National Bureau of Statistics deputy director Mao Shengyong said at a State
Council Information Office briefing that China’s GDP rose 4.7% YoY in 1H at
constant prices, in line with the annual growth target. Economic output expanded
by 3.6 trillion yuan in 1H, the biggest same-period increment in five years. Mao
said activity remains stable despite a Q2 slowdown and the underlying shift
toward new, higher-quality growth is unchanged. He added that since Q2 some
international agencies have cut full-year forecasts for most major economies but
raised their China growth prospects, signaling increased external confidence in
China’s 2024 growth prospects.
