The third plenum of the 20th Central Committee of the Communist Party of China (CPC) is expected to introduce further reforms to enhance long-term growth and stability.
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A container ship of Chinese Cosco shipping lies in the harbor in Hamburg, Germany, Wednesday, Oct. 26, 2022. (AP)
The Global Times published a report on Monday, citing data from the National Bureau of Statistics (NBS), that China’s GDP grew by 5% to 61.68 trillion yuan ($8.49 trillion) in the first half of 2024.
The second quarter saw a slight slowdown to 4.7% growth, down from 5.3% in the first quarter.
Officials maintain that this dip is temporary and the economy remains on track for sustained recovery, driven by industrial upgrades, robust exports, and significant investment in high-end manufacturing.
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Experts also argue that China’s 5% growth aligns with its annual target and counters the negative perspectives of some foreign media outlets, which have expressed skepticism about the strength and stability of the Chinese economy.
“The Chinese economy’s operations have remained stable despite a complex global and domestic environment, achieving not only growth in quantity but also improving in quality [in the first six months]. This is a praiseworthy and solid economic transcript,” an NBS spokesperson said on Monday, according to a statement on the bureau’s website.
Analysts have also described China’s first-half economic growth as “stable and moderate, despite facing setbacks like insufficient effective demand, prolonged property adjustments, and weak social expectations.
China is instead transitioning toward a high-quality development model “under which the development of new drivers, such as new quality productive forces, are gaining steam.”
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Overall, the NBS called for a balanced view of short-term fluctuations versus long-term trends, asserting that the economy will overcome current pressures and uncertainties.
While acknowledging ongoing challenges, officials and analysts believe these issues can be addressed through development and reform measures.
Economist Tian Yun is quoted as saying that the second half of the year, particularly the third quarter, presents a window of opportunity to mitigate economic challenges, especially by helping the property sector recover and boosting consumer demand.
He noted that these improvements are critical for keeping China on track to achieve the 5-percent annual GDP growth target and, from a long-term perspective, advancing toward the secondary centenary goal.
“The annual GDP goal is within reach, but it will be an assiduous journey to achieve it,” he said.
The third plenum of the 20th Central Committee of the Communist Party of China (CPC) is expected to introduce further reforms to enhance long-term growth and stability.
