Translated by ChatGPT, edited by Sinocism.com.

Source: People’s Daily 人民日报 | Byline: Zhong Caiwen 钟才文 | August 24, 2026 Page 2

Storms reveal true mettle; tempering forges confidence. In the first half of the year, China’s economy pressed ahead under pressure, maintaining an overall stable development trend while moving toward new and higher-quality growth. Gross domestic product (GDP) increased 4.7% year on year. We responded forcefully to changes in the external environment, including geopolitical conflicts and economic and trade frictions, and effectively navigated a complicated domestic situation marked by strong supply and weak demand and by the overlapping of old and new problems. These hard-won and valuable achievements did not come easily.

风雨见真章，磨砺出底气。上半年，我国经济顶压前行，延续总体平稳、向新向优的发展态势，国内生产总值（GDP）同比增长4.7%。我们有力应对地缘政治冲突、经贸摩擦等外部环境变化，有效驾驭国内供强需弱、新老问题叠加等复杂局面，取得来之不易、难能可贵的成绩。

Measured against the target, 4.7% is an economic growth rate that is in line with expectations. The Central Economic Work Conference and the National People’s Congress and Chinese People’s Political Consultative Conference sessions set an expected full-year economic growth target of 4.5%–5%. First-half growth of 4.7% falls within this reasonable range, accords with the Party Central Committee’s scientific assessment of the economic situation and its policy arrangements, and has laid a solid foundation for getting the 15th Five-Year Plan off to a good start. Major economic indicators operated steadily, while employment and prices remained stable. The 4.7% growth rate is broadly consistent with current conditions in factor supply, technological progress, institutional innovation and other areas; it is a realistic rate consistent with the economy’s potential growth rate. The major economic provinces generally grew faster than the national average and played their role as the main pillars of growth. At the same time, China’s financial risks continued to recede in the first half, local-government debt risks were resolved in an orderly manner, and various constraints remained appropriately balanced, leaving room to respond to uncertainty and improve the quality of development.

对照目标，4.7%是符合预期的经济增速。中央经济工作会议和全国两会确定的全年经济增长预期目标是4.5%—5%，上半年4.7%的增速处在这一合理区间，符合党中央对经济形势的科学判断和部署要求，为“十五五”开好局起好步打下坚实基础。重要经济指标稳健运行，就业、物价保持平稳，4.7%的增速与当前要素供给、技术进步和制度创新等各方面条件基本匹配，是一个实事求是、符合潜在经济增长率的速度。经济大省增速普遍超过全国平均增速，发挥了挑大梁作用。同时，上半年我国金融风险持续收敛，地方政府债务风险有序化解，各类约束条件松紧适度，为应对不确定性、提升发展质量留下空间。

Looking at the structure, 4.7% is an economic growth rate with real substance. Behind the headline growth rate is an economy whose drivers are becoming newer and whose structure is improving, producing a high-quality development scorecard with a solid foundation for stability and momentum for progress. The technological content is higher. New quality productive forces have accumulated momentum and are gaining strength. Chain-leading innovative enterprises with core technologies and specialized, sophisticated enterprises focused on niche industries are emerging and growing more rapidly. In the first half, new growth drivers directly contributed more than 40% of economic growth. Artificial intelligence is empowering thousands of industries. A new generation of open-source large models has recently been released in quick succession; China has systematically put forward its approach to building an AI ecosystem and governance order; and innovative achievements continue to emerge. The number of AI-related patents granted rose 34.8% year on year. The green content is greater. The green and low-carbon transformation of the energy system is accelerating, and in the first half clean-energy generation accounted for 36.2% of power generation by enterprises above designated size. New green growth drivers expanded rapidly: lithium-battery output rose 39.3%, the cumulative retail penetration rate of new-energy vehicles reached 54.1%, and zero-carbon industrial parks and zero-carbon transport corridors are being built in an orderly way. The livelihood content is more tangible. China has implemented measures to stabilize jobs, expand employment capacity and improve employment quality, while strengthening social security, and household incomes have risen steadily. In the first half, per-capita disposable income nationwide rose 5.2% year on year in nominal terms. The consumer market continued to expand, with new growth points such as services consumption and experiential consumption being cultivated. Service retail sales increased 5.3% in the first half; consumption growth in lower-tier markets such as counties led the way; and holiday spending and spending by inbound visitors remained strong.

打开结构，4.7%是有含金量的经济增速。经济增速的背后是我国经济动能向新、结构向优，交出了一份稳有根基、进有动力的高质量发展成绩单。科技含量更高。新质生产力积厚成势，拥有核心技术的链主型创新企业、聚焦细分行业的专精特新企业加速涌现成长，上半年新动能对经济增长的直接贡献超过四成。人工智能赋能千行百业，近期密集发布新一代开源大模型，系统提出人工智能生态构建和治理秩序的中国方案，创新成果不断涌现，人工智能相关专利授权量同比增长34.8%。绿色含量更足。能源绿色低碳转型步伐加快，上半年规模以上清洁能源发电量占比达到36.2%。绿色新动能加快成长，锂电池产量增长39.3%，新能源汽车零售渗透率累计54.1%，零碳园区、零碳运输走廊有序建设。民生含量更实。实施稳岗扩容提质行动，加大社会保障力度，居民收入稳步增加。上半年，全国居民人均可支配收入同比名义增长5.2%。消费市场持续扩容，服务消费、体验消费等新增长点不断培育，上半年服务零售额增长5.3%，县域等下沉市场消费增速领跑，假日消费、入境消费持续火热。

Pressing ahead under pressure, 4.7% is an economic growth rate that demonstrates strong resilience. As worsening external headwinds overlapped with domestic cyclical and structural pressures, China’s economy “broke through the wind and waves” and delivered a passing report card, demonstrating powerful capacity to withstand shocks and to self-adjust. Externally, geopolitical turmoil has continued, and fighting in the Middle East has disrupted global energy markets, leaving many countries facing energy shortages and soaring oil prices. China made early preparations by developing a new-type energy system and a petroleum reserve system and implementing a market-diversification strategy. Its efforts to ensure energy supply and stabilize prices have been forceful and effective; over the past six months there have been no market fuel shortages or similar problems, and the foundation for energy security has grown increasingly solid. At the same time, amid rising global trade protectionism and increasing tariff and non-tariff barriers, Chinese products have won the favor of consumers in a growing number of countries because of their strong value for money, and China’s exports have remained robust. From electric vehicles, lithium batteries and photovoltaics to artificial intelligence, robots and innovative drugs, Chinese products are reshaping the country’s export landscape through frontier technologies and original innovative capabilities. Domestically, resolving risks accumulated over many years in local-government debt, the real-estate market and small and medium-sized financial institutions objectively exerts a certain contractionary effect on the economy and requires paying some cost in economic growth. But these short-term costs purchase long-term, stable and sustainable economic and social development. At the same time, looking at market fundamentals, the contradiction between strong supply and weak demand remains pronounced, and investment in particular faces considerable pressure to halt its decline and return to stability. Investment growth is closely related to the stage of development. At present, the focus of China’s investment policy is not simply to maintain a particular growth rate, but rather to better meet the requirements of high-quality development and place greater emphasis on investment quality and overall returns. In the first half, China concentrated efforts on strengthening coordinated construction of the “six networks,” promoting the renewal and upgrading of manufacturing, and addressing shortcomings in water conservancy and urban underground pipeline networks, directing more resources toward investment in the future and investment in people’s livelihoods.

顶压前行，4.7%是有强劲韧性的经济增速。外部不利影响加深与国内周期性、结构性压力叠加，我国经济“顶风破浪”交出一份合格的答卷，展现出强大抗冲击能力和自我调节能力。从外部看，地缘政治持续动荡，中东战事冲击全球能源市场，很多国家能源短缺、油价高涨。我国提早布局新型能源体系、石油储备体系建设，实施市场多元化战略，能源保供稳价有力有效，近半年没有出现市场油品短缺等现象，能源安全的底气越来越足。同时，在全球贸易保护主义升温、关税和非关税壁垒增多的背景下，我国产品性价比高，赢得越来越多国家居民的青睐，外贸出口强劲，从电动汽车、锂电池、光伏升级到人工智能、机器人、创新药等产品，正在凭借前沿技术和原创能力重塑外贸版图。从内部看，化解多年累积形成的地方政府债务、房地产市场、中小金融机构等风险，客观上对经济形成一定的收缩效应，需要付出一些经济增长代价，但这种短期成本，换来的是经济社会长期稳定可持续发展。同时，从市场基本面看，供强需弱矛盾仍然突出，特别是我国投资止跌回稳面临较大压力。投资增速与发展阶段密切相关，当前我国投资政策的着力点不是要简单维持一定速度，而是更加适应高质量发展要求，更加注重投资质量和综合效益。上半年，我国聚焦加强“六张网”协同建设、推动制造业更新升级、补齐水利和城市地下管网短板等发力，将更多资源投资于未来、投资于民生。

Looking ahead, 4.7% is an economic growth rate with substantial momentum still in reserve. China’s economic development has broad room for maneuver, enormous market potential and strong resilience and vitality. There is growth potential. As research and development investment continues to increase, China’s capacity for original innovation is steadily strengthening; scientific and technological innovation is becoming deeply integrated with industrial innovation; and innovation-driven development is becoming a powerful engine of China’s economic growth. China’s stock of talent ranks among the world’s largest, while its human capital is steadily shifting from a quantity dividend to a quality dividend. New factors of production such as data and computing power continue to empower traditional factors, jointly supporting high-quality economic development. Reform brings dividends. We emphasize using reform methods to solve development problems, and the economy’s endogenous momentum is continuously strengthening. The construction of a unified national market is advancing in depth. Prominent problems involving improper local investment-attraction practices, market-access barriers, tendering and bidding and other areas are being rectified. This will broaden and deepen China’s market and further unleash the potential of its super-large-scale market. Continued comprehensive rectification of “involution-style” competition will create a healthier market environment and compel enterprises to break free from competition based solely on price, accelerating a shift from scale expansion and price competition toward quality improvement and competition based on value. There is room for policy. Compared with some economies that rely on high debt and large deficits to stimulate growth, China has not followed a path of excessive reliance on strong policy stimulus. Aggregate policies have remained proactive and effective, while structural policies have targeted key pressure points, avoiding the creation of a “policy dependency.” Overall, the supporting conditions and basic trend for the long-term improvement of China’s economy have not changed. The macro-policy toolbox is ample, there remains substantial room for countercyclical adjustment, China has the conditions to introduce practical and effective incremental policies as circumstances change, and it has the capacity to accomplish the full-year economic and social development targets and tasks.

展望未来，4.7%是富有后劲的经济增速。我国经济发展具有广阔回旋空间、巨大市场潜力和强大韧性活力。增长有潜力。随着研发投入持续加码，我国原始创新能力日益增强，科技创新和产业创新深度融合，创新驱动正在成为中国经济增长的强大引擎。我国人才存量规模全球领先，人力资本稳步从数量红利转向质量红利，数据、算力等新生产要素持续赋能传统要素，共同支撑经济高质量发展。改革有红利。我们注重用改革办法破解发展难题，经济内生动力在不断增强。全国统一大市场建设向纵深推进，地方违规招商引资、市场准入壁垒、招标投标等领域突出问题正在得到整治，将拓展我国市场广度和深度，进一步释放超大规模市场潜力。继续综合整治“内卷式”竞争，将塑造更加良性的市场环境，倒逼企业摆脱对价格单一维度的竞争，加快从规模扩张、价格竞争转向质量提升、价值竞争。政策有空间。相比于部分经济体依靠高债务、高赤字刺激经济，我国没有走过度依赖政策强刺激的路子，总量政策保持积极有为，结构政策“点穴”发力，避免形成政策“依赖症”。总的看，我国经济长期向好的支撑条件和基本趋势没有改变，宏观政策工具箱充足，逆周期调节空间依然较大，有条件根据形势变化出台务实管用的增量政策，有能力实现全年经济社会发展目标任务。