1、September 2024China Economic Quarterly Q2 2024Content1In Brief2Key Takeaways from Q2 Economic Data 3Second-Half Outlook:Policy Directions and Government Support 4Chinas Economic Momentum:A Snapshot5New Quality Productive Forces142 2Chinas Economic Momentum:Key Takeaways from Q2 Data and Second-Half

2、OutlookIn the second quarter,Chinas GDP grew by 4.7%year-over-year,down from 5.3%in the first quarter,resulting in a 5%growth for the first half of the year.This aligns with the annual target.Uneven recovery:Robust factory activity and exports drove growth,but a property downturn and weak consumer s

3、pending weighed it down.High-tech sector growth:The high-tech sector continued to outpace the overall economy,highlighting Chinas focus on high-quality development.Policy support:Policymakers have reaffirmed the 5%growth target,signalling increased government support and fiscal stimulus amid escalat

4、ing trade tensions.Anticipated measures:Expected measures include expanded trade-in programmes and efforts to stabilise the property sector.Topic in Focus:New Quality Productive ForcesNew quality productive forces have emerged as a central theme.These forces drive policies for sustainable growth thr

5、ough technology,innovation,and green development while addressing structural challenges.This strategic approach emphasises five pillars:1.Technological innovation:Technological innovation serves as the cornerstone of Chinas strategic pivot.The country ramps up research and development to achieve sci

6、entific breakthroughs.2.Emerging and future industries:Cutting-edge technologies foster emerging and future industries,such as artificial intelligence and quantum technology.3.Upgrading traditional industries:Upgrading traditional industries through digitalisation and green transformation remains a