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China makes progress in high-quality development: official

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      China

      China

      China makes progress in high-quality development: official

      2024-07-15 21:31 Last Updated At:07-16 00:17

      China's national economy steadily improved in the first half of 2024, making new progress in high-quality development, official at China's National Bureau of Statistics (NBS) said on Monday.

      China's gross domestic product (GDP) reached around 61.68 trillion yuan (about 8.65 trillion U.S. dollars) in the first half of this year, growing 5 percent year on year, according to the latest data released by the NBS on Monday.

      The added value of primary industries was 3.066 trillion yuan (about 422 billion U.S. dollars), a year-on-year increase of 3.5 percent. The added value of secondary industries reached 23.653 trillion yuan (about 3.26 trillion U.S. dollars) an increase of 5.8 percent while for tertiary industries added value grew by 4.6 percent to 34.9646 trillion yuan (about 4.8 trillion U.S. dollars).

      China's new quality productive forces are developing faster, according to the NBS, with the added value of industrial enterprises above a designated size, an important economic indicator, increasing by 6.0 percent year on year.

      China's retail sales of consumer goods totaled nearly 23.6 trillion yuan (about 3.25 trillion U.S. dollars) in the first half, up 3.7 percent year on year, with online shopping, online meal ordering, cross-border e-commerce and green consumption growing fast. Consumption continued to play a major role in driving growth, with final consumption contributing 60.5 percent to economic expansion in the first half, contributing 3 percentage points to the GDP growth.

      Fixed-asset investment rose 3.9 percent year on year in the first half to nearly 24.54 trillion yuan (about 3.37 trillion U.S. dollars), with investments in high-tech industries leading the way.

      The country optimized its trade structure during the period, the NBS said, with the total value of import and export of goods increasing by 6.1 percent year on year. Employment and prices were generally stable, and residents' incomes continued to increase.

      "For an economy with such a large volume like ours, achieving a medium-to-high-speed growth rate of about 5 percent is commendable and remarkable. Compared to other countries worldwide, China's economic performance remains relatively strong. In the first quarter, China's economic growth rate outpaced major economies such as the United States, Europe, and Japan. Based on a comprehensive analysis of both domestic and international conditions in the second quarter of this year, it is expected that China's economic growth rate will continue to lead in the first half of the year, serving as a crucial engine and stabilizing force for global economic growth," said Liu Aihua, spokeswoman of the National Bureau of Statistics.

      "China is the second-largest economy in the world, with such a large scale. Given the uncertain external environment, achieving these results is indeed something to be proud of," said Liu Chunsheng, an associate professor at the Central University of Finance and Economics.

      This year, China has accelerated its industrial transformation towards "green" development, replacing old growth drivers in traditional industries with new drivers in up and coming sectors.

      In the first half of the year, the added value of high-tech manufacturing industries above a designated size accounted for 15.8 percent of the added value of industries above a designated size, an increase of 0.6 percentage points over the previous quarter. The output of intelligent green new products such as integrated circuits, service robots, new energy vehicles and solar cells all maintained double-digit growth. New technologies such as big data and artificial intelligence have spawned new consumption scenarios, with online retail sales of physical goods increasing by 8.8 percent year on year.

      "For example, represented by sectors such as unmanned aerial vehicles, low-altitude economy, new energy vehicles, green economy, and large language models, both manufacturing and service industries have seen representative enterprises making continuous progress and development, providing new growth points for the Chinese economy," said Liu.

      "With the ongoing recovery of external demand, issuance of ultra-long special treasury bonds, large-scale equipment upgrades, and trade-ins of consumer goods, along with continued efforts from fiscal, taxation, and financial policies to support high-quality development, the positive factors contributing to China's economic growth are gradually increasing. This is expected to further consolidate and strengthen economic recovery," said Wang Liwei, deputy director of the Development Strategy and Planning Research Office of the Economic Research Institute of the Academy of Macroeconomic Research.

      China makes progress in high-quality development: official

      China makes progress in high-quality development: official

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      Chinese embassies hold receptions to celebrate upcoming Spring Festival

      2025-01-21 21:46 Last Updated At:22:07

      Festive receptions were held by Chinese embassies to celebrate the upcoming Spring Festival, with the promotional video for the 2025 China Media Group (CMG) Spring Festival Gala unveiled to add festive atmosphere to the events.

      The Spring Festival centers around the Chinese New Year, which lands on Jan. 29 this year, ushering in the Year of the Snake.

      The Chinese Embassy in Tajikistan hosted a Spring Festival reception on Jan. 20 for overseas Chinese in Tajikistan. Nearly 300 people, including representatives of overseas Chinese groups such as the Chinese Chamber of Commerce in Tajikistan, the Federation of Overseas Chinese, teachers and students from the local Confucius Institute, and international students in Tajikistan, gathered to celebrate the coming of the Year of the Snake.

      In his speech delivered at the reception, China's Ambassador to Tajikistan Ji Shumin said that China's high-quality development and high-level opening-up have injected certainty and stability into a turbulent and changing world. China-Tajikistan cooperation in various fields has been promoted across the board, and the development of bilateral relations has reached a new level. Looking forward to 2025, China-Tajikistan relations will shine with new vitality and bring more benefits to the people of both countries, said the ambassador.

      The promotional video for the 2025 CMG Spring Festival Gala was played in a loop at the reception. By watching the video, guests felt the festive atmosphere of the Spring Festival and the unique charm of Chinese traditional culture.

      At the reception, overseas Chinese in Tajikistan performed a variety of cultural programs created by themselves. The joyous lion dance, the melodious guzheng performance, and the passionate Tajik eagle dance added a great deal to the festive atmosphere.

      The Chinese Embassy in the Philippines, the Federation of Philippine-Chinese Chambers of Commerce and Industry, the Federation of Philippine-Chinese Associations, and the Philippine-Chinese Chamber of Commerce jointly held a Spring Festival reception on Jan. 19. More than 1,000 people from the Philippine government, Congress, overseas Chinese, people from all walks of life, and foreign diplomatic envoys to the Philippines gathered to celebrate the festival.

      Huang Xilian, Chinese Ambassador to the Philippines, extended New Year greetings to people from all walks of life in China and the Philippines, saying that the Spring Festival is a common festival for the people of many countries, including China and the Philippines, and has been listed as an intangible cultural heritage of humanity by UNESCO. He said that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the Philippines, and he hopes that both countries will cherish and maintain the bilateral relations for greater benefits to the people of the two countries.

      Philippine Vice President Sara Z. Duterte and Louise Araneta-Marcos, wife of Philippine President Ferdinand Romualdez Marcos Jr., extended new year greetings via video link. Duterte said that the 50th anniversary of the establishment of diplomatic relations between the Philippines and China is of great significance, and she looks forward to the two countries working together to create a harmonious and prosperous future. Marcos said that the Philippines-China relations have been developing continuously for decades, which truly reflects the long-term friendly relations between the people of the two countries.

      The promotional video for the 2025 CMG Spring Festival Gala was played at the reception. The festive atmosphere and gorgeous stage design attracted the attention of all the guests present.

      Chinese embassies hold receptions to celebrate upcoming Spring Festival

      Chinese embassies hold receptions to celebrate upcoming Spring Festival

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