The National Bureau of Statistics released economic data for the first half of the year on July 15th. Preliminary calculations show that China's gross domestic product (GDP) reached 69.5704 trillion yuan, representing a year-on-year increase of 4.7% at constant prices.
Since the beginning of this year, the external environment has been complex and turbulent. Against this backdrop, the Chinese economy has withstood pressure, maintaining an overall stable and improving development trend characterized by innovation and quality. Achieving 4.7% year-on-year growth demonstrates its strong resilience and vitality.
The Foundation of Stability and Resilience
When discussing the Chinese economy, stability is often the first characteristic that comes to mind. Examining the first-half data, major economic indicators operated within a reasonable range. Specifically, compared to the first half of last year, the GDP increment for the first half of this year was 3.6 trillion yuan, marking the largest increase for the same period in the past five years. For an economy of China's massive scale, achieving 4.7% growth is a commendable accomplishment.
Beyond stability, resilience is another key feature. On July 14th, data from the General Administration of Customs revealed that China's total goods trade import and export value for the first half of 2026 reached 25.47 trillion yuan, surpassing 25 trillion yuan for the first time in historical comparison periods, achieving a 16.9% year-on-year growth. Exports amounted to 14.73 trillion yuan, up 13.4% year-on-year, marking the 11th consecutive quarter of growth. Imports reached 10.74 trillion yuan, increasing by 22.1% year-on-year. Amid a global slowdown in trade growth, the Chinese economy has displayed robust resilience.
Broadening Horizons Through Innovation and Quality
If stability and resilience form the "fundamental base" of the Chinese economy, then the pursuit of innovation and quality continuously broadens the ceiling for development. Where does the innovation lie? In the first half of this year, new growth drivers represented by high-end manufacturing, the digital economy, and modern services contributed over 40% to the economic growth. For instance, industries related to artificial intelligence, such as integrated circuit manufacturing and intelligent vehicle equipment manufacturing, maintained high growth rates exceeding 30%. This is indeed encouraging.
Where is the quality improvement? Economic performance and efficiency have been optimized, indicating substantial and high-quality development. Specifically, the proportion of manufacturing in the economy has increased steadily, corporate profits and expectations have improved, and energy consumption intensity has declined. For example, industrial structure optimization, the continuous promotion of energy-saving technologies, and the green and low-carbon transition have driven a steady decrease in energy consumption. Preliminary estimates indicate that energy consumption per unit of GDP fell by 1.9% year-on-year in the first half. All these factors illustrate that the Chinese economy is advancing with innovation and quality, possessing significant potential and strong momentum.
Consolidating the Foundation for Future Growth
It is also important to recognize that numerous external unstable and uncertain factors persist, while the domestic contradiction of strong supply and weak demand remains prominent. The foundation for sustained economic improvement needs further consolidation. Previously, the central leadership has clearly emphasized the need to effectively utilize macroeconomic policies, deeply tap into domestic demand potential, accelerate the construction of a modern industrial system, effectively prevent and defuse risks in key areas, and strengthen the employment-first policy orientation. By keeping these directives in mind and implementing them meticulously, the foundation for the stable operation and high-quality, innovative development of the Chinese economy will be continuously reinforced.
Many are concerned about China's economic trajectory for the second half and the full year. The 4.7% growth in the first half lays a solid foundation for achieving the annual main expected targets, particularly the growth goal. With new growth drivers directly contributing over 40% to economic growth and maintaining a very positive development trend, their role in supporting and leading economic development in the second half is expected to remain very strong. Furthermore, as policy effects continue to materialize, the Chinese economy will gain even more momentum.
The 4.7% growth rate has stabilized the overall situation while also charting a new course. The fundamental base remains rock-solid, and new avenues for growth are rapidly emerging. By using "stability" to consolidate the foundation, "resilience" to adapt to changes, "innovation" to break new ground, and "quality" to enhance efficiency, China's sustained positive trajectory is promising. This is the source of our confidence.
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