BEIJING, 3rd August, 2023 (WAM) — This July saw an increased demand for plums from Wushan county, in southwest China’s Chongqing municipality. The surge resulted in charter flights being arranged to major cities including Beijing, Shanghai, Guangzhou, and Shenzhen, doubling last year’s figures and reflecting the nation’s robust economic recovery.
According to China’s National Bureau of Statistics’ latest release, the country’s GDP grew by 5.5 percent year-on-year in the first half of 2023. This improvement builds on a strong first quarter and demonstrates China’s ability to capitalise on developmental potential and resilience amidst adversity, as reported by the Chinese newspaper People’s Daily Online.
China’s economic growth has exceeded last year’s 3 percent and this year’s first quarter of 4.5 percent. The value added by the service sector, which accounts for 56 percent of GDP, and final consumption contributing to 77.2 percent of economic growth highlight a shift in the economy’s structure and quality.
Investment in high-tech industries has outpaced overall investment, leading to optimised industry, consumption, and investment structures. The growth in emerging industries and new business models, coupled with a green transition, is a testament to four consecutive quarters of economic growth.
These achievements were realised amidst a sluggish global recovery, high inflation, and decelerating global trade growth. However, China maintained economic recovery, stabilised commodity prices, and finances. As a result, organisations like the World Bank and the Organisation for Economic Co-operation and Development have upgraded their forecasts on China’s economic growth this year.
Enterprises are providing a clear testament to this economic upturn. This year, Tesla announced plans to build a mega factory in Shanghai, Airbus will establish a second production line in Tianjin, and AstraZeneca expanded its investment in Qingdao, Shandong province. These decisions by foreign companies underscore their confidence in China’s economy and its role as a global growth engine.