Graphics shows data released by the National Bureau of Statistics(NBS) on China's economic development in the first half of 2018 (XINHUA)
China's gross domestic product (GDP) in the first half of 2018 saw 6.8-percent growth year on year, according to data released by the National Bureau of Statistics (NBS) of China on July 16, demonstrating a sustained trend of steady growth and a stable, positive economic performance.
The general principle of pursuing positive growth while ensuring stability is familiar to experts, scholars and the media at home and abroad who closely follow China's economic statistics, as it has been among the most frequently used concepts in the quarterly and annual reports issued by the NBS for the past several years. As the recent report shows, the Chinese economy is indeed in a phase of stable development, showing a positive trend.
Embroiled in a trade spat with the United States for much of the first half of 2018, China's economy has received increased attention from the international community of late. The statistics again evidenced the tenacity of the Chinese economy, which will inspire confidence in China's economic development going forward.
Where does this tenacity come from? Firstly, restructuring has taken effect as the added value of the service industry accounts for a higher proportion of China's GDP, contributing to economic growth. In addition, China has accelerated the replacement of old growth drivers, while in those industries and products that rely on technology, transformation and upgrading have shown a higher rate of increase.
Moreover, quality and efficiency have been significantly improved. The proportion of clean energy consumption is on the rise, while the energy required to produce 10,000 yuan ($1,492) of GDP is decreasing. Disposable income, the profits of enterprises and the national annual budget are all maintaining fast growth.
These examples point to a stable and positive trend in the Chinese economy and imply good momentum for China's pursuit of high-quality development.
China is likely to face more challenges in the second half of the year, with Sino-U.S. economic and trade frictions intensifying and the impact of tariffs becoming apparent. However, the tenacity of the Chinese economy makes it well placed to offset external pressure, and the positive trend of economic growth looks set to continue into the second half of 2018.
Copyedited by Laurence Coulton
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