China’s gross domestic product (GDP) grew 5.5 percent year on year in the first half (H1) of 2023, data from the National Bureau of Statistics (NBS) showed Monday.
The country’s GDP reached 59.3 trillion yuan (about 8.3 trillion U.S. dollars) in the first half, according to the NBS data.
In the second quarter, the country’s GDP expanded 6.3 percent year on year, according to the NBS.
“In the first half of this year, in the face of a grave and complex international environment and arduous tasks of reform, development and stability at home, all regions and departments made great efforts to stabilize growth, employment and prices,” said NBS spokesperson Fu Linghui at a press conference.
“Market demand has gradually recovered, production and supply continued to increase, and economic performance, on the whole, picked up,” Fu added.
China’s 5.5 percent growth in H1 can be attributed to an enhanced structure and optimized driving force, as consumption and service are playing an even bigger role in economic growth, according to Fu.
“From the perspective of demand, major driving forces of economic growth have changed from investment and export last year to consumption and investment this year,” Fu said.
The economic growth rate of China in the first half of the year is the fastest among major economies.
