Industrial production grew rapidly, and the supporting role of the equipment manufacturing industry was obvious.

In the first half of 2024, the added value of industrial enterprises above the designated size nationwide increased by 6.0% year-on-year.

Looking at the three major categories, the added value of the mining industry increased by 2.4%, that of the manufacturing industry increased by 6.5%, and that of the production and supply of electricity, heat, gas, and water increased by 6.0%. The added value of the equipment manufacturing industry increased by 7.8%, and that of the high-tech manufacturing industry increased by 8.7%, with growth rates 1.8 and 2.7 percentage points faster than that of all industrial enterprises above the designated size respectively.

In terms of economic types, the added value of state-holding enterprises increased by 4.6%; that of joint-stock enterprises increased by 6.5%, that of foreign-funded enterprises and enterprises with investment from Hong Kong, Macao, and Taiwan increased by 4.3%; and that of private enterprises increased by 5.7%.

In terms of products, the output of 3D printing equipment, new energy vehicles, and integrated circuit products increased by 51.6%, 34.3%, and 28.9% respectively year-on-year.

In June, the added value of industrial enterprises above the designated size increased by 5.3% year-on-year and 0.42% month-on-month. In June, the purchasing managers’ index for the manufacturing industry was 49.5%, the same as the previous month; the index of enterprises’ production and operation activity expectations was 54.4%, an increase of 0.1 percentage points compared with the previous month. From January to May, industrial enterprises above the designated size nationwide achieved a total profit of 2,754.4 billion yuan, a year-on-year increase of 3.4%.

The service industry continued to recover, and the modern service industry developed well.

In the first half of 2024, the added value of the service industry increased by 4.6% year-on-year. Among them, the added value of information transmission, software, and information technology services, leasing and business services, transportation, storage, and postal services, accommodation and catering services, and wholesale and retail trade increased by 11.9%, 9.8%, 6.9%, 6.6%, and 5.7% respectively.

In June, the production index of the service industry nationwide increased by 4.7% year-on-year. Among them, the production indexes of information transmission, software, and information technology services, leasing and business services, and transportation, storage, and postal services increased by 13.5%, 9.7%, and 5.4% respectively.

From January to May, the operating income of service enterprises above the designated size increased by 8.5% year-on-year. In June, the business activity index of the service industry was 50.2%; the business activity expectation index of the service industry was 57.6%, an increase of 0.6 percentage points compared with the previous month. Among them, the business activity indexes of industries such as air transportation, postal services, telecommunications, radio and television, and satellite transmission services, monetary and financial services, and insurance were in the relatively high prosperity range above 55.0%.

Market sales maintained growth, and service consumption showed a good growth trend.

In the first half of 2024, the total retail sales of consumer goods reached 23,596.9 billion yuan, a year-on-year increase of 3.7%.

According to the location of business units:
The retail sales of consumer goods in urban areas were 20,455.9 billion yuan, an increase of 3.6%;
The retail sales of consumer goods in rural areas were 3,141.0 billion yuan, an increase of 4.5%.

According to the type of consumption:
Retail sales of goods were 20,972.6 billion yuan, an increase of 3.2%;
Catering revenue was 2,624.3 billion yuan, an increase of 7.9%.

The sales of some basic daily necessities and upgraded commodities were good. The retail sales of grain, oil, and food products and beverage products by units above the designated size increased by 9.6% and 5.6% respectively; the retail sales of communication equipment products and sports and entertainment products increased by 11.3% and 11.2% respectively.

The online retail sales nationwide were 7,099.1 billion yuan, a year-on-year increase of 9.8%. Among them, the online retail sales of physical goods were 5,959.6 billion yuan, an increase of 8.8%, accounting for 25.3% of the total retail sales of consumer goods.

In June, the total retail sales of consumer goods increased by 2.0% year-on-year and decreased by 0.12% month-on-month. In the first half of the year, the retail sales of services increased by 7.5% year-on-year.

The scale of fixed asset investment expanded, and investment in high-tech industries grew rapidly.

In the first half of the year, the fixed asset investment (excluding rural households) nationwide was 24,539.1 billion yuan, a year-on-year increase of 3.9%; excluding real estate development investment, the fixed asset investment nationwide increased by 8.5%.

In terms of fields, infrastructure investment increased by 5.4%, manufacturing investment increased by 9.5%, and real estate development investment decreased by 10.1%. The sales area of newly built commercial housing nationwide was 479.16 million square meters, a year-on-year decrease of 19.0%; the sales volume of newly built commercial housing was 4,713.3 billion yuan, a decrease of 25.0%.

In terms of industries, the investment in the primary industry increased by 3.1%, the investment in the secondary industry increased by 12.6%, and the investment in the tertiary industry decreased by 0.2%.

Private investment increased by 0.1%; excluding real estate development investment, private investment increased by 6.6%. Investment in high-tech industries increased by 10.6% year-on-year, among which investment in high-tech manufacturing and high-tech service industries increased by 10.1% and 11.7% respectively.

In the high-tech manufacturing industry, the investment in the aviation, aerospace vehicles and equipment manufacturing industry, and the computer and office equipment manufacturing industry increased by 38.3% and 12.1% respectively; in the high-tech service industry, the investment in e-commerce services and the transformation of scientific and technological achievements services increased by 24.1% and 17.4% respectively. In June, the fixed asset investment (excluding rural households) increased by 0.21% month-on-month.

The import and export of goods grew rapidly, and the trade structure continued to be optimized.

In the first half of the year, the total import and export volume of goods was 21,168.8 billion yuan, a year-on-year increase of 6.1%.

Among them, exports were 12,129.8 billion yuan, an increase of 6.9%; imports were 9,039.0 billion yuan, an increase of 5.2%. After offsetting imports and exports, the trade surplus was 3,090.9 billion yuan.

The import and export of general trade increased by 5.2%, accounting for 65.0% of the total import and export volume. The import and export of private enterprises increased by 11.2%, accounting for 55.0% of the total import and export volume, an increase of 2.5 percentage points compared with the same period of the previous year. The export of mechanical and electrical products increased by 8.2%, accounting for 58.9% of the total export volume.

In June, the total import and export volume was 3,670.5 billion yuan, a year-on-year increase of 5.8%. Among them, exports were 2,187.1 billion yuan, an increase of 10.7%; imports were 1,483.4 billion yuan, a decrease of 0.6%.

The consumer price index of residents recovered moderately, and the decline in the producer price index of industrial products narrowed.

In the first half of the year, the consumer price index (CPI) of residents nationwide increased by 0.1% year-on-year, and it was the same as the same period of the previous year in the first quarter.

By category, the prices of food, tobacco, and alcohol decreased by 1.4%, the prices of clothing increased by 1.6%, the prices of housing increased by 0.2%, the prices of daily necessities and services increased by 0.9%, the prices of transportation and communication decreased by 0.7%, the prices of education, culture, and entertainment increased by 2.0%, the prices of medical care increased by 1.4%, and the prices of other goods and services increased by 3.3%.

Among the prices of food, tobacco, and alcohol, the prices of fresh fruits decreased by 7.8%, the prices of fresh vegetables decreased by 2.7%, the prices of pork remained the same, and the prices of grains increased by 0.5%. The core CPI excluding food and energy prices increased by 0.7% year-on-year.

In June, the consumer price index of residents nationwide increased by 0.2% year-on-year and decreased by 0.2% month-on-month.

In the first half of the year, the ex-factory price index of industrial producers nationwide decreased by 2.1% year-on-year, and the decline rate narrowed by 0.6 percentage points compared with the first quarter. Among them, it decreased by 0.8% year-on-year in June and decreased by 0.2% month-on-month. In the first half of the year, the purchasing price index of industrial producers decreased by 2.6% year-on-year. Among them, it decreased by 0.5% year-on-year in June and increased by 0.1% month-on-month.

The income of residents continued to grow, and the income of rural residents grew faster than that of urban residents.

In the first half of the year, the per capita disposable income of residents nationwide was 20,733 yuan, a nominal increase of 5.4% year-on-year, and a real increase of 5.3% after deducting price factors.

According to the place of usual residence, the per capita disposable income of urban residents was 27,561 yuan, a nominal increase of 4.6% year-on-year, and a real increase of 4.5%; the per capita disposable income of rural residents was 11,272 yuan, a nominal increase of 6.8% year-on-year, and a real increase of 6.6%.

In terms of sources of income, the per capita wage income, net operating income, net property income, and net transfer income of residents nationwide increased nominally by 5.8%, 6.4%, 2.1%, and 5.0% respectively. The median of the per capita disposable income of residents nationwide was 17,358 yuan, a nominal increase of 5.9% year-on-year.