Foreign financial institutions are optimistic about China’s economy, recognizing the country’s commitment to high-quality growth. Latest data reveals a 5% year-on-year GDP expansion in the first half of the year, with 0.7% growth in the second quarter alone – the eighth consecutive quarter of positive growth.
China’s dominance in manufacturing is evolving, shifting towards research and innovation, according to Wu Yibing of Temasek. The value-added industrial output increased by 6%, with specific sectors like equipment manufacturing seeing a 7.8% rise.
Bloomberg notes that China’s pursuit of high-quality growth is yielding results, especially in the electric vehicles, solar panels, and high-tech industries. Investment in infrastructure and manufacturing also increased significantly, while net exports contributed to GDP growth.
Despite challenges like a complex external environment, experts stress the need for continued reform and opening up to sustain China’s economic momentum, buoyed by robust policy measures and demand.
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