🌟 Global financial institutions are super excited about China's economic future, and it's easy to see why! China's efforts towards high-quality growth are starting to pay off big time. 💰
Impressive Growth Stats 📈
According to the National Bureau of Statistics (NBS), China's GDP grew by a solid 5% year on year in the first half of the year. On a seasonally adjusted basis, the economy expanded for the eighth consecutive quarter—now that's some serious consistency! 🔥
Innovation is the Key 🔑
Wu Yibing, head of China for Singapore's state investment company Temasek, believes that China's real advantage comes from research and innovation. 💡 In the past, China's manufacturing strength was all about abundant labor and high efficiency. But now, it's the cutting-edge tech and creativity that's stealing the spotlight! 🌐
High-Tech Industries on the Rise 🚀
In the first half of the year, value-added industrial output increased by 6% year on year. The equipment manufacturing sector, making up a third of overall industrial output, soared by 7.8%! The high-tech manufacturing industry wasn't left behind either, with an 8.7% jump. 🛰️
Products like service robots, smartphones, and new energy vehicles saw massive production boosts of 22.8%, 11.8%, and 34.3% respectively. Talk about tech taking off! 🤖📱🚗
Global Recognition 🌍
Bloomberg recently reported that China's quest for high-quality growth is starting to bear fruit. Their advancements in electric vehicles, solar panels, and other high-tech industries are helping keep economic expansion on track. 🏎️☀️
Investments and Exports Shining 💎
Experts like Ji Mo, chief China economist of DBS Group Research, highlight effective investments driven by equipment upgrades and consumer goods trade-ins. Infrastructure construction investments rose by 5.4%, and manufacturing investments jumped by 9.5% in the first half of the year. 🏗️
China's net exports of goods and services also made a splash, contributing 0.7 percentage points to GDP growth. Liu Jing, chief economist for Greater China at HSBC, noted that China continues to expand its global market share despite trade restrictions. 📦
Looking Ahead 🌠
While the accelerated development and supportive policies have bolstered China's economy, experts say there's room for more. Continuous reform and opening up are needed to tackle challenges like insufficient demand and a complex external environment. But with the current momentum, the future looks bright! ✨
Reference(s):
Foreign financial institutions upbeat on prospects of China's economy
cgtn.com
