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Chinese Economy is Running Steadily

—— An interpretation of the macroeconomic data of the first three quarters

Submit Time:13-11-2017 | Zoom In | Zoom Out

Author:Zhang Yi | Source:Guangming Daily (Page 02, October 20, 2017)

Abstract:

The State Statistics Bureau published the latest data on October 19, and according to the preliminary accounting, the GDP in the first three quarters grew by 6.9% on a year-on-year basis, 0.2 percentage points higher than that of the same period of last year.  

The Chinese economy continued the development trend of stabilizing with momentum of progress and growth, the inclusiveness and sense of benefit in development has obviously enhanced, laying a solid foundation for better realization of the set target for the economic development of the whole year.  

The latest issue of World Economic Outlook of the IMF adjusted the predicted economic growth of China in 2017 and 2018 upward respectively to 6.8% and 6.5%. This is the 4th time that the IMF increased the growth expectation of Chinese economy, and predicted that China will be once again the main economic entity with the highest growth rate globally.  

“In the first three quarters, the operation of the national economy was stable in general, the economic structure was continually optimized, the shift of new and old growth drivers accelerated, and quality and return increase obviously.” Stated by Xing Zhihong, spokesman and director general of the National Economy Comprehensive Statistics Department of the State Statistics Bureau.  

The main macroeconomic indicators show that the Chinese economy has run in the interval of 6.7% to 6.9% for 9 consecutive quarters, maintaining the medium high growth rate, and demonstrating a situation of good operation with steady growth, expanding employment, stable prices and improving international balance of payment.  

“The supply-side structural reform has been further advanced, the real economy kept on improving, and the foundation for development is being consolidated and strengthened.” Said Xing Zhihong.  

In industrial structure, the contribution from the service sector to economic growth in the first three quarters reached 58.8%, 0.3 percentage points higher than that of the same period of last year, indicating further enhanced leading role of the sector. The industry is advancing to the medium high end, and the high-tech manufacturing sector and equipment manufacturing sector demonstrated a momentum of accelerated growth.  

In the demand structure, consumption made more outstanding contribution. The contribution of end consumption expenditure to economic growth in the first three quarters reached 64.5%, 2.8 percentage points higher than that of the same period of last year, maintaining the role as the first driving force.  

In the first three quarters, China lodged applications for 2.48 million patents. In the 2017 Global Innovation Index published by the WIPO, China ranks at the 22nd place, rising 12 from that of 2012, and the highest among all mid-income economies.  

“The innovation-driven development strategy is being energetically implemented, continually activating the market vigor.” Xing Zhihong indicated that the prosperous development of entrepreneurship and innovation has injected new growth drivers into economic development, all areas and sectors have implemented further the innovation-driven development strategy, effectively activating the market vigor and the creating power of the society, as mainly manifested by the rapid growth of new entities.  

In the first three quarter, 4.51 million new enterprises were registered in China, a year-on-year increase of 12.5%, and it means a daily average of 16,500 new enterprises, above the level of 15,000 per day last year. Among them, 390,000 new enterprises were registered in the manufacturing sector, a year-on-year increase of 21.7%.  

“The income of residents and enterprises and governmental finance revenue all showed accelerated growth. This year, all categories of economic entities got more sense of benefit in the whole economic development.” Xing Zhihong analyzed and pointed out.  

In the first three quarters, the resident income grew by 7.5% on a year-on-year basis, 1.2 percentage points higher than that of the same period of last year, and remaining above the growth rate of GDP and per capita GDP; the per capita income multiple of urban over rural residents was 2.81, narrowing by 0.01 from that of the same period of last year; this year, the growth rate of profit in industrial enterprises above designated scale has maintained over 20%; the growth trend of financial revenue has been better than that of the previous year, and in the first three quarters, the general budget revenue in the whole country grew by 9.7%, 3.8 percentage points higher than that of the same period of last year.  

Employment has become an outstanding highlight in the economic operation in China. In the first three quarters, 10.97 million people got new jobs in the cities and towns of the whole country, 300,000 people more than that of the same period of last year, and the employment target of 11 million new jobs for the whole year will soon be fulfilled ahead of schedule.  

 “This year, the stable situation of economic operation in China has been further consolidated, the new growth drivers more powerful, and the good trend more prominent. However, the international environment remains complicated and changing, the domestic economy is still in the critical period of restructuring, and the foundation of continual improvement needs to be further consolidated.” Xing Zhihong emphasized, “In the next stage, led by the spirit of the 19th National Congress of the CPC, we will further carry out the decisions and deployment of the CPC Central Committee and State Council, firmly grasp the implementation of policies and landing of reform measures, do a good job in all aspects in stabilizing growth, promoting reform, restructuring, benefiting the people's livelihood and preventing risks, and promote the sustained and healthy development of economy and the harmony and stability of society.” 


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