China makes new progress in high-quality economic development

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An industrial robot works on an automatic production line in Rizhao, east China’s Shandong Province, July 1, 2022. [Photo/VCG]

China has made solid progress in advancing economic structural adjustment, constantly improving the quality and efficiency of development, and taking high-quality development to a new level, CCTV reported Thursday.

The added value of high-tech manufacturing industry grew 9.6% year on year in the first half of this year, 6.2 percentage points higher than the total industrial value added of enterprises above of the designated size.

Investment in high-tech industries increased by 20.2% over the same period with the accelerated development of modern service industries and the steady improvement of industrial structure.

Total online retail sales in China rose 3.1% to 6.3 trillion yuan ($940 billion) in the first half of this year. Online retail sales of physical goods accounted for 25.9% of total retail consumer goods sales in the first half, up 2.2 percentage points year-on-year.

New type consumption has accelerated its pace with the support of new forms, models and business scenarios.

During the same period, the country’s imports and exports increased by 9.4% year-on-year, with imports and exports of mechanical and electrical products increasing by 4.2%, accounting for 49.1% of the volume. total imports and exports, and continuously optimized trade. structure.

These achievements are the result of active adjustment and guidance in the form of a series of forward-looking measures for economic structural reform, said Sheng Chaoxun, director of the Strategic Policy Department of the Chinese Academy of Macroeconomic Research. .

China’s digitalization transformation and upgrading accelerated the acceleration in the first half of this year with more than 3,100 “5G plus Industrial Internet” projects under construction.

The country’s digital control rate of key processes in industrial enterprises above the designated size reached 55.7%, and the penetration rate of digital R&D and design tools in these enterprises was 75.1% in first semester. China’s traditional industry has also accelerated digital, smart and green expansion.

China’s innovation driving force continued to rise, with the number of valid invention patents exceeding 3.9 million in the first half, up 17.5 percent year-on-year.

The total revenue of the electronic information manufacturing, software, communications and Internet industries exceeded 10 trillion yuan in the first half, and the digital economy has played a greater role in driving economic growth.

China has seen steady progress in green development with electricity generated by clean energy up 12.8% year-on-year in the first half. The share of clean energy consumption in total energy consumption increased by 1.3 percentage points year-on-year and more than 90% of new buildings were “green”.

The economic changes in the first half of this year showed the strong and unique resilience of the Chinese economy, said Wang Yiming, vice president of the China Center for International Economic Exchanges.

China is experiencing a new round of transformation and upgrading in the face of increasing external pressure. This increased leeway for economic stability and its importance to China’s economy should be further revealed in the future, Wang said.

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