SCIO press conference on China's economic performance in H1 2026

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Speakers:

Mr. Mao Shengyong, deputy commissioner of the National Bureau of Statistics (NBS)

Ms. Wang Guanhua, spokesperson of the NBS and deputy director general of the Department of Comprehensive Statistics of the NBS

Chairperson:

Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

July 15, 2026

Shou Xiaoli:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). Today's conference is a routine release of economic data. We are pleased to welcome Mr. Mao Shengyong, deputy commissioner of the National Bureau of Statistics (NBS), who will brief you on China's national economic performance in the first half of 2026 and answer your questions. We also have with us Ms. Wang Guanhua, spokesperson of the NBS and deputy director general of the Department of Comprehensive Statistics of the NBS. Now, I'll give the floor to Mr. Mao for his introduction.

Mao Shengyong:

Thank you, Ms. Shou. Good morning, everyone. I will start by briefing you on China's economic performance in the first half of this year, and then take your questions.

The economy operated within an appropriate range in the first half of the year as new growth drivers expanded rapidly.

In the first half of the year, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all localities and government 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 effective macro policies. As a result, the national economy operated within an appropriate range against pressure. Production and supply grew quickly, employment remained generally stable, prices rose moderately, foreign trade showed good growth momentum, new growth drivers expanded rapidly, and people's well-being 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% 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% year on year; that of the secondary industry was 25,047.3 billion yuan, up by 3.9%; and that of the tertiary industry was 41,370.9 billion yuan, up by 5.2%. By quarter, GDP increased by 5.0% year on year in the first quarter and 4.3% in the second quarter. On a quarter-on-quarter basis, GDP in the second quarter increased by 0.9%.

First, summer grain witnessed a bumper harvest with increased output, and animal husbandry grew steadily.

In the first half of the year, the value added of agriculture (crop farming) grew by 3.6% year on year. National summer grain output reached 150.75 million metric tons, 1.00 million tons more than that of the previous year, an increase of 0.7%. In the first half of the year, the output of pork, beef, mutton and poultry totaled 50.50 million metric tons, up by 4.3% year on year. Specifically, the output of pork and poultry grew by 3.3% and 9.4%, respectively, and that of beef and mutton dropped by 1.0% and 3.9%, respectively. Milk production rose by 2.4%, while egg production went down by 2.2%. At the end of the second quarter, the number of hogs registered in stock was 424.91 million, up by 0.1% year on year; and 372.46 million hogs were slaughtered, up by 1.7% in the first half of the year.

Second, industrial production grew rapidly, with equipment manufacturing and high-tech manufacturing showing sound upward momentum.

In the first half of the year, the total value added of industrial enterprises above designated size grew by 5.4% year on year. In terms of sectors, the value added of mining increased by 3.6% year on year; that of manufacturing grew by 5.6%; and that of the production and supply of electricity, thermal power, gas and water went up by 5.5%. The value added of equipment manufacturing increased by 9.3% year on year and that of high-tech manufacturing increased by 13.3%, which were 3.9 percentage points and 7.9 percentage points faster than that of industrial enterprises above designated size, respectively. In terms of ownership, the value added of state holding enterprises increased by 4.3% year on year; that of share-holding enterprises was up by 5.9%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.2%; and that of private enterprises was up by 4.6%. In terms of products, the production of 3D printing devices, lithium-ion batteries and industrial robots grew by 48.5%, 39.3% and 28.0% year on year, respectively. In June, the value added of industrial enterprises above designated size went up by 5.3% year on year, 0.8 percentage point faster than that of the previous month, or up by 0.76% month on month. In June, the Manufacturing Purchasing Managers' Index (PMI) stood at 50.3%, 0.3 percentage point higher than that of the previous month. The Production and Operation Expectation Index was 54.3%, 0.4 percentage point higher than that of the previous month. In the first five months, total profits of industrial enterprises above designated size were 3,144 billion yuan, up by 18.8% year on year.

Third, the service sector maintained steady growth, and modern services developed well.

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

Fourth, the consumer market continued to expand, with rapid growth in service retail.

In the first half of the year, the total retail sales of consumer goods and services rose by 2.7% year on year, with service retail sales increasing by 5.3% and retail sales of goods growing by 1.1%. Specifically, retail sales in telecommunication information services, tourism consulting and rental services, and cultural, sports and leisure services all grew rapidly. In the first half of the year, the total retail sales of consumer goods reached 24,872.2 billion yuan, marking a year-on-year increase of 1.3%. Urban retail sales reached 21,550.6 billion, up 1.2% year on year, while rural retail sales came in at 3,321.6 billion yuan, up 2.5%. Grouped by consumption patterns, the retail sales of goods were 22,046.7 billion yuan, up by 1.1% year on year; and catering revenue was 2,825.5 billion yuan, up by 2.8%. Sales of essential goods and certain upgraded goods grew quickly, with retail sales of grain, oil and food; clothing, shoes, hats and textiles; and communication equipment at enterprises above designated size increasing by 7.4%, 6.7% and 14.4% year on year, respectively. In June, the total retail sales of consumer goods reached 4,269.1 billion yuan, up 1.0% year on year, compared to a 0.6% decrease in the previous month; and up 0.38% month on month. In the first half of the year, online retail sales of goods and services nationwide reached 10,071.5 billion yuan, up 5.2% year on year. Specifically, online retail sales of goods reached 6,429.6 billion yuan, an increase of 4.8%; online service retail sales reached 3,641.9 billion yuan, up 6.0%.

Fifth, fixed asset investment declined, while investment in intellectual property products grew faster.

In the first half of the year, nationwide fixed-asset investment excluding rural households reached 22,637.0 billion yuan, down 5.7% year on year. Fixed-asset investment excluding real estate development fell 2.7%. Among this, investment in intellectual property products increased 9.4% year on year, 1.5 percentage points faster than in the first quarter. By sector, infrastructure investment fell by 2.4% year on year, manufacturing investment fell by 1.2% and real estate investment fell by 18.0%. The floor space of newly-built commercial buildings sold was 401.40 million square meters, down by 11.6% year on year; and the total sales of newly-built commercial buildings were 3,794.5 billion yuan, down by 13.6%. By industry, the investment in the primary industry went up by 0.9% year on year, that in the secondary industry fell by 1.1%, and that in the tertiary industry fell by 8.4%. Private investment fell 8.5% year on year, or 4.9% excluding real estate development. Investment in high-tech industries increased by 4.6% year on year, among which, investment in the manufacture of aircraft, spacecraft and related equipment, computers and office equipment, and information services increased by 23.3%, 8.1% and 15.5%, respectively. In June, fixed-asset investment (excluding rural households) fell 0.37% month on month.

Sixth, imports and exports of goods grew quickly and the trade structure continued to improve.

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

Seventh, consumer prices rose mildly, while producer prices for industrial products saw year-on-year growth.

In the first half of the year, the Consumer Price Index (CPI) went up by 1.0% year on year. By category, prices for food, tobacco, alcohol and dining out fell 0.2% year on year. Clothing rose 1.6%; housing declined 0.2%; articles and services for daily use rose 1.9%; transportation and communication climbed 1.8%; education, culture and recreation grew 1.2%; medical services and health care increased 2.0%; and other articles and services jumped 11.6%. Within the category of food, tobacco, alcohol and dining out, prices for pork went down by 13.4%, grain down by 0.3%, fresh fruits up by 1.5%, and fresh vegetables up by 4.1%. In June, the CPI rose 1.0% year on year and dipped 0.3% month on month. In the first half of the year, core CPI, excluding food and energy prices, grew 1.2% year on year. Of this, core CPI in June rose 1.0% year on year.

In the first half of the year, the producer prices for industrial products rose 1.5% year on year. Of this, the prices in June rose 4.1% year on year, an increase of 0.2 percentage point from the previous month, and fell 0.3% month on month. In the first half of the year, the purchasing prices for industrial producers rose 2.4% year on year. Of this, the prices in June rose 6.4% year on year and fell 0.2% month on month.

Eighth, the employment situation was generally stable, and the surveyed urban unemployment rate declined.

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

Ninth, personal income grew steadily, with rural residents' income growth outpacing that of urban residents.

In the first half of the year, per capita disposable income reached 22,981 yuan, representing a nominal increase of 5.2% year on year and a real increase of 4.2% 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% year on year and a real growth of 3.4%; and the per capita disposable income of rural households was 12,699 yuan, a nominal growth of 6.4% year on year and a real growth of 5.5%. By source of income, the per capita salary income, net business income, net property income and net income from transfers grew by 5.3%, 6.5%, 1.1% and 5.8% in nominal terms, respectively. In the first half of the year, the ratio of per capita disposable income between urban and rural residents (with rural residents as 1) was 2.37, a decrease of 0.05 year on year.

Overall, the national economy operated within an appropriate range in the first half of the year, with new quality productive forces cultivated and strengthened, and high-quality development advancing with new and positive momentum. It should also be noted that there are many external instabilities and uncertainties. The domestic supply exceeded demand and the foundation for the economy's rebound and improvement needs to be consolidated. Looking ahead, 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, and enhance counter- and cross-cyclical adjustments. We must further boost domestic demand, improve supply and optimize the allocation of new resources while making the best use of existing ones. We must also develop a robust domestic market, pace up to cultivate and expand new momentum, and provide greater support to keep employment, enterprise operations, markets and expectations stable. These efforts will promote higher-quality economic growth while achieving an appropriate increase in economic output. Thank you.

Shou Xiaoli:

Thank you, Mr. Mao, for your introduction. The floor is now open for questions. Please identify the news outlet you represent before asking your questions.