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Home > News > Industry Activities > Highlights of China's Economy in H1

Highlights of China's Economy in H1

By China Daily , 2019-07-17 11:18:13

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China's economic growth held steady in the first half of 2019 despite headwinds, as positive factors are increasing to support high-quality development, the country's top economic regulator said on Tuesday。 Some highlights of China's economy in H1 can be listed as follows.

GDP growth

China's economy grew 6.3 percent year-on-year in the first six months of this year, in line with the government's annual target of 6 to 6.5 percent.

The economic performance was generally stable, NBS spokesman Mao Shengyong said, adding that the 6.3 percent GDP increase -- achieved amid slower global economic growth, weak expansion of international trade and domestic downward pressure -- meant China was still one of the world's fastest-growing major economies.

Foreign trade

Foreign trade increased by 3.9 percent year-on-year, totaling 14.67 trillion yuan, with exports growing by 6.1 percent to 7.95 trillion yuan and imports rising 1.4 percent to 6.72 trillion yuan, data from the General Administration of Customs showed.

Newly introduced tax cuts and fee reductions have effectively promoted expectations and confidence in the market and enterprises, said Li Kuiwen, spokesman for the General Administration of Customs, at a news briefing.

Fixed-asset investment

Fixed-asset investment grew by 5。8 percent year-on-year in H1, 0。2 percentage points faster than growth in the first five months。

Investment in high-tech manufacturing surged 10。4 percent, 4。6 percentage points faster than total investment growth, while investment in high-tech services also registered faster-than-average growth of 13。5 percent。

Foreign investment

The actually utilized foreign investment in China rose 7.2 percent from a year ago to reach 478.33 billion yuan during the first half of this year, with a total of 20,131 new foreign-funded enterprises established, data from the Ministry of Commerce showed.

The determination of the Chinese government to support the development of foreign enterprises in China will not change, said Gao Feng, a spokesperson for the ministry. The Chinese government would further open up the market, promote investment liberalization and facilitation, and strengthen the protection of the rights and interests of foreign investors.

Manufacturing industry

High-tech industries maintained fast expansion, with the output for high-tech manufacturing up 9 percent year-on-year in the first half, 3 percentage points faster than overall growth。 The output of new energy vehicles and solar cells grew 34。6 percent and 20。1 percent, respectively。

It shows that under the complex and changed economic environment, the manufacturing industry has boosted transformation and upgrading, while middle- and high-end manufacturing, together with consumer goods manufacturing, are promoting economic growth, said Zhao Qinghe, a senior official of the National Bureau of Statistics.

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