China’s economy displays clear characteristics of a solid foundation, many advantages, strong resilience, and great potential. The supporting conditions for its long-term positive trajectory and its underlying fundamentals have not changed. In the future, it will continue to be the world’s most powerful, stable, and reliable engine of global economic growth.

　　Anchor of global industrial and supply chains

　　China serves as a stabilizing anchor for global industrial and supply chains, providing strong support for the smooth circulation of the world economy. Whether facing the impact of the COVID-19 pandemic or geopolitical conflicts, China has always been a staunch defender of the resilience and stability of global industrial and supply chains.

　　Since the end of February this year, the US-Israel-Iran conflict has disrupted passage through the Strait of Hormuz, leading to tighter supplies of international crude oil and key raw materials. Due to the acceleration in economic and social green transition in recent years, nearly 4 out of every 10 kilowatt-hours of electricity used across China comes from green power, and the sale of new energy vehicles in China continued to rise, reaching 54.1 percent in the first half of the year.

　　Leveraging its strong advantages in new energy, China has responded proactively by reducing crude oil imports, greatly easing the pressure of rising international oil prices. China’s industrial sector has maintained efficient and stable production, offsetting some of the supply gaps caused by production slowdowns and logistics disruptions in certain regions.