In the first half of the year, China's economy moved forward despite the pressure, continuing the overall stable and new and excellent development trend, with the gross domestic product (GDP) growing by 4.7% year-on-year.We have effectively responded to changes in the external environment such as geopolitical conflicts and economic and trade frictions, effectively managed complex situations such as strong domestic supply and weak demand, and the overlapping of old and new problems, and achieved hard-won and valuable achievements.

Compared with the target, 4.7% is an economic growth rate that is in line with expectations.The expected annual economic growth target set by the Central Economic Work Conference and the National Two Sessions is 4.5% - 5%. The growth rate of 4.7% in the first half of the year is within this reasonable range, which is in line with the Party Central Committee's scientific judgment and deployment requirements on the economic situation, and lays a solid foundation for a good start in the "15th Five-Year Plan".Important economic indicators are running steadily, employment and prices remain stable, and the 4.7% growth rate basically matches the current factors supply, technological progress, institutional innovation and other conditions. It is a rate that is realistic and consistent with the potential economic growth rate.The growth rate of major economic provinces generally exceeds the national average growth rate, playing a leading role.At the same time, my country's financial risks continued to converge in the first half of the year, local government debt risks were resolved in an orderly manner, and various constraints were tightened appropriately, leaving room for coping with uncertainties and improving the quality of development.

Opening the structure, 4.7% is a valuable economic growth rate.Behind the economic growth rate is my country's new economic momentum and improved structure. It has delivered a high-quality development report card with a stable foundation and strong momentum for progress.The technology content is higher.New productivity has gained momentum, and chain-owner innovative enterprises with core technologies and specialized new enterprises focusing on subdivided industries have accelerated their growth. In the first half of the year, new driving forces directly contributed more than 40% to economic growth.Artificial intelligence empowers thousands of industries. Recently, a new generation of open source large models have been intensively released, and China's plan for artificial intelligence ecological construction and governance order has been systematically proposed. Innovations continue to emerge, and the number of artificial intelligence-related patent authorizations has increased by 34.8% year-on-year.More green content.The pace of green and low-carbon energy transformation has accelerated, with clean energy power generation above designated size accounting for 36.2% in the first half of the year.The growth of new green drivers is accelerating, with lithium battery production increasing by 39.3%, the cumulative retail penetration rate of new energy vehicles being 54.1%, and zero-carbon parks and zero-carbon transportation corridors being constructed in an orderly manner.People's livelihood content is more substantial.We implemented actions to stabilize jobs, expand capacity and improve quality, and strengthened social security, resulting in a steady increase in residents' income.In the first half of the year, the per capita disposable income of residents nationwide increased by 5.2% in nominal terms year-on-year.The consumer market continues to expand, and new growth points such as service consumption and experience consumption continue to be cultivated. In the first half of the year, service retail sales increased by 5.3%. Consumption growth in lower-tier markets such as counties led the way. Holiday consumption and inbound consumption continued to be hot.

Withstanding the pressure, 4.7% is a strong and resilient economic growth rate.As external adverse impacts deepen and domestic cyclical and structural pressures overlap, my country's economy has weathered the wind and waves and delivered a qualified answer, demonstrating its strong ability to withstand shocks and self-adjustment.Externally, geopolitics continues to be turbulent. The war in the Middle East has impacted the global energy market. Many countries are experiencing energy shortages and rising oil prices.my country has laid out the construction of new energy systems and oil reserve systems in advance, implemented a market diversification strategy, and ensured energy supply and stable prices effectively and efficiently. In the past six months, there has been no shortage of oil products in the market, and energy security has become increasingly confident.At the same time, against the background of rising global trade protectionism and increasing tariffs and non-tariff barriers, my country's products are cost-effective and have won the favor of residents of more and more countries. Foreign trade exports are strong, ranging from electric vehicles, lithium batteries, photovoltaic upgrades to artificial intelligence, robots, innovative drugs and other products, and are reshaping the foreign trade landscape with cutting-edge technology and original capabilities.From an internal perspective, resolving the risks accumulated over the years in local government debt, the real estate market, and small and medium-sized financial institutions will objectively have a certain contractionary effect on the economy and require some economic growth costs. However, this short-term cost is in exchange for long-term stable and sustainable development of the economy and society.At the same time, from the perspective of market fundamentals, the contradiction between strong supply and weak demand is still prominent. In particular, my country's investment is facing greater pressure to stabilize the decline.The investment growth rate is closely related to the development stage. The current focus of my country's investment policy is not to simply maintain a certain speed, but to be more adaptable to the requirements of high-quality development and pay more attention to investment quality and comprehensive benefits.In the first half of the year, my country focused on strengthening the coordinated construction of the "six networks", promoting the renewal and upgrading of the manufacturing industry, and filling the shortcomings of water conservancy and urban underground pipe networks, investing more resources in the future and people's livelihood.

Looking forward to the future, 4.7% is an economic growth rate with great potential.my country's economic development has broad room for maneuver, huge market potential and strong resilience and vitality.There is potential for growth.As R&D investment continues to increase, my country's original innovation capabilities are increasingly enhanced, technological innovation and industrial innovation are deeply integrated, and innovation-driven development is becoming a powerful engine for China's economic growth.my country leads the world in the scale of its talent stock. Human capital has steadily shifted from quantity dividends to quality dividends. New production factors such as data and computing power continue to empower traditional factors, jointly supporting high-quality economic development.Reform has dividends.We focus on using reform methods to solve development problems, and the endogenous driving force of the economy is constantly increasing.The construction of a unified national market is advancing in depth, and outstanding problems in local illegal investment promotion, market access barriers, bidding and tendering are being rectified, which will expand the breadth and depth of our country's market and further release the potential of the ultra-large market.Continuing to comprehensively rectify "involution" competition will create a more benign market environment, forcing companies to get rid of single-dimensional competition on price, and accelerate the shift from scale expansion and price competition to quality improvement and value competition.There is room for policy.Compared with some economies that rely on high debt and high deficits to stimulate the economy, my country has not taken the path of over-reliance on strong policy stimulus. The aggregate policy remains active and promising, and the structural policy is "point-by-point" to avoid the formation of policy "dependence syndrome".Generally speaking, the supporting conditions and basic trends for the long-term improvement of my country's economy have not changed, the macro policy toolbox is sufficient, the space for countercyclical adjustment is still large, the conditions are good to introduce pragmatic and effective incremental policies according to the changing situation, and the ability to achieve the annual economic and social development goals and tasks.