Those new dynamics are expected to further unleash the endogenous potential of the Chinese economy for the remainder of the year, placing the country firmly on track to hit the annual growth target, while also laying a solid foundation for high-quality development during the 15th Five-Year Plan period (2026-30), analysts said. In an increasingly uncertain world, China"s economic development will continue to deliver significant opportunities to the global economy by alleviating global inflationary pressure and sharing the dividends of China"s technological progress and consumer market, observers noted.

　　New growth dynamics

　　"For a super-large economy like China, achieving a 4.7 percent year-on-year growth rate is no small feat… And China"s economy expanded by 3.6 trillion yuan in the first half compared with the same period last year, marking the largest growth for the same period in recent five years," NBS deputy head Mao Shengyong said on the economic data at a press conference on Wednesday.

　　Mao stressed that despite the moderation in second-quarter growth, the fundamentals of China"s stable economic operation and the shift toward new, higher-quality development have not changed. He said that the slowdown in second-quarter growth was "mainly due to some short-term domestic factors and external influences."

　　The Chinese official also placed China"s growth in the broader context of global economy, which he said "has seen new changes particularly since the second quarter."