National Economy Operated within an Appropriate Range with New Growth Drivers Developing Rapidly in the First Half Year

National Bureau of Statistics of China

15 July, 2026

In the first half year, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments fully implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, moved faster to foster a new pattern of development, made efforts to promote high-quality development and effectively carried out more proactive and vigorous macro policies. As a result, the national economy operated within an appropriate range against pressure. Production and supply grew fast, employment was generally stable, prices increased mildly, foreign trade showed good momentum of growth, new growth drivers witnessed rapid development, and people’s wellbeing was ensured in a strong and effective way. The national economy continued to demonstrate strong resilience.

According to preliminary estimates, the gross domestic product (GDP) in the first half of 2026 reached 69,570.4 billion yuan, up by 4.7 percent year on year at constant prices. By industry, the value added of the primary industry was 3,152.2 billion yuan, up by 3.7 percent year on year; that of the secondary industry was 25,047.3 billion yuan, up by 3.9 percent and that of the tertiary industry was 41,370.9 billion yuan, up by 5.2 percent. By quarter, the GDP for the first quarter increased by 5.0 percent year on year and for the second quarter 4.3 percent. The GDP for the second quarter increased by 0.9 percent quarter on quarter.

1. Summer Grain Witnessed Good Harvest with Increased Output and Animal Husbandry Grew Steadily.

In the first half year, the value added of agriculture (crop farming) registered a year-on-year increase of 3.6 percent. The overall output of summer grain was 150.75 million tons, 1.00 million tons more than that of the previous year, an increase of 0.7 percent. In the first half year, the output of pork, beef, mutton and poultry was 50.50 million tons, up by 4.3 percent year on year. Of this total, the output of pork and poultry grew by 3.3 percent and 9.4 percent respectively and that of beef and mutton dropped by 1.0 percent and 3.9 percent respectively. The output of milk was up by 2.4 percent and that of eggs went down by 2.2 percent. At the end of the second quarter, the number of pigs registered in stock was 424.91 million, up by 0.1 percent year on year; and 372.46 million pigs were slaughtered, up by 1.7 percent in the first half year.

2. Industrial Production Enjoyed Rapid Growth and Equipment Manufacturing and High-Tech Manufacturing Showed Sound Upward Momentum.

In the first half year, the total value added of industrial enterprises above the designated size grew by 5.4 percent year on year. In terms of sectors, the value added of mining increased by 3.6 percent year on year, that of manufacturing grew by 5.6 percent, and that of production and supply of electricity, heat power, gas and water went up by 5.5 percent. The value added of equipment manufacturing increased by 9.3 percent year on year and that of high-tech manufacturing increased by 13.3 percent, 3.9 percentage points and 7.9 percentage points faster than that of the industrial enterprises above the designated size respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 4.3 percent year on year; that of share-holding enterprises was up by 5.9 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.2 percent; and that of private enterprises was up by 4.6 percent. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew by 48.5 percent, 39.3 percent and 28.0 percent year on year respectively. In June, the value added of industrial enterprises above the designated size went up by 5.3 percent year on year, 0.8 percentage points faster than that of last month, or up by 0.76 percent month on month. In June, the Manufacturing Purchasing Managers’ Index stood at 50.3 percent, 0.3 percentage points higher than that of last month. The Production and Operation Expectation Index was 54.3 percent, 0.4 percentage points higher than that of the previous month. In the first five months, the total profits made by industrial enterprises above the designated size were 3,144.0 billion yuan, up by 18.8 percent year on year.

3. Service Sector Grew Steadily and Modern Services Showed Good Momentum of Development.

In the first half year, the value added of the service sector grew by 5.2 percent year on year. Specifically, that of leasing and business services, information transmission, software and information technology services, finance, and accommodation and catering grew by 11.9 percent, 10.7 percent, 6.7 percent and 5.0 percent respectively. In June, the Index of Services Production increased by 4.7 percent year on year, 0.3 percentage points faster than that of the previous month. Specifically, that of leasing and business services, information transmission, software and information technology services, and finance grew by 9.7 percent, 9.6 percent and 5.8 percent respectively. In the first five months, the business revenue of service enterprises above the designated size grew by 6.6 percent year on year. In June, the Business Activity Index for Services stood at 50.4 percent, 0.1 percentage points higher than that of the previous month and the Business Activity Expectation Index for Services was 56.0 percent, 0.6 percentage points higher. Specifically, the Business Activity Index for telecommunication, broadcast, television and satellite transmission services, internet software and information technology services, monetary and finance services, and insurance stayed within the high expansion range of 55.0 percent and above.

4. Consumption Market Continued to Expand and Service Retails Grew Fast.

In the first half year, the total retail sales of goods and services increased by 2.7 percent year on year, among which, the retail sales of services increased by 5.3 percent and that of goods increased by 1.1 percent. In terms of retail sales of services, that of communication information services, tourism consultation and rental services, and cultural, sports and leisure services grew fast. In the first half year, the total retail sales of consumer goods reached 24,872.2 billion yuan, up by 1.3 percent year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 21,550.6 billion yuan, up by 1.2 percent year on year, and that in rural areas stood at 3,321.6 billion yuan, up by 2.5 percent. Grouped by consumption patterns, the retail sales of goods were 22,046.7 billion yuan, up by 1.1 percent year on year; the income of catering was 2,825.5 billion yuan, up by 2.8 percent. Sales of basic living goods and certain upgraded goods enjoyed fast growth. The retail sales of grain, oil and food, of clothes, shoes, hats and textiles and of communication equipment by enterprises above the designated size went up by 7.4 percent, 6.7 percent and 14.4 percent year on year respectively. In June, the total retail sales of consumer goods reached 4, 269.1 billion yuan, up by 1.0 percent year on year and that of last month was down by 0.6 percent; or up by 0.38 percent month on month. In the first half year, the online retail sales of goods and services reached 10,071.5 billion yuan, up by 5.2 percent year on year. Specifically, the online retail sales of goods reached 6,429.6 billion yuan, up by 4.8 percent; the online retail sales of services reached 3,641.9 billion yuan, up by 6.0 percent.

5. Investment in Fixed Assets Declined and Increase of Investment in Intellectual Property Products Accelerated.

In the first half year, the investment in fixed assets (excluding rural households) reached 22,637.0 billion yuan, down by 5.7 percent year on year; the investment in fixed assets was down by 2.7 percent with the investment in real estate development deducted. Specifically, the investment in intellectual property products increased by 9.4 percent year on year, 1.5 percentage points faster than that of the first quarter. In terms of sectors, the investment in infrastructure declined by 2.4 percent year on year; that in manufacturing down by 1.2 percent; and that in real estate development declined by 18.0 percent. The floor space of newly-built commercial buildings sold was 401.40 million square meters, down by 11.6 percent year on year; the total sales of newly-built commercial buildings were 3,794.5 billion yuan, down by 13.6 percent. By industry, the investment in the primary industry went up by 0.9 percent year on year, that in the secondary industry down by 1.1 percent, and that in the tertiary industry down by 8.4 percent. The private investment went down by 8.5 percent year on year, or down by 4.9 percent with the investment in real estate development deducted. The investment in high-tech industries grew by 4.6 percent year on year, of which the investment in aerospace vehicle and equipment manufacturing, computer and office device manufacturing, and information services grew by 23.3 percent, 8.1 percent and 15.5 percent year on year respectively. In June, the investment in fixed assets (excluding rural households) declined by 0.37 percent month on month.

6. Imports and Exports of Goods Grew Fast and Trade Structure Continued to Optimize.

In the first half year, the total value of imports and exports of goods was 25,468.6 billion yuan, an increase of 16.9 percent year on year. Specifically, the total value of exports was 14,731.4 billion yuan, up by 13.4 percent; the total value of imports was 10,737.2 billion yuan, up by 22.1 percent. The imports and exports with the Belt and Road partner countries grew by 14.8 percent. The imports and exports by private enterprises increased by 17.0 percent, accounting for 57.0 percent of the total value of imports and exports. The exports of mechanical and electrical products grew by 20.1 percent, accounting for 63.5 percent of the total value of imports and exports. In June, the total value of imports and exports was 4,782.3 billion yuan, up by 24.2 percent year on year, 7.3 percentage points faster than that of the previous month. Specifically, the total value of exports was 2,820.7 billion yuan, up by 20.8 percent; the total value of imports was 1,961.6 billion yuan, up by 29.4 percent.

7. Consumer Price Rose Mildly and Producer Prices for Industrial Products Climbed Year on Year.

In the first half year, the consumer price index (CPI) increased by 1.0 percent year on year. Grouped by commodity categories, prices for food, tobacco, alcohol and dining out went down by 0.2 percent year on year; clothing up by 1.6 percent; housing down by 0.2 percent; articles and services for daily use up by 1.9 percent; transportation and communication up by 1.8 percent; education, culture and recreation up by 1.2 percent; medical services and health care up by 2.0 percent; and other articles and services up by 11.6 percent. In terms of prices for food, tobacco, alcohol and dining out, the price for pork went down by 13.4 percent, grain down by 0.3 percent, fresh fruits up by 1.5 percent, and fresh vegetables up by 4.1 percent. In June, the CPI went up by 1.0 percent year on year, or down by 0.3 percent month on month. In the first half year, the core CPI excluding the prices of food and energy went up by 1.2 percent year on year. Specifically, the core CPI in June went up by 1.0 percent year on year.

In the first half year, the producer prices for industrial products went up by 1.5 percent year on year. Specifically, the prices in June went up by 4.1 percent year on year, 0.2 percentage points faster compared with that of the previous month, or down by 0.3 percent month on month. In the first half year, the purchasing prices for industrial producers went up by 2.4 percent year on year. Specifically, the prices increased by 6.4 percent year on year in June, or down by 0.2 percent month on month

8. Employment was Generally Stable and Urban Surveyed Unemployment Rate Went Down.

In the first half year, the urban surveyed unemployment rate averaged 5.2 percent. In June, the urban surveyed unemployment rate was 5.0 percent, 0.1 percentage points lower than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.0 percent and that of population with non-local household registration was 4.9 percent, of which, the rate of population with non-local agricultural household registration stood at 4.8 percent. The urban surveyed unemployment rate in 31 major cities was 5.0 percent, 0.1 percentage points lower than that of the previous month. The employees of enterprises worked 48.2 hours per week on average. By the end of the second quarter, the number of rural migrant workers totaled 192.27 million, up by 0.5 percent year on year.

9. Household Income Witnessed Stable Increase and Income Growth of Rural Households Outpaced That of Urban Households.

In the first half year, the nationwide per capita disposable income of households was 22,981 yuan, a nominal growth of 5.2 percent year on year; the real growth was 4.2 percent after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 30,126 yuan, a nominal growth of 4.4 percent year on year and a real growth of 3.4 percent; the per capita disposable income of rural households was 12,699 yuan, a nominal growth of 6.4 percent year on year and a real growth of 5.5 percent. In terms of income source, the nationwide per capita salary income, net business income, net property income and net income from transfers grew by 5.3 percent, 6.5 percent, 1.1 percent and 5.8 percent in nominal terms respectively. In the first half year, the urban-rural per capita disposable income ratio (with rural residents = 1) was 2.37, narrowed by 0.05 year on year.

Generally speaking, in the first half year, the national economy operated within an appropriate range. New quality productive forces were fostered and strengthened, and high-quality development advanced with new and positive momentum. However, we should also be aware that the external environment is becoming increasingly unstable and uncertain, the imbalance between strong supply and weak demand remains acute at home, and the foundation for economic recovery and improvement still needs to be consolidated. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, continue to pursue progress while ensuring stability, improve both the quality and performance of growth, step up counter- and cross-cyclical adjustments, further boost domestic demand and improve supply, optimize the allocation of new resources while making the best use of existing ones, build a robust domestic market, foster new growth drivers at a faster pace, provide greater support to keep employment, enterprise operations, markets, and expectations stable, so as to promote higher-quality economic growth while achieving an appropriate increase in economic output.

Notes:

1. The growth rate of GDP and its sub-items are calculated at constant prices. The growth rates of value added of industrial enterprises above the designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

2. According to the auto-revision function of the seasonal adjustment model, revisions are made to quarter-on-quarter growth of GDP and to month-on-month changes of the value added of industrial enterprises above the designated size, investment in fixed assets (excluding rural households), and total retail sales of consumer goods. The revised figures, quarter-on-quarter GDP growth for the second quarter of 2026 and month-on-month changes of other indicators for June 2026 are as follows:

The quarter-on-quarter growth of GDP in 2025 and in the first and second quarter of 2026 are 1.1 percent, 1.2 percent, 1.1 percent, 1.1 percent, 1.3 percent and 0.9 percent respectively.

Month-on-Month Growth Rate of Other Indicators

3. Industrial enterprises above the designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

4. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

5. Total retail sales of goods and services refer to the total value of goods and services provided directly by enterprises (businesses, self-employed units) to other units and individuals for non-production and non-operating purposes in the form of transactions. It consists of retail sales of goods and retail sales of services. The retail sales of goods directly adopt the corresponding figure from the total retail sales of consumer goods, reflecting the development and changes in the goods consumption market. The retail sales of services refer to the total value of services directly provided by enterprises (businesses, self-employed units) to other units and individuals for non-production and non-operating purposes in the form of transactions, reflecting the development and changes in the services consumption market.

The scope of the total retail sales of consumer goods include all legal entities, establishments and self-employed units involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses, self-employed units), retail enterprises (businesses, self-employed units) and lodging and catering enterprises (businesses, self-employed units) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

As the wholesale, retail, and lodging and catering enterprises (businesses, self-employed units) above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are: some enterprises (businesses, self-employed units) are included in the survey as they meet the threshold, while some enterprises (businesses, self-employed units) are removed from the survey because of downsizing every year. Besides, enterprises (businesses, self-employed units) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

6. To reflect the development of the online consumption market in a more comprehensive way, the statistical indicators for online consumption have been improved with the coverage of the online service platforms expanded to strengthen the measurement of the online services retail sales in line with the evolving momentum of online consumption. Accordingly, the original indicator “online retail sales” has been adjusted to “online retail sales of goods and services”, with the definition unchanged and the statistical coverage expanded. The indicator “online retail sales of physical goods” has been adjusted to “online retail sales of goods,” with the definition and statistical coverage unchanged. In addition, “online retail sales of services” has been introduced as a new indicator. The online retail sales of goods and services are not comparable with the online retail sales.

As the coverage of key platforms included in the statistics of online retail sales of goods and services changes every year, to ensure the comparability of data between years, the data coverage for the same period last year used for estimating the year-on-year growth rates of online retail sales of goods and services is consistent with that of the current period and differs from the data coverage released last year. The main reasons are as follows: new platforms are included in the survey every year , while platforms that no longer meet the requirements of the statistical programs are removed from the survey.

7. Investment in fixed assets (excluding rural households) refers to the workload and related costs for the construction and acquisition of fixed assets completed within a certain period of time, expressed in monetary terms.

According to the current statistical programs, investment in infrastructure includes investment in fixed assets in the following industries: production and supply of electricity and heat, production and supply of gas, production and supply of water, railway transportation, road transportation, water transportation, air transportation, pipeline transport, multi-modal transportation and forwarding agency, loading, unloading and delivery, postal services, telecommunications, radio, TV and satellite transmission services, internet and related services, water conservancy management, ecological conservation and environmental governance, and management of public facilities. The growth rate of investment in infrastructure is calculated on a comparable basis.

Investment in intellectual property products refers to the investment completed in the reporting period for the production and acquisition of intellectual property products. It mainly includes investment in computer software and databases, research and development, mineral exploration and evaluation, and entertainment, literary and artistic originals.

According to the reform of the statistical program and methodology of investment and the requirements of statistical law enforcement, the data of investment in fixed assets of the same period last year have been revised. The growth rates of investment in fixed assets are calculated on a comparable basis.

8. Data of imports and exports are from the General Administration of Customs.

9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.