BEIJING, July 16 — While geopolitical tensions and trade frictions continue to weigh on the global economy, China posted steady growth in the first half (H1) of 2026, demonstrating solid resilience as the world’s second-largest economy embarked on its 15th Five-Year Plan (2026-2030).
The country’s gross domestic product (GDP) grew 4.7 percent year on year in the first six months, data from the National Bureau of Statistics (NBS) showed on Wednesday. In the second quarter, its GDP expanded 4.3 percent year on year. The Chinese economy has “operated within an appropriate range against pressure,” continuing to demonstrate strong resilience, the NBS said in a statement, pointing to bright spots such as robust growth in production and supply, stable employment and rapid expansion in new growth drivers. China’s GDP grew 5 percent year on year in the first quarter. The country has targeted 2026 growth at 4.5 to 5 percent and will strive for better in practice.
RESILIENCE AMID GLOBAL HEADWINDS
“The growth pace is in line with the annual target,” Mao Shengyong, deputy head of the NBS, told a press conference. He said this steady economic performance has laid a solid foundation for achieving major annual targets, particularly the economic growth target. Although growth moderated in the second quarter, he attributed the slowdown mainly to “short-term factors and external influences,” saying the economy remained on a stable footing, with its underlying trend toward innovation-driven and high-quality development unchanged.
Noting that the external environment has become more complex and uncertain, Mao said China’s economic strength has helped the country effectively navigate risks and challenges, citing adequate energy supply, mild inflation and solid foreign trade performance in the first half of 2026. Wednesday’s data showed that China’s surveyed urban unemployment rate stood at 5 percent in June, down from 5.1 percent in the previous month, while per capita disposable income went up 5.2 percent year on year in the first half of the year. In the January-June period, the country’s value-added industrial output rose 5.4 percent year on year, and its total retail sales of goods and services, a major indicator of the country’s consumption strength, increased by 2.7 percent year on year. Mao said the global economy has seen new changes since the beginning of this year, particularly in the second quarter, with major economies expected to experience slower growth.
The International Monetary Fund, he noted, recently cut its forecast for global economic growth this year to 3.0 percent, but raised that for China’s full-year growth by 0.2 percentage points. “The stability and resilience demonstrated by China’s economy have provided valuable support for the increasingly uncertain global economy,” said Kuang Xianming, deputy head of the China Institute for Reform and Development. Kuang added that the country’s economic transformation and upgrading are unlocking the potential of its vast market, helping stabilize global supply chains and ease inflationary pressures. Meanwhile, its support for free trade and economic integration is providing greater certainty amid geopolitical tensions.
Xinhua
