Economy resilient, stronger momentum ahead

First, new growth drivers continued to upgrade manufacturing and optimize the structure of foreign trade. Production of high-tech and high-value-added products accelerated, with their share in exports continuing to increase. In the first half, value-added industrial output of enterprises above designated size grew 5.4 percent year-on-year, while value-added output of high-tech manufacturing rose 13.3 percent, outpacing the same period last year by 3.8 percentage points and accelerating 0.8 percentage point from the first quarter. Production of computers, communication equipment and other electronic products — as well as industrial robots — maintained rapid growth. High-tech manufacturing contributed nearly 40 percent of total industrial growth, gradually becoming a core driver of economic expansion.

The development of new growth drivers also promoted both higher-quality and faster growth in foreign trade. Merchandise exports reached $2.13 trillion in the first half, up 17.6 percent year-on-year, while imports totaled $1.55 trillion, rising 26.6 percent. Exports of mechanical and electrical products surged 24.5 percent, accounting for more than 60 percent of total exports. Driven by the global technology cycle, imports and exports of artificial intelligence-related products, including electronic components, computer parts, optical fiber and cables, grew by around 50 percent year-on-year. AI-related industrial chains, such as integrated circuits and computer components, have become an important pillar supporting export growth. As China continues to increase the supply of innovative products that meet the global trend toward digitalization and green development, it has further consolidated and expanded its diversified overseas markets. Trade with ASEAN, the European Union and Africa all recorded double-digit growth, while trade with Belt and Road partner countries increased by 14.8 percent, accounting for more than half of China's total foreign trade for the first time.

Second, the investment structure continued to improve, with greater emphasis placed on fostering future growth potential and improving people's well-being. Although overall fixed-asset investment growth moderated in the first half, investment in high-tech industries continued to grow steadily, while investment in intellectual property products accelerated further. Investment related to the six networks — water conservancy, new power grids, computing infrastructure, next-generation telecommunications, urban underground utilities and logistics — continued to expand, providing stronger support for long-term development capacity and public well-being.

Third, demand for services consumption grew steadily, while the potential of new forms of consumption continued to be unleashed. As living standards continue to improve, the rising share of services consumption reflects the natural evolution of China's economy and creates broader opportunities for foreign businesses seeking to expand in China. In the first half, retail sales of services increased 5.3 percent year-on-year, while spending on culture, sports and leisure services maintained rapid growth. Holiday travel, cultural performances and inbound tourism all recorded solid increases. At the same time, online, digital and green consumption emerged as new growth areas. Retail sales of high-energy efficiency household appliances continued to expand rapidly, while the retail penetration rate of new energy vehicles exceeded 60 percent for the third consecutive month, highlighting the continued release of new consumption potential.