China's New Economic Drivers Contribute Over 40% to H1 Growth

China's National Bureau of Statistics reported that new economic drivers, including high-end manufacturing, the digital economy, and modern services, contributed over 40% to the country's economic growth in the first half of this year. This indicates a clear trend towards a more optimized and advanced economic structure, with accelerating overall development. Specifically, the added value of industrial enterprises above a designated size in high-tech manufacturing increased by 13.3% year-on-year during the first half. Within this sector, the aerospace and equipment manufacturing industry saw a 16.3% rise, while the electronics and communication equipment industry grew by 17%. Industries related to artificial intelligence, such as integrated circuit manufacturing and intelligent vehicle equipment manufacturing, experienced growth exceeding 30%. Furthermore, the pace of green transformation has quickened. In the first half of the year, the retail penetration rate of new energy vehicles surpassed 60% for three consecutive months. This surge in demand also fueled a 39.3% increase in the production of lithium-ion batteries. The National Bureau of Statistics highlighted that the transition from old to new economic drivers is accelerating, with these new forces increasingly bearing the weight of China's economic expansion.