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China's GDP grows 7.4 pct in H1

English.news.cn   2014-07-16 10:07:15

Workers work at a factory of the Chang'an Auto Group in Dingzhou, north China's Hebei Province, July 8, 2014. China's economy grew 7.4 percent year on year in the first half of 2014, the National Bureau of Statistics (NBS) announced on Wednesday. (Xinhua/Zhu Xudong)

BEIJING, July 16 (Xinhua) -- China's economy grew 7.4 percent year on year in the first half of 2014, the National Bureau of Statistics (NBS) announced on Wednesday.

Growth in the second quarter stood at 7.5 percent, picking up from the 7.4 percent expansion in the first quarter.

"The Chinese economy showed good momentum of stable and moderate growth in the first half," said NBS spokesman Sheng Laiyun at a press conference.

Sheng highlighted a pickup in economic growth in the second quarter, encouraging job data and positive developments in structural adjustment.

The employment situation was stable with more than 7 million new jobs created in the first six months, he said.

Sheng said economic structure continued to be optimized as growth of the tertiary sector outperformed the primary and secondary industries during this period.

The added value of the tertiary industry accounted for 46.6 percent of GDP, 1.3 percentage points higher than the same period last year, NBS figures showed.

Meanwhile, domestic demand is playing a bigger role in driving growth, with consumption contributing to 52.4 percent of GDP in the first half, 0.2 percentage points higher than the same period last year, Sheng said.

This was boosted by a rise in income, said the spokesman. The income gap between urban and rural households was further narrowed, with real growth of per capita cash income of rural households being 2.7 percentage points faster than the per capita disposable income of urban households during the six-month period.

"However, we should keep in mind that the domestic and international economic environment is still complicated and the national economy still faces many challenges," he said.

China will continue to deepen reform, promote innovation, adjust economic structure and transform development patterns to consolidate the momentum, Sheng said.


Chinese Premier encourages enterprises to reform, innovate

BEIJING, July 14 (Xinhua) -- Chinese Premier Li Keqiang on Monday encouraged enterprises to push forward reform and innovate to counteract the economic slowdown.

He said enterprises should, instead of having a wait-and-see attitude, take bold action to seize the opportunity by adopting new technologies and transforming their business models, thus improving competitiveness and surviving. Full Story

China's new yuan loans continue to rise

BEIJING, July 15 (Xinhua) -- China's new yuan-denominated lending amounted to 1.08 trillion yuan (175.64 billion U.S. dollars) in June, up 216.5 billion yuan year on year, official data showed on Tuesday.

The volume was higher than the 870.8 billion yuan recorded in May and 774.7 billion yuan in April, according to the People's Bank of China. Full Story

China's power data point to positive signs, pressure

BEIJING, July 15 (Xinhua) -- Slightly higher power consumption in the first half of 2014 indicated China is still battling to arrest a slowing economy, analysts said.

China's power consumption, an important indicator of economic vitality, rose 5.3 percent from a year ago to reach 2.63 trillion kwh, according to the National Energy Administration on Tuesday. Full Story


Editor: Mengjie
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