China's economy has demonstrated steady progress and structural improvements this year, according to the country's top economic planner. Wang Changlin, deputy director of the National Development and Reform Commission, presented the report to the Standing Committee of the Fourteenth National People's Congress on Sunday, outlining the execution of national economic and social development plans.
The report highlights that the economy has maintained overall stability with steady advancement, showcasing a development trend driven by new momentum and optimized structures. This approach has effectively enhanced quality while achieving reasonable growth in quantity. In the first half of the year, China's Gross Domestic Product (GDP) expanded by 4.7% year-on-year, with an increment of 3.6 trillion yuan, marking the highest level for the same period in five years.
Regarding domestic demand, the report notes that major projects such as the Yaxia hydropower station, the Sichuan-Tibet Railway, and the Three Gorges water transport new channel are progressing steadily. Consumption-boosting initiatives have been intensively implemented, and coordination between urban and rural areas has been enhanced. Efforts to build livable, workable, and beautiful villages have been tailored to local conditions, with implementation plans for 12 regional 15th Five-Year Plans launched.
Wang emphasized that new growth drivers, including high-end manufacturing, the intelligent economy, and modern services, contributed over 40% to economic growth in the first half of the year. Breakthroughs in key core technologies continue to accelerate, with the quantum computing prototype "Jiuzhang 4.0" setting a new world record. The transformation and upgrading of the manufacturing sector is speeding up, and corporate profits are steadily improving.
In terms of safeguarding people's livelihoods, the report states that employment stability has been prioritized, with policies supporting graduate employment and actions to stabilize jobs and expand quality employment. Social security has been strengthened, with the per capita fiscal subsidy for urban and rural residents' basic medical insurance increased by 24 yuan.
Looking ahead to the second half of the year, the report outlines plans to intensify macro policy implementation in line with the 15th Five-Year Plan, unleash domestic demand potential with greater force, drive innovation in building a modern industrial system, deepen reforms and expand opening-up, promote coordinated urban-rural and regional development, accelerate the green transformation of economic and social development, strengthen security capacity in key areas, and take multiple measures to improve people's livelihoods while prudently resolving risks in key sectors.
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