China's Economy Expands by 4.7% in First Half of the Year

Official data released on Monday shows the Chinese economy grew by 4.7% year-on-year in the first six months of the current year.

The National Bureau of Statistics reported the nation's gross domestic product (GDP) reached 69.57 trillion yuan for the first half.

Analyzed by sector, the primary industry saw an increase of 3.7%, the secondary industry grew by 3.9%, and the tertiary industry expanded by 5.2%.

On a quarterly basis, GDP growth was 5% in the first quarter and 4.3% in the second quarter, which saw a quarter-on-quarter increase of 0.9%.

Industrial output from major enterprises climbed 5.4% year-on-year, with the equipment manufacturing and high-tech manufacturing sectors posting strong gains of 9.3% and 13.3%, respectively.

The services sector's value added grew by 5.2%. In June, the services business activity index stood at 50.4%, slightly higher than the previous month.

Total retail sales of consumer goods and services rose by 2.7% for the half-year period. Online retail sales of goods and services surpassed 10 trillion yuan, marking a 5.2% increase.

Nationwide fixed-asset investment, excluding rural households, was down 5.7%. Excluding real estate development, this figure fell by 2.7%.

The total value of goods imports and exports increased by 16.9% to over 25.4 trillion yuan.

The average surveyed urban unemployment rate for the period was 5.2%. Per capita disposable income for residents reached 22,981 yuan, a nominal increase of 5.2%, or 4.2% in real terms after adjusting for inflation.

At a press conference, a senior statistics official stated that overall, the national economy operated within an appropriate range during the first half, with progress in fostering new productive forces and high-quality development.

The official also noted that numerous external uncertainties persist, domestic demand remains weak relative to supply, and the foundation for economic recovery requires further strengthening.