In the first half of the year, China's economic growth slowed, but stayed within the expected range. The growth momentum remains as the country transits from a rapid growth phase to a medium growth phase. But a new balance has not yet formed, structural contradictions increasingly stand out, and economic operation is more unstable than before.

Looking at the second half of the year, the overall international economic situation will be stable, economic downward pressure will grow, and economic operation will strike a balance between restructuring, de-leveraging and stabilizing growth. Macro-policy should insist on a bottom line to remain stable. It should also pay more attention to the control of regional and systemic risks, maintain steady operations of the economy, and promote the stable transformation of growth.

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Compiled by the Economic Situation Analysis Research Group，the Development Research Center of the State Council