政策协同驱动我国经济在转型中释放新动能

Economic Growth and Structure - China's GDP grew by 5.3% year-on-year in the first half of the year, with final consumption contributing over 50% to economic growth, indicating a strong recovery in demand [1][2] - The shift from scale expansion to quality improvement is evident, with high-tech industries, particularly information services and aerospace manufacturing, showing significant growth [2][3] Fiscal and Monetary Policy - Special bond issuance accelerated, with over 2.1 trillion yuan issued, a 667 billion yuan increase from the previous year, supporting infrastructure investment [3][4] - The central bank's monetary policy focused on maintaining liquidity and reducing financing costs, with the average interest rate on new loans dropping to 3.3%, a decrease of 45 basis points year-on-year [3][4] Sectoral Performance - Retail sales in categories like home appliances and communication devices grew over 20% year-on-year, reflecting a strong consumer demand driven by policies such as "trade-in for new" [2][3] - High-end manufacturing, including semiconductors and robotics, is expected to benefit from increased demand, showcasing resilience in exports with a 5.9% year-on-year growth in dollar terms [4][5] Policy Outlook - There is potential for further fiscal policy expansion, particularly in new infrastructure and social welfare sectors, while monetary policy may focus on improving the efficiency of existing funds [5][6] - The emphasis on structural optimization and collaboration in policy implementation is expected to support sustained high-quality economic development [6]