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Economic Performance Stable, Structural Adjustment Deepened

In the First Seven Months, All Main Indicators’ Growth Better than the Same Period Last Year

Submit Time:18-09-2017 | Zoom In | Zoom Out

Author: | Source:People’s Daily (August 15, 2017)

Abstract:

The statistics released by the National Bureau of Statistics on August 14 show: in July, the added value of industrial enterprises above state designated size and the total retail sales of consumer goods increased by 6.4% and 10.4% respectively over the same period last year; from January to July, fixed asset investment increased by 8.3% over the same period last year. The three indicators’ month-on-month growth rates are slightly lower but all better than the same period last year. At the beginning of the “second half” of 2017, the Chinese economy remained stable, the trend of stable performance continued to develop with great momentum. 

 “With the continuous manifestation of the supply-side structural reform’s effect, continuous optimization of the economic structure in adjustment and continuous improvement of supply quality, China’s economy shows the development trend of overall stability, stable progress and stable performance,” said News Spokesman of the National Bureau of Statistics Mao Shengyong. 

Industrial growth was basically stable, and the industrial structure kept improving. In July, the added value of industrial enterprises above state designated size increased by 6.4% over the same period last year, 1.2 percentage points lower than the growth rate of the previous month and 0.4 percentage points higher than the growth rate of July last year. The added value of the high-tech sector and the equipment manufacturing sector grew by 12.1% and 10.7% respectively over the same period last year, 5.7 and 4.3 percentage points higher than the growth rate of the added value of industrial enterprises above the designated size. The pace of industrial transformation and upgrading and structural optimization is quickening. 

The service sector maintained fast growth, and the business activity index kept improving. In July, the national service sector’s production index increased by 8.3% over the same period last year, 0.3 percentage points lower than growth rate of the previous month and 0.5 percentage points higher than the growth rate of July last year; the service sector’s business activity index was 53.1%, 0.5 percentage points higher than July last year. 

Fixed asset investment increased steadily, and infrastructure construction continued to be strengthened. From January to July, national fixed asset investment increased by 8.3% over the same period last year, 0.3 percentage points lower than growth rate for the period from January to June and 0.2 percentage points higher than the growth rate of the same period last year. Investment in infrastructure and investment in the high-tech manufacturing sector increased by 20.9% and 20.7% over the same period last year. 

Market sales increased fast, and online retail sales grew robustly. In July, the total retail sales of consumer goods increased by 10.4% over the same period last year, 0.6 percentage points lower than the growth rate of the previous month and 0.2 percentage points higher than the growth rate of July last year. Sales of consumption-upgrading goods grew fast. Sales of sports and entertainment goods and household electrical and audio-visual appliances grew by 26.6% and 13.1% respectively. 

 “In the second half of the year, the trend of China’s stable economic performance can continue and will not change,” said Mao Shengyong. 


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