Photo shows a scene at the China Economic Roundtable in Beijing, capital of China. China Economic Roundtable is an all-media talk platform launched by Xinhua News Agency, with the first episode featuring the Chinese economy. (Xinhua/Jin Liangkuai)

China's economic performance in the first half (H1) of 2023 showed signs of recovery in the face of various challenges, guest speakers told the China Economic Roundtable hosted by Xinhua News Agency.

China's gross domestic product (GDP) grew 5.5 percent year on year in the first half of 2023, data from the National Bureau of Statistics (NBS) showed Monday.

Fu Linghui, the NBS spokesperson, said the economic growth had significantly accelerated compared with that of last year, which is quite remarkable given the global economic fluctuations and downturns.

In the January-June period, production supply of agriculture and industry continued to increase, the service industry and consumption grew rapidly, and high-quality development made steady progress, he said.

Since April, international organizations and institutions, such as the United Nations, the World Bank, and the OECD, have raised their expectations for China's economic growth this year, reflecting the world's confidence in China's economic development prospects.

"Facing sluggish global economic growth and a slowdown in global trade, China's economic growth in H1 saw an increased contribution of domestic demand to the GDP compared with the same period last year and the entire 2022," said Li Hui, a senior official with the National Development and Reform Commission.

She noted that the growth rate of industrial added value of the equipment manufacturing industry, above the designated size, had exceeded the overall industrial growth rate. The production of solar cells, new energy vehicles, and charging piles also surged.

Investment in high-tech industries and private investment in infrastructure and manufacturing all exhibited faster growth rates than that of the total investment, Li said, adding that these highlights all prove China's high-quality economic development.

Globally, world economic growth continues to slow down and inflation pressures remain high, leading to divergent economic trends among countries.

Liu Yuanchun, president of Shanghai University of Finance and Economics, said that China's H1 economic performance undoubtedly represents an example of high-speed growth among major economies.

According to Liu, it is essential to understand this round of recovery from a global and historical perspective, particularly taking the pandemic, disasters and major changes into consideration.

"The recovery in the post-pandemic era is different from the normal and cyclical recoveries we've seen in the past," he said, noting this round of recovery begins from society and transactions, and then moves on to profit and balance sheet, which will be a long process involving fluctuations.

Li agreed that despite adverse effects resulting from global changes, China's economy has witnessed a rebound, with stable prices and financial stability. 

Guest speakers of the China Economic Roundtable have full confidence in the Chinese economy during the second half (H2) of 2023, as the resilience, potential and vitality of the economy will ensure its further recovery and economic fundamentals that will sustain long-term growth remain unchanged.

Fu Linghui, spokesperson of the National Bureau of Statistics, said at the talk hosted by Xinhua News Agency that the Chinese economy has gradually entered a stage of restorative growth after the pandemic and will transition to expansionary growth as it gradually returns to a normal track.

The speakers during the roundtable talk unanimously agreed that the Chinese economy has strong resilience, great potential and enough vitality, and hence they have confidence in the prospects of China's economy in the second half of the year.

The role of consumption in driving the economy will continue to be evident. As production and demand cycles become smoother, residents' consumption willingness and confidence are expected to stabilize and increase.

Investment in infrastructure and manufacturing will gradually help expand domestic demand and stimulate economic growth.

"The momentum of consumption growth will continue in the second half of the year, and it will continue to fuel the economy," said Fu.

With better economic operation in the country, more service industries will recover and help stabilize the economic growth.

In the long term, China enjoys increasingly stronger innovation-driven growth, enormous potential, a solid foundation, a super large market, and a complete industrial system, as well as ever-improving labor forces.

"Although the Chinese economy faces some difficulties and challenges, the economic performance will gradually improve in the second half of the year, and certain macro indicators will gradually stabilize. The development momentum will remain positive," said Fu.

"We should deal with the short-term fluctuations in the Chinese economy, but also firmly believe in the bright future of it," said Li Hui, a senior official with the National Development and Reform Commission.

"With the further implementation of the central policies, we have confidence and capability to constantly optimize the economic structure, strengthen the driving force of growth and maintain a positive development trend," she added.

China Economic Roundtable is an all-media talk platform launched by Xinhua News Agency, with the first episode featuring the Chinese economy. Distinguished guests are Fu Linghui, spokesperson of the National Bureau of Statistics, Li Hui, senior official with the National Development and Reform Commission, and Liu Yuanchun, president of Shanghai University of Finance and Economics.