On July 17, the National Bureau of Statistics released data on the national economy for the first half of this year. According to preliminary calculations, GDP in the first half of the year was 59,303.4 billion yuan, a year-on-year increase of 5.5% at constant prices. From January to June, the total output value of the national construction industry was 13,226.1 billion yuan, a year-on-year increase of 5.9%.

Growth of National Construction Industry Output Value in the First Half of the Year

As shown in the figure above, from January to June 2023, the total output value of the national construction industry was 13,226.1 billion yuan, a year-on-year increase of 5.9%; the floor space under construction by the national construction industry was 11.78 billion square meters, a year-on-year decrease of 1.7%.

Growth of National Fixed Asset Investment in the First Half of the Year

In the first half of the year, national fixed asset investment (excluding rural households) was 24,311.3 billion yuan, a year-on-year increase of 3.8%. By sector, infrastructure investment grew by 7.2%, manufacturing investment grew by 6.0%, and real estate development investment fell by 7.9%. The floor space of commercial housing sold nationwide was 595.15 million square meters, a decrease of 5.3%; the sales value of commercial housing was 6,309.2 billion yuan, an increase of 1.1%.

As shown in the figure above, from January to June 2023, investment in construction and installation engineering increased by 3.2% year on year.

By industry, investment in the primary industry was 515.2 billion yuan, a year-on-year increase of 0.1%; investment in the secondary industry was 7,483.9 billion yuan, an increase of 8.9%; and investment in the tertiary industry was 16,312.3 billion yuan, an increase of 1.6%. Within the secondary industry, industrial investment increased by 8.9% year on year. Among this, investment in mining grew by 0.8%, investment in manufacturing grew by 6.0%, and investment in the production and supply of electricity, heat, gas, and water grew by 27.0%. Within the tertiary industry, infrastructure investment (excluding the production and supply of electricity, heat, gas, and water) increased by 7.2% year on year. Among this, investment in railway transportation grew by 20.5%, investment in water conservancy management grew by 9.6%, investment in road transportation grew by 3.1%, and investment in public facilities management grew by 2.1%.

By region, investment in the eastern region increased by 6.4% year on year, investment in the central region decreased by 1.7%, investment in the western region increased by 0.8%, and investment in the northeastern region increased by 2.2%.

By registration type, fixed asset investment by domestic enterprises increased by 4.0% year on year, fixed asset investment by enterprises from Hong Kong, Macao, and Taiwan decreased by 3.4%, and fixed asset investment by foreign enterprises increased by 3.4%.

Overall, in the first half of the year, as economic and social operations fully returned to normal, macroeconomic policies took effect and exerted their force, the national economy rebounded and improved, and high-quality development advanced steadily. However, it should also be noted that the world political and economic situation is complex and intricate, and the foundation for the sustained recovery and development of the domestic economy remains unstable. In the next stage, it is necessary to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold the general principle of pursuing progress while ensuring stability, fully, accurately, and comprehensively implement the new development philosophy, focus on the primary task of high-quality development and the strategic task of building a new development pattern, comprehensively deepen reform and opening up, accelerate the building of a modern industrial system, strive to smooth the economic cycle, and make greater efforts in transforming the development model, adjusting the structure, and enhancing momentum, so as to promote effective qualitative improvement and reasonable quantitative growth of the economy.