年中经济观察｜从四个关键词读懂中国经济“半年报”

Core Viewpoint - China's economy demonstrated resilience and stability in the first half of the year, with a GDP growth of 5.3% year-on-year, reflecting effective macroeconomic policies and strong underlying dynamics [1][7]. Group 1: Economic Stability - The economy showed a clear characteristic of stability, with a slight increase in growth rates. The average urban unemployment rate was 5.2%, down by 0.1 percentage points from the first quarter, with June's rate at 5% [2]. - The Consumer Price Index (CPI) experienced a slight decline due to international factors and falling food prices, but rose by 0.1% in June after four consecutive months of decline [2]. - The total import and export volume reached a record high for the same period, with foreign exchange reserves at $33,174 billion, remaining above $3.2 trillion for 19 consecutive months [2]. Group 2: Economic Progress - While stabilizing the economy, there was a firm commitment to promoting economic transformation and high-quality development. The service sector's contribution to GDP increased, accounting for 59.1% of GDP, with a contribution rate exceeding 60% [3]. - Retail sales of consumer goods reached 24.55 trillion yuan, growing by 5% year-on-year, indicating increased market activity [3]. - Exports grew by 2.9% in the first half, demonstrating resilience despite external shocks [3]. Group 3: New Growth Drivers - New production capacities were developed, with significant advancements in technology and industry innovation. High-tech manufacturing output increased by 9.5%, outpacing overall industrial growth by 3.1 percentage points [5]. - The digital economy and green development are rapidly advancing, with new industries and business models continuing to grow at a fast pace [4][5]. Group 4: Domestic Circulation - Policies aimed at strengthening domestic circulation have been implemented, with domestic demand contributing 68.8% to GDP growth [6]. - The integration of digital and physical economies is fostering new business models, enhancing resource allocation efficiency in the unified market [6]. Group 5: Outlook - Despite uncertainties in the external environment and internal structural adjustment pressures, there is a strong basis for stable economic growth in the second half of the year [6].