Shou Xiaoli: 

Thank you, Mr. Zhao, for the introduction. Now, the floor is open to questions. When asking your question, please begin by stating the media outlet you represent.

CCTV:

My question is for Mr. Zhao. Now that we're halfway through 2024, how would you assess the economic trends of the first six months? Additionally, what are your projections for the economy in the latter half of the year? Do you think macroeconomic policies need to be strengthened, and do you believe it's feasible to meet the economic growth targets set at the beginning of the year? Thank you.

Zhao Chenxin:

Thank you for your questions. Since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China's economic performance has been generally stable with progress. It has continued its trend of recovery and improvement, with new momentum and new advantages developing rapidly. High-quality development is advancing steadily, and the overall social situation remains stable. Specifically, I would like to introduce three aspects: First, the economy is growing reliably. Agricultural production remains generally stable, industrial growth is rapid, and the service sector is developing steadily. Consumption, investment, and export demand are pulling together harmoniously. Major economic provinces continue to play a pivotal role in economic development, driving a 5% year-on-year increase in GDP in the first six months. Considering rising uncertainties in the external environment and domestic economic risks and challenges, such an achievement is truly remarkable. Second, there's a steady improvement in quality. This is reflected by the accelerated cultivation of new quality productive forces, the rapid advancement of green and low-carbon development, and the quickening transition from old to new growth drivers. Let me give you a figure: In the first half of the year, the added value of the high-tech manufacturing industry and equipment manufacturing above designated size increased by 8.7% and 7.8%, respectively. Third, people's livelihoods continue to improve. Employment conditions, residents' income, price levels, and basic public services are improving.

Regarding the economic trends in the second half of the year, which you are most interested in, we need to view them comprehensively and dialectically. On the one hand, we must recognize several challenges. These include the increasing adverse effects of changes in the external environment and insufficient domestic effective demand. We also face differentiation in economic operations and numerous risks and hidden dangers in key areas. Additionally, we must acknowledge the growing pains associated with transitioning from old to new driving forces. These difficulties and challenges stem from both the intertwined external environment and the necessary pains of economic structural reform and the push for high-quality development. Looking back at our history of economic development, we can see that China's economy has grown stronger by overcoming one difficulty after another. On the other hand, we should also acknowledge the accumulation of positive factors and favorable conditions in economic operations. Externally, international trade growth has somewhat recovered, and emerging economies are developing rapidly. This benefits Chinese enterprises by leveraging their advantages to expand into international markets. In terms of macroeconomic policy, major initiatives deployed by the CPC Central Committee and the State Council are accelerating. These include implementing major national strategies, building up security capacity in key areas, and initiating a new round of large-scale equipment renewals and trade-ins of consumer goods. Projects such as ultra-long-term special bonds, central budget investments, local government special bonds, and the 2023 additional national bonds are all speeding up, forming substantial work volumes. It can be said that there is still ample space for counter-cyclical policy adjustments. Regarding high-quality development trends, various regions are developing new quality productive forces suited to local conditions. Emerging industries such as new energy vehicles are developing well, future industries are being systematically laid out, new driving forces are rapidly growing, and the green transition of our development model is steadily advancing. Regarding development vitality, the third plenary session of the 20th CPC Central Committee has outlined a series of major reform measures. These will effectively address deep-seated institutional barriers and structural contradictions, greatly stimulating market entities' enthusiasm, initiative, and creativity.

As we've seen in the news, the third plenary session of the 20th CPC Central Committee emphasized the importance of remaining firmly committed to accomplishing this year's economic and social development goals. On July 30, just two days ago, the Political Bureau of the CPC Central Committee made plans for economic work in the second half of the year. We will firmly ensure the implementation of these decisions. The decisions and arrangements of the CPC Central Committee and the State Council are being implemented quickly. As these policies take effect, the foundation for continuous economic recovery will be enhanced and solidified. We have the conditions, abilities, confidence and determination to overcome problems or challenges during development and transformation. We are poised to accomplish this year's goals successfully and to a high standard.

That's all for my introduction. Thank you.