China enjoys sustained economic recovery, improvement: report

A report on China's national economic and social development plan this year was submitted to the 14th National People's Congress Standing Committee for review on Monday.

The report shed light on the nation's sustained economic recovery and improvement.

It shows that from January to July, China's aggregate social logistics value reached 189.9 trillion yuan (approximately $26 trillion), marking a 4.7 percent year-on-year increase. Steady demand for social logistics has facilitated ongoing sector recovery.

In the first seven months, China's software industry surged by 13.6 percent, accompanied by a 13.4 percent rise in total profits. The software and IT service sector has shown a steady trajectory.

A service robot attracts visitors at the 2023 World Conference on Artificial Intelligence (WAIC) in Shanghai, on July 6, 2023. (Photo/China News Service)

During the same period, state-owned enterprise operating income grew by 4.3 percent year on year, aligning with the national trend of economic recovery.

The report also features specific data concerning business entities, financing, and foreign trade, offering insights into the ongoing economic revival and enhancement throughout the year.

It is indicated that in the first seven months, there were 19.102 million newly established business entities, including 5.791 million enterprises, marking a year-on-year growth of 12 percent and 15.6 percent respectively.

Comprehensive implementation of the stock issuance registration mechanism bolstered 210 enterprises to conduct initial public offerings and raise a total of 247.9 billion yuan in the first seven months.

The report also highlights stable development in foreign trade and investment. Overall service imports and exports grew by 8.5 percent in the first half of the year.

Notably, exports of electric passenger vehicles, lithium-ion batteries, and solar cells, grew by 52.4 percent. Knowledge-intensive service trade experienced rapid growth, while the travel sector exhibited significant recovery.

Imports and exports with Belt and Road countries increased by 7.4 percent in the first seven months, and the number of China-Europe freight train services and cargo volume grew by 13 percent and 27 percent respectively.

Amid the overall positive outlook, the report cautions that the current improvement in China's economic performance is mainly recovery-driven. The intrinsic driving force for growth is not yet strong, the development environment uncertain and the foundation for sustained economic recovery still not solid.

The report proposes an intensified focus on macroeconomic policy adjustments, domestic demand expansion, confidence building, and risk management, all aimed at achieving qualitative and effective growth while maintaining reasonable quantitative growth in the economy.