On July 15, the National Bureau of Statistics released data on national economic performance for the first half of 2026. NBS Deputy Commissioner Mao Shengyong stated at a State Council Information Office press conference that H1 GDP reached 69.5704 trillion yuan, up 4.7% year-on-year at constant prices.
'Overall, China's economy has withstood pressure and maintained an overall stable trajectory with innovation-driven and quality-oriented development, demonstrating remarkable resilience and vitality,' Mao said, summarizing H1 economic performance in four characters: 'stable,' 'resilient,' 'innovative,' and 'optimized.'
'Stable' — Economic operations remained generally stable with major indicators within reasonable ranges. H1 GDP increased 3.6 trillion yuan over the same period last year, the largest growth in the past five years. The average surveyed urban unemployment rate was 5.2%, CPI rose 1.0% year-on-year, and PPI turned positive at 1.5%. Total goods imports and exports surpassed 25 trillion yuan for the first time, with foreign exchange reserves stable above $3.4 trillion.
'Resilient' — China's economic resilience was further demonstrated through effective responses to external risks. Since March, geopolitical conflicts in the Middle East have severely impacted global energy supply. China simultaneously boosted domestic production and diversified imports. In H1, domestic crude oil, natural gas, and electricity production all reached record highs.
In the first half, industrial value-added of above-scale enterprises nationwide grew 5.4% year-on-year, while the service sector grew 5.2%. Equipment manufacturing value-added increased 9.3%, and high-tech manufacturing grew 13.3%. From January to May, industrial enterprises above designated size achieved total profits of 3.144 trillion yuan, up 18.8%.
New growth drivers contributed over 40%. In H1, industries related to AI such as intelligent vehicle equipment manufacturing maintained growth above 30%. Biomass fuel processing and bio-based materials manufacturing grew 33% and 21.9% respectively. New energy vehicle retail penetration exceeded 60% for three consecutive months.
On livelihoods, per capita disposable income nationwide reached 22,981 yuan in H1, up 5.2% nominally and 4.2% in real terms after adjusting for prices. The urban-rural income ratio narrowed to 2.37, down 0.05 year-on-year.
Mao emphasized, 'Under complex and volatile external conditions, China's economic resilience has been remarkably strong.' Overall, there are solid conditions and support for achieving full-year targets.