详解中国经济年中答卷：工业增速大幅加快，内需出现回落

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, with a 5.2% growth in the second quarter and a quarter-on-quarter growth of 1.1% in Q2 [2] - The industrial added value for large-scale industries increased by 6.4% year-on-year in the first half, with mining, manufacturing, and electricity sectors showing growth rates of 6.0%, 7.0%, and 1.9% respectively [4] - Fixed asset investment (excluding rural households) reached 248,654 billion yuan, growing by 2.8% year-on-year, with a notable decline in real estate investment by 11.2% [10] Industrial Performance - In June, the industrial added value increased by 6.8% year-on-year, accelerating by 1 percentage point from the previous month [2] - Advanced manufacturing and high-tech industries are driving the industrial growth, with equipment manufacturing growing by 10.2% and high-tech manufacturing by 9.5% [4] - The industrial production momentum may weaken in the second half due to export constraints, with expectations of a gradual slowdown in industrial growth [5] Consumer Market - The retail sales of consumer goods in June grew by 4.8% year-on-year, a decrease of 1.6 percentage points from the previous month [7] - The total retail sales for the first half reached 245,458 billion yuan, with a year-on-year growth of 5.0%, indicating a positive trend supported by various consumption policies [7][8] - The growth in service consumption and the emergence of new consumption models are notable trends in the consumer market [8] Investment Trends - The investment structure is improving, with manufacturing investment growing by 7.5% and accounting for 25.2% of total fixed asset investment [10] - Despite a nominal decline in investment growth, the actual growth rate remains stable when adjusted for price factors [10][11] - The government is expected to enhance investment through special bonds and long-term treasury bonds to support infrastructure projects [11][12]