China's GDP Grows 5% in 1st Half of 2024

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

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