China's economy demonstrated resilience amid pressures, posting steady growth in the first half of 2024. The National Bureau of Statistics reported on June 15 that preliminary calculations show gross domestic product reached 66.0536 trillion yuan, climbing 5.3% year-on-year at constant prices. Deputy Commissioner Sheng Laiyun characterized the economic performance as maintaining stability while trending positively.

Quarterly breakdowns reveal distinct patterns: first-quarter GDP grew 5.4% year-on-year, while the second quarter registered 5.2% expansion. Sequentially, second-quarter output rose 1.1% over the preceding three months.

Sectoral performances diverged significantly. Agriculture recorded 3.7% growth in value-added output, with summer grain harvests stabilizing at 149.74 million tons. Industrial production accelerated notably, as manufacturing above designated size expanded 6.4%. Within this segment, equipment manufacturing surged 10.2% while high-tech manufacturing jumped 9.5%—outpacing overall industrial growth by 3.8 and 3.1 percentage points respectively. Services sector growth quickened to 5.5%, marking a 0.2 percentage point acceleration from first-quarter levels.

Consumption indicators strengthened, with retail sales climbing 5% to 24.5458 trillion yuan—a 0.4 percentage point improvement over Q1. Fixed-asset investment excluding rural households expanded 2.8% to 24.8654 trillion yuan; stripping out property development, such investment grew more robustly at 6.6%.

Price stability persisted as the consumer price index dipped marginally by 0.1% year-on-year. Core CPI—excluding volatile food and energy components—rose 0.4%, expanding 0.1 percentage points from Q1. Employment conditions improved, with urban surveyed unemployment averaging 5.2%—down 0.1 percentage points quarterly. Household incomes increased steadily, with per capita disposable income reaching 21,840 yuan, reflecting 5.3% nominal and 5.4% real growth.

"Macro policies have delivered tangible results, sustaining economic momentum amid complex challenges," Sheng noted at the State Council press briefing. He acknowledged persistent headwinds including external uncertainties and insufficient domestic demand, emphasizing the need to "reinforce recovery foundations through high-quality development." Future policy will prioritize strengthening domestic circulation while navigating global economic tensions.