Why is China’s H1 2024 GDP growth of 5 pct remarkable?

BEIJING, July 19, 2024 /PRNewswire/ — A report from People’s Daily：Data released by China’s National Bureau of Statistics (NBS) show that the country’s gross domestic product (GDP) expanded 5 percent year-on-year in the first half of this year, which is a truly remarkable achievement for the world’s second-largest economy.

In the face of immense challenges and difficulties, China’s economic growth in the first quarter outpaced other major economies, and it’s expected to maintain this lead in the first half of this year.

Recently, the World Bank also raised its forecast for China’s economic growth in 2024. China’s economy remains an important engine and stabilizer for global economic growth.

China has remained determined and forged ahead without turning back in steering its economic operation.

The country has made a considerable number of achievements in innovation since the beginning of this year, including the Chang’e-6 lunar probe bringing back the world’s first sample from the far side of the moon, the Shenzhen-Zhongshan link, a core transportation hub project in the country’s Guangdong-Hong Kong-Macao Greater Bay Area, setting 10 world records, and a group of Chinese telecom engineers building the world’s first field test network for 6G communication and intelligent integration.

The continuous improvement in scientific and technological self-reliance injects new momentum into the country’s efforts to accelerate the development of new quality productive forces, cultivating a growing trend toward innovation and green development-oriented transformation.

As a result of effective qualitative improvement and reasonable quantitative growth in the economy, the 5-percent growth conforms to the country’s pursuit of high-quality development.

China has maintained high spirits and a firm commitment to reform along its journey of high-quality development.

The country firmly believes that the key to solving difficulties and problems on the path forward is to comprehensively deepen reforms.

China has vigorously promoted the implementation of measures facilitating efficient, one-stop, and application-free government services, winning widespread praise.

The country has also continuously advanced innovation and improvement in macroeconomic policies. China’s central bank, the People’s Bank of China, established a 500 billion yuan ($68.93 billion) relending facility to support sci-tech innovation, technical transformation and equipment renewal.

By expanding its 144-hour visa-free transit policy to 37 ports across the country, China has further boosted its high-level opening up.

Earnestly breaking through deep-seated institutional barriers, the country has translated its institutional advantages into governance effectiveness and efficiency, better nurturing the potential, vitality, and creativity for high-quality development.

China’s exceptional ability to solve prominent issues in economic and social development through reform exemplifies the country’s successful experience and instills unwavering confidence for its seizing strategic opportunities and winning strategic initiative in the future.

Looking at the Chinese economy with a long-term and broad vision, it’s not difficult to find that China enjoys distinct strengths such as a socialist market economy in systemic terms, a supersize market in terms of demand, a full-fledged industrial system in terms of supply, and abundant, high-caliber labor forces and entrepreneurs in terms of human resources. China’s economic development is self-generative, resilient and has many potentials.

With reforms propelling momentum, policies fostering synergy, and markets injecting vitality, China’s economy is poised to deliver an even more remarkable performance.

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SOURCE People’s Daily