Aerial view of Shenzhen’s CBD area in South China’s Guangdong Province File photo: VCG

　　Faced with a complex and challenging external environment this year, the Chinese economy has forged ahead despite pressure, continuing to move toward dynamic, innovation-driven, and high-quality development and demonstrating strong vitality and resilience. This has not only laid a solid foundation for a strong start to the 15th Five-Year Plan (2026-30), but also injected strong momentum and valuable certainty into the world economy.

　　Engine of global economy

　　As a main engine of the global economy, China has made important contributions to global development and prosperity. Over the past years, China’s contribution to global growth has remained at around 30 percent, making it the undisputed “No.1 engine” of global economic growth.

　　In the first half of this year, China’s economy expanded 4.7 percent year-on-year, in line with the annual target and ranks among the highest in major economies. During the period, domestic demand has played a leading role in driving growth, with its contributions to economic growth surpassing 80 percent, and consumption contributing nearly 50 percent.

　　China has unveiled its first national-level five-year plan specifically dedicated to expanding consumption, and its consumption potential and room for growth will be further tapped in the future.

　　In the first half of this year, the national consumer price index rose 1 percent year-on-year. Prices rebounded reasonably, in line with macroeconomic regulation requirements. This stands in sharp contrast to many countries, where surging global energy and raw material prices have led to high inflation and a decline in residents’ purchasing power.