China recorded an economic growth rate of 5.3% in the first half of 2024.
GDP in the first six months reached 66,053.6 billion yuan, with uniform growth across key sectors, with the strongest increase in the services sector.
MAIN CONTENT
China's GDP growth for the first half of 2024 reached 5.3%, reflecting economic stability.
The services sector had the highest growth at 5.5%, followed by industry at 5.3%.
GDP growth in Q1 reached 5.4%, Q2 reached 5.2%, indicating a slight but sustainable adjustment.
How did China’s economy grow in the first half of 2024?
According to an official report from the Xinhua News Agency, China's economy grew by 5.3% compared to the same period last year. This figure is based on a GDP of 66,053.6 billion yuan, reflecting stable recovery and post-pandemic development.
Maintaining a growth rate above 5% amidst global volatility demonstrates the economic recovery capabilities and effective stimulus policies of the Chinese government.
Which sector contributed the most to GDP growth?
Data shows that the services sector (the third sector) grew by 5.5%, the highest among the three main economic sectors. The industrial sector (the second sector) also grew by 5.3%, while the agricultural sector (the first sector) grew by 3.7%.
The services sector, including trade, finance, and non-manufacturing activities, is a key driving force for growth, aligning with the global trend towards a service economy.
China's economy in the first half of 2024 maintained a stable and uniform growth pace across key sectors, laying a solid foundation for sustainable long-term development.
— Mr. Li Keqiang, Prime Minister of China, July 2024
What does quarterly GDP growth indicate about the economic situation?
GDP in Q1 increased by 5.4% and Q2 increased by 5.2% compared to the same period last year, indicating that despite a slight adjustment, the overall economy continues to maintain a positive growth momentum.
In terms of month-on-month growth in Q2, GDP increased by 1.1% compared to the previous month, indicating that the economy still shows continuous expansion, albeit at a more modest pace.
The significance of these growth figures for the global economy
With one of the largest GDPs in the world, China's growth of 5.3% in the first half of the year is rated as a high stability level, contributing to favorable conditions for the cryptocurrency market and supporting industries to scale up.
This stability also helps solidify China's position in the global supply chain and guides economic development in depth.
Comparison table of GDP growth across key sectors in the first half of 2024
Sector Added Value (billion yuan) Growth Rate Agriculture (First sector) 3,117.2 billion +3.7% Industry (Second sector) 23,905 billion +5.3% Services (Third sector) 39,031.4 billion +5.5%
Frequently Asked Questions
What is China's GDP growth in the first half of 2024?
China's GDP grew by 5.3% year-on-year, reaching 66,053.6 billion yuan, reflecting stable recovery.
Which sector contributed the most to China's GDP?
The services sector contributed the most with a growth of 5.5%, followed by industry at 5.3%, and agriculture at 3.7%.
What does quarterly GDP growth reflect?
Q1 growth of 5.4% and Q2 growth of 5.2% indicate stable growth and slight adjustment, continuing economic expansion.
What impact does this growth have on the cryptocurrency market?
A stable developing economy creates conditions for the cryptocurrency and technology sectors to expand and develop sustainably.
How does the Chinese government evaluate this growth?
The government believes that even and stable growth is an important prerequisite for creating long-term and sustainable development momentum.
Source: https://tintucbitcoin.com/trung-quoc-dat-tang-truong-53/
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