China's gross domestic product (GDP) grew 5.5 percent year on year in the first half (H1) of 2023, reaching 59.3 trillion yuan (about 8.3 trillion U.S. dollars), according to data released by the National Bureau of Statistics (NBS).
In the second quarter alone, the country's GDP expanded by 6.3 percent. Despite a challenging international environment and the need for domestic reform, development, and stability, all regions and departments made significant efforts to stabilize growth, employment, and prices, said NBS spokesperson Fu Linghui.
Market demand gradually recovered, production and supply continued to increase, and economic performance, on the whole, picked up, Fu added.
Retail sales of consumer goods in China went up 8.2 percent in the first half of the year, totaling around 22.76 trillion yuan. In June , retail sales edged up 3.1 percent year on year.
Value-added industrial output, an important economic indicator, increased by 3.8 percent in H1, with a 4.4 percent growth rate in June alone.
Fixed-asset investment went up 3.8 percent, and value-added service output rose by 6.4 percent year on year in the first half.
The surveyed urban unemployment rate for H1 2023 stood at 5.3 percent, down 0.2 percentage points from the first quarter.
Per capita disposable income reached 19,672 yuan in H1, showing a nominal year-on-year increase of 6.5 percent and a 5.8 percent increase after adjusting for price factors.
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