Chongqing's Economy Stabilizes in H1 2024, Targets 6% Annual GDP Growth
By YUTING CHEN|Jul 18,2024
Chongqing - China's National Bureau of Statistics recently announced a 5% GDP growth for the first half of 2024. Overall, China's economy remained stable with steady progress in transformation and upgrading, despite complex external conditions and ongoing domestic demand challenges.
Specifically, goods trade increased by 6.1%, driven by a 6.9% rise in exports, exceeding global forecasts. Investment in high-tech industries also surged by 10.6%, reflecting robust growth in new production capabilities.
At a recent joint meeting of the Chongqing Municipal Development and Reform Commission, it was noted that Chongqing's economy continued to recover and stabilize in the first half of 2024. Although certain economic indicators did not meet expectations, the city remains committed to achieving its annual socio-economic development targets.
Chongqing's annual objectives include achieving regional GDP growth of approximately 6%, a 7% rise in industrial value-added output, a 4% increase in fixed asset investment, a 6% boost in general public budget revenue, and maintaining consumer price index growth around 3%. The city is also committed to meeting national goals for energy conservation and carbon reduction.
Night view of Chongqing. (Photo/Zhang Kunkun)
The meeting highlighted the breakthroughs needed in key areas. Chongqing is executing a plan to boost high-quality development in modern producer services, integrating with the "33618" modern manufacturing cluster system to achieve yearly objectives.
The city is using major consumption periods like summer holidays, Mid-Autumn Festival, and National Day to strengthen cultural tourism promotion and service assurances, innovate new consumption experiences, and increase market dynamism and consumer trust.
The meeting also emphasized the implementation of critical policies. By enhancing departmental communication, sharing resources, and implementing large-scale equipment renewal, consumer goods trade-in programs, and 20 policy measures for technological transformation loans, these efforts aim to swiftly translate policy benefits into tangible development outcomes.
By prioritizing the prompt execution of crucial projects, particularly in the industrial and infrastructure sectors, the city injects fresh vitality and drives high-quality economic and social advancement through their implementation.
A representative from the Chongqing Municipal Development and Reform Commission emphasized the continued importance of the economic situation analysis joint meeting mechanism. The city will enhance communication and coordination with major economic departments, deepen understanding of economic trends, address challenges, and provide specific improvement recommendations.
Through these concerted efforts, Chongqing is not only steadily advancing its economic recovery and high-quality development but is also on track to meet and potentially exceed its annual economic goals. The city's commitment to strategic planning and policy implementation underscores its resolve to foster sustained economic growth and resilience.
