Workers are busy at a production line of the new energy vehicle AVATR at a workshop of Chang'an Auto in Jiangbei District, southwest China's Chongqing Municipality, July 20, 2023. (Photo/Xinhua)

Chongqing - Chongqing achieved a regional GDP of 1.51 trillion yuan ($208.13 billion) in the first half of the year, marking a 6.1 percent year-on-year growth, boosting market confidence and stabilizing development expectations, Chongqing Daily cited experts in a report on Monday.

The first-half GDP growth rate closely matches the city's 2024 GDP target of approximately six percent.

Yao Shujie, secretary-general of the Center for Urbanization and Regional Innovation Pole Development and a professor at Chongqing University, believed that despite challenging internal and external conditions, Chongqing's economy delivered an impressive "mid-term report" with a 6.1 percent growth rate. This solid performance lays a strong foundation for achieving the annual targets.

Horizontally, from January to June, Chongqing's GDP growth rate is 1.1 percentage points higher than the national average, which is commendable, Yao said to Chongqing Daily, adding that among the provinces that have released economic performance data for the first half of the year, Chongqing's growth rate ranks among the top.

Vertically, despite increased uncertainties in domestic and international development environments and a high base from last year, Chongqing's GDP still achieved a remarkable growth of 6.1 percent in the first half year, 1.5 percentage points higher than the same period the previous year, which is not an easy achievement, according to Yao.

In the first half year, Chongqing's GDP exceeded 1.5 trillion yuan, increasing by nearly 80 billion yuan, indicating a growing economic scale.

Huang Qinghua, vice dean and professor at the College of Economics and Management at Southwest University, told Chongqing Daily that as the only municipality in central and western China and a key national central city, Chongqing's economy is comparable to a moderately developed country. Remarkably, despite its sizeable economic size, Chongqing has maintained significant growth over time.

Huang noted that in the first half year, Chongqing's economic development made significant progress. Multiple indicators showed growth, further boosting market confidence and stabilizing development expectations.

During the same period, among Chongqing's major industrial sectors, the added value of 25 industries increased year-on-year, covering 64.1 percent. Nine out of ten sectors grew for service enterprises above the designated size, with five achieving double-digit growth. Overall, Chongqing's economy continues its upward trend.

"Thanks to a solid industrial foundation, Chongqing's economic momentum continues to drive progress towards the half-year achievement," said Yao. As a major industrial hub in China, Chongqing boasts a comprehensive and well-established manufacturing sector, encompassing all 31 major industry categories. Notably, the automotive industry, represented by intelligent connected new energy vehicles, has been particularly outstanding.

However, Yao noticed that Chongqing's fixed asset investment grew by 2.6 percent year-on-year in the first half year, below the national average of 3.9 percent. Yao warned that if this is not due to short-term fluctuations, proactive measures should be taken to avoid affecting future development.

(Qi Xiaofang, as an intern, also contributed to this report.)