China’s economy maintained stable performance with new vitality in the first half of this year.

The vitality of the Chinese economy comes from the shift of driving forces. In the first six months of 2019, total retail sales of consumer goods increased by 8.4 percent year-on-year.

Emerging industries are thriving and have become a pillar of the economy. In June, the added value of strategic emerging industries grew by 7.7 percent year-on-year, 1.7 percentage points higher than industrial enterprises above designated size, according to the National Bureau of Statistics of China (NBS).

In June, the added value of high-tech manufacturing sectors rose by 9 percent compared with the previous year, and the output of new energy cars and solar cells registered a year-on-year increase of 34.6 percent and 20.1 percent, respectively, NBS data showed.

As the most dynamic and promising part of China’s economy, emerging industries have promoted steady economic growth this year, said Zhao Tonglu, Director-General of the Department of National Accounts with the NBS.

From January to May this year, investment in high-tech manufacturing industries grew by 10.2 percent compared with the same period last year, while investment in the technological transformation of manufacturing increased by 15 percent year-on-year.

The vitality of the Chinese economy also comes from the expanding of growth sustainability. China continues to deepen reform, streamline administration, delegate powers, and build a more sound business environment to boost further economic development.

In the first half of this year, the average number of new companies per day was 19,400, up by 7.1 percent year-on-year. By the end of June, the number of registered market entities in China was 116 million.

The added value of small- and medium-sized enterprises jumped by 8.1 percent in the first six months, 1 percentage point higher than the same period of last year.

China cut taxes and fees worth nearly 1.2 trillion yuan during this period, further reducing the corporate burden, according to the State Administration of Taxation.

The country will further improve the business environment and invigorate market players in the second half of the year.