On July 15, the National Bureau of Statistics released national economic data for the first half of the year. According to the preliminary calculation, the GDP in the first half of this year was 61,683.6 billion yuan, an increase of 5.0% at constant prices. The value added of industrial enterprises above designated size increased by 6.0 percent year-on-year.

F7533 Tang Weiwei, director of the Industrial Statistics Department of the National Bureau of Statistics, said that since the beginning of this year, all regions and departments have thoroughly implemented the decision-making and deployment of the Party Central Committee and The State Council, effectively coordinated the domestic and international two overall situations, and actively promoted new industrialization, the national industrial production above scale has continued to grow rapidly since the fourth quarter of last year, industrial exports have accelerated month by month, and corporate profits have maintained growth. The pace of high-end, intelligent and green development of the manufacturing industry has accelerated, high-quality development has continued to advance, and the overall performance of the industrial economy has maintained a steady and good trend.

Industrial production grew rapidly, exports accelerated month by month, and profits kept growing

Industrial production maintained rapid growth. In the first half of this year, the value added of industrial enterprises above designated size in China increased by 6.0% year-on-year, which increased by 6.1% and 5.9% respectively in the first and second quarters, continuing the trend of rapid growth since the fourth quarter of last year. Among the three categories, the added value of manufacturing increased by 6.5%, 0.5 percentage points higher than that of all industries above designated size. The production and supply of electricity, heat, gas and water grew by 6.0%, the same growth rate as all industries above designated size. Mining grew 2.4 percent.

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Over 90% of industries and regions, and over 60% of products maintained growth. In the first half of the year, the added value of 39 of the 41 industrial categories increased by 95.1% year-on-year; Among the 31 regions, the added value of 29 regions increased year-on-year, with an increase of 93.5%. The growth rates of Guangdong, Jiangsu, Shandong and Zhejiang were 6.0 percent, 8.6 percent, 8.5 percent and 8.0 percent, respectively, contributing more than 40 percent to the growth of industrial production above designated size in China. In the statistics of 619 major industrial products, 415 products increased in output, an increase of 67.0%.

F7533 The cumulative growth rate of industrial exports has accelerated month by month. In the first half of the year, the export delivery value of industrial enterprises above designated size increased by 3.3% year-on-year, the growth rate was 0.3 percentage points higher than that in January to May, and the cumulative growth rate accelerated month by month during the year. In terms of quarters, the export delivery value of industrial enterprises above designated size increased by 5.2% year-on-year in the second quarter, with a growth rate of 4.4 percentage points faster than that of the first quarter, and has maintained a rebound trend for five consecutive quarters since the second quarter of 2023.

The profits of industrial enterprises kept growing. Industrial production has maintained rapid growth, and producer prices of industrial products have continued to rise, which has helped enterprises to recover their revenue growth and maintain their profit growth. From January to May, the operating income of industrial enterprises above designated size increased by 2.9% year-on-year, 0.3 percentage points higher than that in the first four months, accelerating for two consecutive months. Total profit increased by 3.4% year on year, continuing the growth trend since the beginning of the year. Among the 41 industrial categories, 32 industries saw year-on-year profit growth, accounting for 78.0%, and the growth area of the industry increased by 2.4 percentage points over the period from January to April.