New driving forces from innovative production capacities had contributed significantly to the steady improvement of the Chinese economy in the first half of 2024, experts said after the release of official data on the nation's economic performance in the first six months on Monday.
Data from the country's National Bureau of Statistics showed that the gross domestic product (GDP) grew 5 percent year on year in the first six months of the year, reaching nearly 62 trillion yuan, or about 8.65 trillion U.S. dollars.
"In the first half of the year, China's economy continued its trend of stable growth and steady recovery. Particularly notable were advancements in industrial added value, service consumption, foreign trade exports, manufacturing investment, and the development of high-tech industries. The emergence of new quality productive forces from innovative production capacities contributed to a strong overall economic performance, indicating a promising direction towards new growth," said Huang Hanquan, head of the Academy of Macroeconomic Research affiliated with China's National Development and Reform Commission (NDRC).
Consumption, domestic investment and foreign trade remained the three major engines driving China's economic growth, according to the data.
Boosted by supportive policies, retail sales of consumer goods rose 3.7 percent from a year ago. Services consumption stood out as a bright spot.
Fixed-asset investment went up by 3.9 percent on a yearly basis in the first six months. In particular, investment in high-tech industries showed robust growth, up by 10.6 percent.
In terms of foreign trade, the volume jumped 6.1 percent year on year during the same period. The trade structure continued to improve, with foreign trade by private enterprises up 11.2 percent year on year.
Wei Qijia, a research fellow with the State Information Center, also an NDRC affiliation, believed high technologies have forged new growth drivers that play an increasingly important role in the overall economic performance.
"Certain industries employing advanced technologies have shown significant improvements in indicators such as investment and others. For instance, new growth points arising from the energy conservation and carbon reduction sectors have emerged. These industries are increasingly playing a crucial role in stabilizing the overall economy," said Wei.
New drivers from innovative production capacities contribute to steady improvement of Chinese economy: economists
