CHINA’S economy demonstrated a stable expansion in the first half of 2024, achieving a year-on-year GDP growth of 5%, equivalent to 61.68 trillion Yuan (approximately 8.65 trillion US dollars), according to data released by the National Bureau of Statistics (NBS) on Monday last. Despite facing significant domestic and international challenges, the country’s economic performance remained resilient, underpinned by policy incentives, a rebound in external demand and the emergence of new quality productive forces.

GDP Growth: The first half of 2024 saw China’s GDP grow by 5% year-on-year. In the second quarter, the GDP expanded by 4.7% year-on-year, slightly down from the 5.3% growth recorded in the first quarter. This steady growth indicates a resilient economy despite various challenges. Retail Sales and Investment: Retail sales of consumer goods increased by 3.7% year-on-year in the first half, reflecting a recovery in domestic consumption. Fixed-asset investment rose by 3.9%, while value-added industrial output expanded by 6%. These figures highlight the ongoing recovery and growth in key sectors of the economy.

Unemployment and Income: The surveyed urban unemployment rate stood at 5.1% in the first half, down 0.2% age points from the same period last year. Per capita disposable income grew by 5.4% year-on-year in nominal terms, outpacing economic growth. This indicates an improvement in living standards and employment conditions. China’s........

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