Retail sales and high-tech industries add vitality

CHINA’S economy maintained a stable performance with new vitality in the first half of the year.

This is a result of a shift of driving forces.

In the first six months of 2019, total retail sales of consumer goods increased by 8.4 percent year-on-year.

Emerging industries are thriving and have become a pillar of the economy.

In June, the added value of strategic emerging industries grew by 7.7 percent year-on-year, 1.7 percentage points higher than industrial enterprises above designated size, according to the National Bureau of Statistics of China (NBS).

In June, the added value of hightech manufacturing sectors rose by 9 percent compared with the previous year, and the output of new energy cars and solar cells registered a yearon-year increase of 34.6 percent and 20.1 percent, NBS data showed.

As the most dynamic and promising part of China’s economy, emerging industries have driven steady economic growth in the first half of this year, said Zhao Tonglu, Director-General of the Department of National Accounts with the NBS.

Sound business environment

From January to May this year, investment in high-tech manufacturing industries grew by 10.2 percent compared with the same period last year, while investment in the technological transformation of manufacturing increased by 15 percent year-on-year.

China continues to deepen reform, streamline administration, delegate powers, and build a more sound business environment to boost further economic development.

In the first half of this year, the average number of new companies per day was 19,400, up by 7.1 percent year-on-year.

By the end of June, the number of registered market entities in China was 116 million.

The added value of small and medium-sized enterprises jumped by 8.1 percent in the first six months, 1 percentage point higher than the same period of last year.

China cut taxes and fees worth nearly 1.2 trillion yuan (US$171 billion) during this period, further reducing the corporate burden, according to the State Administration of Taxation. The country will further improve the business environment and invigorate market players in the second half of the year.

(People’s Daily)