The State Council’s report on this year’s economic and social plan was submitted
for review at the NPC Standing Committee meeting in Beijing (Aug. 25-28). It
shows 1H GDP rose 4.7% YoY, with an incremental output of 3.6 tln yuan — the
largest same-period increase in five years. CHINA STATE PLANNER deputy director
Wang Changlin said plan execution is overall good; growth, employment, prices
and foreign trade are in line with expectations, while consumption, household
income, fiscal/financial measures, social security, environmental work and grain
output have advanced. The report warned geopolitical conflicts are increasingly
spilling over to China’s economy, domestic activity is increasingly bifurcated,
insufficient effective demand is weighing on economic circulation, more firms in
some sectors are facing operational difficulties, risk resolution in key areas
remains onerous, and employment and livelihood support need strengthening.
