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August 14, 2019

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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 high-tech manufacturing sectors rose by 9 percent compared with the previous year, and the output of new energy cars and solar cells registered a year-on-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.


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