.
China's second-quarter economic growth rate was 4.3%, which is a decrease of 0.7 percentage points compared to the first quarter, but the basic operational foundation of the economy has not changed, according to a senior official from the National Bureau of Statistics.
He explained during a press briefing that the decline in the second-quarter growth rate compared to the first quarter was primarily due to certain short-term factors and external influences. For instance, petroleum and chemical-related industries were impacted by some external factors, coal production was affected by domestic short-term factors, while other industries operated normally.
He specifically noted that the 4.3% figure represents a real-term growth rate. From a current-price growth perspective, the second quarter's performance was actually better than the first quarter's, with a larger incremental increase. The current-price total of China's Gross Domestic Product (GDP) in the second quarter of this year grew by 5.9% compared to the same period last year, which is 1 percentage point faster than the first quarter. The GDP increment for the second quarter was 2 trillion yuan, an increase of 400 billion yuan over the first quarter.
He also mentioned that indicators reflecting new growth drivers performed relatively well in the second quarter. For example, value-added in equipment manufacturing above a designated scale increased by 9.7% year-on-year in Q2, accelerating by 0.8 percentage points from Q1. High-tech manufacturing value-added grew by 14%, accelerating by 1.5 percentage points from Q1. The electronics industry grew by 14.8% in the first half of the year, with Q2 growth at 16.1%, an acceleration of 2.5 percentage points from Q1.
Furthermore, from the second quarter's perspective, indicators such as industry, services, imports and exports, and the Purchasing Managers' Index (PMI) showed month-by-month improvement.
He stated that China's economic growth in the first half of the year was 4.7%, laying a solid foundation for achieving the main annual targets. The direct contribution of new growth drivers to economic expansion exceeded 40%, maintaining a very positive development trend. Traditional industries are accelerating their transformation and upgrading, and the effects of policies are continuously materializing. The central government will also introduce more proactive and effective policies based on changes in the situation. "Overall, there are solid conditions and support for achieving the main annual targets, particularly the economic growth target."
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