Economic Growth - The GDP growth rate for Q2 is 5.2%, with a cumulative growth rate of 5.3% for the first half of the year, indicating a reduced difficulty in achieving the annual GDP target[2] - The nominal GDP growth rate for Q2 is 3.94%, with a contribution rate of 132% from volume and -30.6% from price, highlighting a high degree of imbalance in volume-price distribution[2][9] - Final consumption expenditure contributed 52.3% to economic growth in Q2, slightly up from Q1, while capital formation contributed 24.7% and net exports contributed 23%[3][25] Investment and Consumption - Fixed asset investment growth in June was -0.1%, down from 2.7% in the previous month, with manufacturing and infrastructure investment both declining[4][55] - The consumer spending growth rate in June was 4.8%, down from 6.4%, with notable declines in restaurant and related goods consumption[4][44] - The consumer propensity to spend was 68.6% in Q2, slightly higher than the previous year's 68.5%, indicating a stable consumer sentiment[5][28] Capacity Utilization and Employment - The capacity utilization rate for Q2 was 74.0%, down from 74.9% in the same period last year, with several industries showing declines[3][32] - The total number of rural migrant workers was 19.139 million at the end of Q2, with a year-on-year growth of 0.7%[3][35] - The urban survey unemployment rate remained stable at 5.0% in June, reflecting a steady employment situation[40]

Core Viewpoint - The article discusses the economic performance in the second quarter, highlighting the need for a rebalancing of quantity and price in GDP growth, with a focus on consumer spending and investment control measures [1][5]. Group 1: Economic Growth Analysis - In Q2, GDP growth was 5.2%, slightly down from 5.4% in Q1, while the cumulative growth for the first half of the year was 5.3% [3][19]. - The nominal GDP growth rate for Q2 was 3.9%, with a significant contribution from quantity at 132% and a negative contribution from price at -30.6% [3][19]. - The contribution rates to GDP growth were as follows: final consumption expenditure at 52.3%, capital formation at 24.7%, and net exports at 23% [22]. Group 2: Investment and Consumption Trends - Fixed asset investment growth in June was -0.1%, with manufacturing and infrastructure investment showing declines [4][51]. - Consumer spending in June grew by 4.8%, down from 6.4% in May, with notable declines in restaurant and online shopping growth rates [4][40]. - The average monthly income for migrant workers in Q2 increased by 3.0%, but this was lower than the 3.3% growth in Q1 [31]. Group 3: Rebalancing Measures - The article outlines three key measures for addressing the imbalance between quantity and price: controlling incremental investments, improving corporate cash flow, and enhancing consumer spending willingness [5][12][18]. - The first measure involves strict control over new investments, particularly in the manufacturing sector, where investment growth has been declining [12][13]. - The second measure focuses on improving cash flow for enterprises, with recent data indicating a recovery in corporate deposits [15][6]. - The third measure aims to boost consumer spending through various policies, with consumer inclination slightly increasing to 68.6% in Q2 compared to 68.5% in the previous year [18][25].