Economic Performance Overview - In July, the industrial added value above designated size increased by 5.7% year-on-year, indicating stable growth in production supply [1][2] - The total retail sales of consumer goods rose by 3.7% year-on-year, reflecting a steady increase in consumption [1][2] - The total import and export of goods grew by 6.7% year-on-year, showing resilience in foreign trade [1][2] Development of New Growth Drivers - High-tech manufacturing saw a significant increase, with added value rising by 9.3% year-on-year, outpacing overall industrial growth [3] - The modern service industry also experienced rapid growth, with information transmission and software services increasing by 11.9% [3] - The integrated circuit manufacturing sector grew by 26.9% year-on-year, and the production of new energy vehicles increased by 17.1% [3] Consumer Market Dynamics - The combined retail of goods and services is estimated to have grown by around 5% year-on-year from January to July, indicating a stable upward trend in consumption [4] - The "old for new" consumption policy has positively impacted sales, with significant year-on-year growth in categories such as home appliances (28.7%) and furniture (20.6%) [4] - Service retail related to cultural and recreational activities has also seen robust growth, driven by increased travel and leisure spending [4] Economic Stability and Future Outlook - Despite fluctuations in some economic indicators, the overall growth rate of key indicators remains stable, with employment and prices steady [7] - The macroeconomic policies implemented have effectively supported production demand and economic stability [7] - The International Monetary Fund has raised its forecast for China's economic growth by 0.8 percentage points, reflecting increased confidence in China's economic development [8]

Economic Overview - The core viewpoint of the article is that China's economy has shown resilience and stability in the first half of the year, with a GDP growth of 5.3% compared to the previous year, laying a solid foundation for achieving annual targets [1][3][7]. Economic Stability - The economic operation has been characterized by stability, with GDP growth slightly increasing from 5% in the previous year to 5.3% this year, with the first quarter at 5.4% and the second quarter at 5.2% [3][5]. - The unemployment rate has remained stable, fluctuating between 5.0% and 5.4% throughout the year [3]. - Consumer Price Index (CPI) has shown low volatility, with a slight increase of 0.1% in June after a few months of decline [3][5]. - The balance of international payments has been maintained, with foreign exchange reserves exceeding $3.2 trillion [3]. Economic Progress - The economy is making steady progress in terms of transformation and high-quality development, with significant achievements in innovation, coordination, green development, openness, and shared development [4]. - High-tech industries have seen a year-on-year increase of 9.5% in added value, indicating a growing contribution of new industries and technologies to the economy [4]. Domestic Demand - Domestic demand has played a crucial role in GDP growth, contributing 68.8%, with final consumption expenditure being the main driver at 52% [5]. - The volume of freight turnover increased by 5.1%, while passenger turnover rose by 4.9% [5]. Consumer Market - The retail sales of consumer goods reached 24.55 trillion yuan, growing by 5% year-on-year, with a notable acceleration in the second quarter [10]. - Service sector consumption has increased, with service retail sales growing by 5.3% and goods retail sales by 5.1% [10]. - Holiday consumption has seen a significant boost, with record numbers of people traveling during major holidays [10][11]. - Upgraded consumption categories, such as sports goods and jewelry, have experienced substantial growth rates of 22.2% and 11.3%, respectively [10]. Future Outlook - The economic outlook for the second half of the year remains optimistic, supported by ongoing consumption policies and a diversified trade strategy [8][11]. - The service sector is expected to continue its positive contribution to GDP growth, with a contribution rate of 60% in the first half of the year [7].