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National Economy Performs Stably with Good Momentum for Growth in January and February

Submit Time:02-05-2017 | Zoom In | Zoom Out

Author: | Source:National Bureau of Statistics

Abstract:

  In January and February, under the correct guidance of the decisions and deployment by the CPC Central Committee and State Council, and with the joint efforts by the people of the whole country, the national economy showed active movement in the main indicators, the development momentum continued to improve, and the overall performance continued the trend of stable growth with good momentum since the second half of 2016.

  I. Industrial production increased, with structure continually optimizing

  In January and February, the added value of industrial enterprises above designated size in the whole country grew by 6.3% in comparable price, at a growth rate 0.3 percentage points higher than that of December 2016, and 0.9 percentage points higher than that of the same period of last year. By economic categories, compared with the same period of last year, the added value grew by 5.4% in state-owned holding enterprises, dropped by 0.1% in collective enterprises, grew by 6.2% in stock system enterprises, and grew by 6.8% in enterprises with foreign investment and investment from Hong Kong, Macau and Taiwan. In the three main sectors, the mining industry saw a decrease of 3.6%, the manufacturing sector saw an increase of 6.9%, and it grew by 8.4% in the power, heating, gas and water production and supply sector. The industrial structure continued optimization, the added value of the high-tech industry and equipment manufacturing industry grew respectively by 12.6% and 11.9% over the same period of last year, at growth rate respectively 6.3 and 5.6 percentage points higher than all industrial enterprises above the designated size. The sales-output ratio of industrial enterprises above the designated size reached 97.6%. In the growth by month, the added value of industrial enterprises above the designated size in the whole country increased by 0.6% in February over the previous month.

  II. Service industry saw a rapid growth, maintaining in the booming range

  In January and February, the production index of the service industry in the whole country grew by 8.2% on a year-on-year basis, at a growth rate 0.1 percentage points higher than that of December 2016, and 0.1 percentage points higher than that of the same period of last year. The information transmission, software and information technology service sector, communications and transport, warehousing and postal sectors performed well. In February, the commercial activity index of the service sector was 53.2%, 0.3 percentage points lower than that of the previous month, and 1.0 percentage points higher than the same month last year, maintaining above the critical value of 50%. In railway transport, telecom, broadcasting, television and satellite transmission service, Internet and software and information technology service, monetary and financial service and insurance sector, the commercial activity index was maintained all above 55.0%, in a fairly high booming range.

  III. Fixed assets investment grew steadily, and the growth of private investment speeded up

  In January and February, the fixed assets investment in the whole country (excluding farm households) was 4.1378 trillion yuan, an 8.9% year-on-year increase, a growth rate 0.8 percentage points higher than that of the whole year of 2016. This included 1.4662 trillion yuan from state-owned holding enterprises, an increase of 14.4%; the private investment reached 2.4977 trillion yuan, an increase of 6.7%, 3.5 percentage points higher than that of the whole year of 2016, being the highest growth since last March, accounting for 60.4% of the total investment. By sectors, the investment in the primary industry was 88.6 billion yuan, a year-on-year increase of 19.1%; that in the secondary industry was 1.4496 trillion yuan, an increase of 2.9%, including 1.216 trillion yuan in the manufacturing sector, an increase of 4.3%; the investment in the tertiary industry was 2.5996 trillion yuan, an increase of 12.2%, including 831.5 billion yuan in infrastructures, an increase of 27.3%. The investment in high-tech manufacturing industry achieved a year-on-year increase of 18.4%, 9.5 percentage points higher than the total investment. In the growth by month, the fixed assets investment (excluding farm households) increased by 0.77% in February over the previous month. Influenced by factors such as funds matching and initial period preparatory work, the paid-in capital of fixed assets investment in January and February was 5.4575 trillion yuan, 8.0% lower than that of the previous month. The planned total investment for newly started projects was 2.0130 trillion yuan, 8.3% lower than that of the previous month.

  IV. Investment in real estate development saw a higher growth, and growth of purchased land area turned from negative to positive

  In January and February, the real estate development investment in the whole country was 985.4 billion yuan, a year-on-year increase of 8.9%, 2.0 percentage points higher than that of the whole year of 2016, and 5.9 percentage points higher than that of the same period of last year, including a growth rate of 9.0% in the investment in residential houses. The area of new houses with construction started was 172.38 million square meters, a year-on-year increase of 10.4%, including an increase of 14.8% for residential houses. The area of commodity houses sold in the whole country was 140.54 million square meters, a year-on-year increase of 25.1%, including an increase of 23.7% for residential houses. The sales volume of commodity houses in the whole country was 1.0806 trillion yuan, a year-on-year increase of 26.0%, including an increase of 22.7% for residential houses. The real estate developers purchased land with area of 23.74 million square meters, a year-on-year increase of 6.2%, as compared with a decrease of 3.4% in the whole year of 2016. At the end of February, commodity houses on sale in the whole country were 705.55 million square meters in area, dropping by 4.6% from that at the same time last year. In January and February, the real estate developers received paid-in capital of 2.2880 trillion yuan, a year-on-year increase of 7.0%. In January, in the 15 tier-I and hot tier-II cities, the price of newly completed commodity residential houses decreased from that of previous month in 11 cities, maintained at the same level in 3 cities, and the amplitude of increase fell in 1 city. More efforts were made to reduce excess inventory in tier-III and tier-IV cities, in January and February, the area of commodity houses sold in ordinary cities increases by 35.9% on a year-on-year basis, 14.0 percentage points higher than that of the whole year of 2016.

  V. Sales on market were basically stable, and commodities for consumption upgrading and online retail kept rapid growth

  In January and February, the total retail sales of consumer goods was 5.7960 trillion yuan, a nominal year-on-year growth of 9.5% (a real growth of 8.1% after deducting for price), the growth rate dropped by 1.4 percentage points from that of December 2016, and by 0.7 percentage points from that of the same period of last year. By locations of operating entities, the retail sales of consumer goods reached 4.9458 trillion yuan in cities and towns, a year-on-year increase of 9.2%, and reached 850.2 billion yuan in rural areas, a growth of 11.8%. By type of consumption, catering revenue was 625.1 billion yuan, a year-on-year increase of 10.6%; the retail sales of commodities were 5.1708 trillion yuan, a growth of 9.4%, including 2.3186 trillion yuan in units above designated size, a growth of 6.8%. Commodities related to consumption upgrading grew well; goods for sports and entertainment saw a year-on-year increase of 19.5%, the sales of culture and office articles increased by 13.4%, and that of communication devices by 10.7%. Due to a high base in previous year, the retail sales of automobiles dropped by 1.0%, and the growth rate of total retail sales of consumer goods was at the same level as that in the same period of last year after adjusting the factor of automobile. In the growth by month, the total retail sales of consumer goods increased by 0.95% in February over the previous month.

  In January and February, the online retail sales in the whole country reached 858 billion yuan, a year-on-year increase of 31.9%, and a growth rate 5.7 percentage points higher than that of the whole year of 2016. The online retail sales of physical commodities was 641.9 billion yuan, an increase by 25.5%, accounting for 11.1% of the total retail sales of consumer goods, and 1.6 percentage points higher than that in the same period of last year.

  VI. The rise in the CPI decreased while the rise of industrial producer’s price increased

  In January and February, the consumer price rose by 1.7% on a year-on-year basis in the whole country, with the growth rate dropped by 0.3 percentage points from that of the whole year of 2016, and by 0.3 percentage points from that of the same period of last year. By categories, the prices of food, cigarettes and wine were at the same level of the same period of last year, that of garment rose by 1.1%, dwelling rose by 2.4%, living articles and services rose by 0.5%, traffic and communication rose by 2.0%, education, culture and entertainment rose by 2.6%, medical service and health care rose by 5.0%, and other articles and services rose by 3.9%. In the prices of food, cigarettes and wine, grain rose by 1.2%, pork rose by 2.9%, and fresh vegetables dropped by 14.0%. By month, in January the CPI rose by 2.5% compared with the same period of last year, and by 1.0% from the previous month; in February the CPI rose by 0.8% compared with the same period of last year, with the growth rate narrowed by 1.7 percentage points from that of January, and dropped by 0.2% from the previous month.

  In January and February, the PPI of the whole country rose by 7.3% on a year-on-year basis, as compared with a drop of respective 1.4% and 5.1% in the whole year and same period of last year. By month, in January the PPI rose by 6.9% compared with the same period of last year, and by 0.8% from the previous month; in February the PPI rose by 7.8% compared with the same period of last year, with the growth rate increasing by 0.9 percentage points from that of January, and rose by 0.6% from the previous month. In January and February, the industrial producer purchasing prices rose by 9.1% on a year-on-year basis.

  VII. Import and export increased rapidly, and the export of mechanical and electrical products saw fairly rapid growth

  In January and February, the total volume of import and export was 3.89 trillion yuan, a year-on-year increase of 20.6%, and a growth rate 15.7 percentage points higher than that of December 2016. This included 2.0918 trillion yuan of export, a growth by 11.0%, and 1.7982 trillion yuan of import, a growth by 34.2%. The trade surplus in import and export was 293.7 billion yuan. The export of mechanical and electrical products increased by 13.8%, a growth rate 12.9 percentage points higher than that of December, 2016, accounting for 58.4% of the total volume of export. In January and February, the industrial enterprises above designated size realized export delivery value of 1.7019 trillion yuan, a year-on-year increase of 8.8%, and 4.9 percentage points higher than that of December, 2016.

  In general, the national economy in January and February continued the stable performance with good momentum since the second half of 2016, with more positive changes and continual improvement in the developing trend, laying a good foundation for fulfilling the economic and social development target and tasks of the whole year. In the meantime, it should be seen that the international environment still remains complicated, there are still many unstable and uncertain factors, the domestic tasks of reform and development remain quite arduous, and it is imperative to strengthen the endogenous motive force for development. In the next period, we should rally more closely around the CPC Central Committee with Comrade Xi Jinping at the core, put into practice the principles of the central economic work conference and the decisions and deployment in the report on the work of the government, remain committed to the underlying principle of making progress while keeping performance stable, adhere to the new concept of development, Focus on supply-side structural reform, expand aggregate demand as appropriate, do better in guiding expectations, and strengthen the role of innovation in driving development, to further consolidate the stable development situation of national economy with good momentum.


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