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A meeting of the top authorities on Monday pointed out that China's economy
continues to recover, high-quality development has made steady advancement,
industrial upgrading has achieved progress, and food and energy security has
been effectively guaranteed. In the first half of the year, China's GDP grew by 5.5 percent year-on-year,
significantly faster than the 3 percent growth for last year and the 4.5 percent
average annual growth rate in the three years of the pandemic. The contribution
of final consumption expenditure to economic growth has reached 77.2 percent,
higher than last year, and the added value of the service sector accounted for
56 percent of GDP, contributing 66.1 percent to economic growth. All this proves
that China's economy has great resilience and potential. All parties should work harder to fully implement the spirit of the top-level
meeting, consolidate the foundation of economic recovery, and promote a
sustained economic turnaround. However, in the face of the complex and severe environment at home and
abroad, it is not easy for China to achieve this. After the pandemic, China's
economic recovery has seen a zigzag pattern. The global economy is under
considerable downward pressure with many destabilizing and uncertain factors
still existing. At home, domestic demand remains insufficient, some enterprises
are facing headwinds, and risks and hidden dangers still exist. Therefore, the top-level meeting rolled out a series of policy arrangements
aimed at expanding domestic demand, boosting confidence, enhancing the
endogenous driving force of the economy, improving social expectations, defusing
risks, and expanding reform and opening-up to promote a rise of both quantity
and quality of the economy. China has a complete industrial system, rich human resources, a convenient
hardware and software infrastructure network, ever-enhancing security guarantees
for its food, energy resources, and industry and supply chains. It is also the consumer market with the greatest potentials worldwide. Its
investment demand in public services and infrastructure remains vigorous, and
the coordinated development between urban and rural areas and between regions is
unleashing a huge market space. As policy measures rolled out by the authorities are implemented, the country
is on a solid footing to promote better economic development and realize
economic and social development goals set for the year.
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