Global Times: What does China’s 4.7 percent growth in the first half of 2026 mean?
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True strength is revealed in the storm; backbone is forged through trials.
In the first half of this year, China’s economy advanced under pressure and maintained an overall steady trajectory of development oriented toward the new and the better. The gross domestic product (GDP) grew by 4.7 percent year-on-year. We effectively responded to external changes such as geopolitical conflicts and trade frictions, and skillfully navigated complex domestic conditions marked by strong supply and weak demand, as well as the overlapping of old and new challenges. The results achieved are hard won and truly valuable.
Measured against China’s target, 4.7 percent is a growth rate that meets expectations. The annual economic growth target set by China’s two sessions is 4.5 percent to 5 percent. The 4.7 percent growth in the first half of this year falls within this reasonable range, aligning with the Communist Party of China Central Committee’s scientific assessment of the economic situation and its policy arrangements. It has laid a solid foundation for a good start to the 15th Five-Year Plan period (2026-30).
Key economic indicators have operated steadily; employment and prices have remained stable; and the 4.7 percent growth rate is broadly consistent with current conditions in factor supply, technological progress and institutional innovation. It is a realistic pace that matches China’s potential growth rate. Major economic provinces generally grew faster than the national average and played a leading role. At the same time, financial risks continued to ease in the first half of this year, local government debt risks were being orderly resolved and various constraints remained appropriately calibrated – leaving room to cope with uncertainty and improve the quality of development.
Looking at the structure of growth, 4.7 percent is a rate of real substance. Behind the growth figures is China’s shift toward new growth drivers and a better economic structure, resulting in high-quality development that is both stable and dynamic.