China's State Council submits economic report, with GDP growth of 4.7% in the first half of the year

The State Council of China has submitted a report on the implementation of this year's economic and social development plan to the Standing Committee of the National People's Congress. The GDP growth in the first half of the year was 4.7%, with an increase of 3.6 trillion yuan. Wang Changlin, Deputy Director of CHINA STATE PLANNER, stated that the overall implementation of the plan is good, with growth, employment, prices, and foreign trade meeting expectations. Progress has been made in consumption, household income, finance, social security, environmental work, and food production. The report points out that geopolitical conflicts have an increasing impact on the Chinese economy, leading to differentiated domestic activities, insufficient effective demand, difficulties in the operation of some industries and enterprises, arduous tasks in risk resolution in key areas, and the need to strengthen employment and livelihood support.