Categories: Economic News

China makes new progress in high-quality economic development

China has made solid progress in advancing economic structural adjustment, steadily improved the quality and efficiency of development, and brought high-quality development to a new level, CCTV reported.

The added value of the high-tech manufacturing industry experienced year-on-year growth of 9.6 percent in the first half of this year, 6.2 percentage points higher than that of the total industrial value added of enterprises above the designated size.

Investment in high-tech industries increased by 20.2 percent in the same period with accelerated development of modern service industries and a constantly improved industrial structure.

China’s total online retail sales grew 3.1 percent to 6.3 trillion yuan ($940 billion) in the first half of this year. Online retail sales of physical goods accounted for 25.9 percent of total retail sales of consumer goods in the first half, up 2.2 percentage points year-on-year.
The new type of consumption accelerated its pace with the support of new business forms, models and scenarios.

In the same period, the country’s imports and exports increased by 9.4% year-on-year, with the import and export of mechanical and electrical products up 4.2%, representing 49.1% of the total import and export volume , and continuously optimized trading. structure

These achievements are the result of active adjustment and guidance in the form of a series of forward-looking measures for economic structural reform, said Sheng Chaoxun, director of the Strategic Policy Department of the Macroeconomic Research Academy of the china
China’s digitalization transformation and upgrade accelerated in the first half of this year with more than 3,100 “5G plus Industrial Internet” projects.

The numerical control rate of the country’s key processes in industrial enterprises above the designated size reached 55.7%, and the penetration rate of digital R&D and design tools of these enterprises was 75, 1% in the first semester. China’s traditional industry also accelerated digital, smart and green expansion.

China’s innovation driving force continued to grow with the number of valid invention patents exceeding 3.9 million in the first half, up 17.5% year-on-year.

The total revenue of the electronic information, software, communications and Internet manufacturing industries exceeded 10 trillion yuan in the first half, and the digital economy played a larger role in economic growth.

China witnessed steady progress in green development with electricity generated by clean energy rising 12.8 percent year-on-year in the first half. The share of clean energy consumption in total energy consumption increased by 1.3 percentage points year-on-year and more than 90 percent of new buildings were “green”.

Economic changes in the first half of this year showed the strong and unique resilience of the Chinese economy, said Wang Yiming, vice president of the China International Economic Exchange Center. China is undergoing a new round of transformation and upgrading in the face of growing external pressure. This greater leeway for economic stability and its importance to the Chinese economy is expected to be further revealed in the future, Wang said.
Source: China Daily


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