By Billy Jiang On July 15, the National Bureau of Statistics released data revealing that China's Gross Domestic Product (GDP) reached RMB61.68 trillion in the first half of 2024, marking a 5% year-on-year increase at constant prices. The breakdown by sectors shows varying growth rates:
Primary industry increased by 3.5% to RMB3.07 trillion
Secondary industry grew by 5.8% to RMB23.65 trillion
Tertiary industry expanded by 4.6% to RMB34.96 trillion.
Quarterly analysis reveals a slight moderation in growth momentum: GDP grew by 5.3% year-on-year in Q1 and by 4.7% in Q2. Despite overall stability, certain sectors faced conspicuous declines. Notably, real estate investment plummeted by 10.1%, with nationwide sales of new residential properties dropping by 19%. Similarly, the sales value of new residential properties fell by 25%. The data underscores China's efforts to maintain economic stability amid challenges in specific sectors. Value-added industrial output, a critical economic gauge, rose by 6% year-on-year, reflecting resilience despite sectoral disparities. According to China Daily, retail sales also increased by 3.7% year-on-year in the first half of 2024, signaling ongoing consumer spending despite economic headwinds. The performance in the first half of 2024 suggests a mixed economic landscape for China, balancing growth achievements with targeted sectoral adjustments. READ MORE: More Than Half of China's Leading Companies Downsized in 2023 For more news on economic developments in China, follow our WeChat official account, ThatsShanghai. [Cover image via Unsplash] ▼For more news, click 'Read more' (阅读原文) below.
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