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GDP Grew by 6.9% in the First Half of 2017 Represents the Stable and Improved Economic Trend

Submit Time:16-08-2017 | Zoom In | Zoom Out

Author:Zhang Yi | Source:Guangming Daily (Page 01, July 18, 2017)

Abstract:

Data published by the State Statistics Bureau on July 17 show that, according to the preliminary accounting, the GDP in the first half of 2017 was 38.1490 trillion yuan, increasing 6.9% over the same period of last year in comparable price.

By quarters, the year-on-year increase of GDP was 6.9% in both Q1 and Q2. By industrial sectors, the added value in the primary industry was 2.1987 trillion yuan, a year-on-year increase of 3.5%; the added value in the secondary industry was 15.2987 trillion yuan, an increase of 6.4%; and the added value in the tertiary industry was 20.6516 trillion yuan, an increase of 7.7%.  

The main characteristics of the national economy in the first half of 2017 are: good situation in agricultural production, and good harvest once more for summer grain crops; accelerated industrial production, rapid growth of enterprise profits, and accelerated advancement of the manufacturing industry towards medium and high end; fairly rapid growth of service industry, with continuous increase of degree of boom; stable and slightly gentle increase of investment, and rapid rising of investment in manufacturing sector and private investment; slowing down growth of the real estate investment, and continual reduction of commodity houses to be sold out; accelerated growth of market sales, and strong increase of online retails; rapid growth in import and export with improvement of the foreign trade structure; moderate rising of consumer prices and slowing down rising of prices of industrial products; fairly rapid increase of income of urban and rural residents, with continual narrowing of urban and rural income gap; steadfast advancement in cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening areas of weakness, with the policy effect being continually demonstrated.  

“In general, the national economy in the first half of 2017 continued the development trend of stabilizing with momentum of progress and growth, laying a solid foundation for fulfilling the expected target of the year and obtaining better results. However, it should also be seen that there are still many unstable and uncertain factors internationally, and the structural contradictions having been accumulated over long time in the country remain outstanding.” News spokesman of State Statistics Bureau Xing Zhihong pointed out that, in the future, we should take pursuing the supply-side structural reform as the main line, speed up the replacement of old growth drivers with new ones, promote the economic transition and upgrading, keep on consolidating the foundation for the stable and improving economy, and strive to better realize the expected economic development targets of the whole year.  


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