China's economy continues to stabilize and recover. In the first half of the year, the gross domestic product increased by 12.7% year-on-year

The National Bureau of Statistics released data on the 15th, and according to preliminary calculations, the gross domestic product in the first half of the year was 53216.7 billion yuan, a year-on-year increase of 12.7% calculated at comparable prices. In the second quarter, the year-on-year growth rate was 7.9%, with an average growth rate of 5.5% over the past two years, which is 0.5 percentage points faster than the first quarter.

It is reported that China's economy has continued to recover steadily, production demand continues to rebound, employment and prices are generally stable, and economic development is showing a trend of stabilizing while strengthening and improving.

Structural optimization, efficiency improvement, and sustained enhancement of endogenous economic power. The contribution rate of the added value of the service industry to economic growth in the first half of the year reached 53%, an increase of 2.1 percentage points from the first quarter; The contribution rate of final consumption expenditure to economic growth reached 61.7%. From January to May, the total profit of industrial enterprises above designated size increased by 83.4% year-on-year, indicating an increase in corporate profitability.

Stable employment, hot entrepreneurship, and a shrinking ratio of per capita disposable income for urban and rural residents. In the first half of the year, the per capita income ratio of urban and rural residents was 2.61, a decrease of 0.07 compared to the same period last year; 6.98 million new urban jobs were created nationwide, achieving 63.5% of the annual target. At the end of June, according to the Basic Unit List of the National Bureau of Statistics, the number of legal entities exceeded 30 million for the first time, a year-on-year increase of 16.6%.

Prices remain stable, vitality is abundant, and market participants' expectations continue to improve. In the first half of the year, the national consumer price index rose by 0.5% year-on-year, showing a moderate increase. In June, the Purchasing Managers' Index for China's manufacturing industry was 50.9%, and the Business Activity Index for the service industry was 52.3%, both exceeding the critical point for 16 consecutive months; The expected index of business activities in the service industry is 60.4%, continuing to remain in the high prosperity range.

Information source: Shandong Provincial Department of Industry and Information Technology