National Economy Got Off to a Generally Stable Start in the First Quarter
National Bureau of Statistics of China2022-04-18 10:00




National Bureau of Statistics of China

18 April 2022

 

In the first quarter, faced with the multiple tests of increasingly grave and complex international environment and frequent outbreaks of the Covid-19 pandemic at home, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, coordinated the efforts of Covid-19 prevention and control and economic and social development in a scientific way, and made economic stability the top priority and pursued progress while ensuring stability. As a result, the national economic recovery was sustained and the operation of the economy was generally stable.

 

According to preliminary estimates, the gross domestic product (GDP) in the first quarter reached 27,017.8 billion yuan, up by 4.8 percent year on year at constant price, or up by 1.3 percent over that in the fourth quarter of 2021. By industry, the value added of the primary industry was 1,095.4 billion yuan, up by 6.0 percent year on year; that of the secondary industry was 10,618.7 billion yuan, up by 5.8 percent; and that of the tertiary industry was 15,303.7 billion yuan, up by 4.0 percent.

 

1. Agricultural Production was Stable and Animal Husbandry Grew Steadily.

 

In the first quarter, the value added of agriculture (crop farming) witnessed a year-on-year increase of 4.8 percent. With generally favorable weather conditions and stronger agricultural production services, spring farming and preparation were carried out in a steady and orderly manner. According to the year-round planting intentions survey, the planting area intended for wheat and rice nationwide was generally stable and that for soy bean increased considerably. In the first quarter, the output of pork, beef, mutton and poultry was 23.95 million tons, up by 8.8 percent year on year. Of this total, the output of pork, beef and mutton was up by 14.0 percent, 3.6 percent and 1.4 percent respectively. The output of milk was up by 8.3 percent and that of eggs up by 2.5 percent. At the end of the first quarter, the number of pigs registered in stock was 422.53 million, up by 1.6 percent year on year, among which 41.85 million were breeding sows.

 

2. Industrial Production Grew Fast and Middle-High-End Manufacturing Industries Enjoyed Sound Growth.

 

The total value added of industrial enterprises above the designated size grew by 6.5 percent year on year in the first quarter. In terms of sectors, the value added of mining increased by 10.7 percent year on year, that of manufacturing increased by 6.2 percent, and that of production and supply of electricity, thermal power, gas and water increased by 6.1 percent. The value added of high-tech manufacturing and equipment manufacturing increased by 14.2 percent and 8.1 percent respectively, 7.7 percentage points and 1.6 percentage points faster than that of the industrial enterprises above the designated size. An analysis by types of ownership showed that the value added of state holding enterprises was up by 5.0 percent year on year; that of share-holding enterprises was up by 7.8 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 2.1 percent; and that of private enterprises was up by 7.6 percent. In terms of products, the production of new-energy automobiles, solar cells and industrial robots were up by 140.8 percent, 24.3 percent and 10.2 percent respectively. In March, the value added of industrial enterprises above the designated size grew by 5.0 percent year on year, or 0.39 percent month on month. In March, the Manufacturing Purchasing Managers' Index stood at 49.5 percent, and the Production and Operation Expectation Index was 55.7 percent. In the first two months, the total profits made by industrial enterprises above the designated size were 1,157.6 billion yuan, up by 5.0 percent year on year.

 

3. Service Sector Continued to Grow and Modern Service Registered a Good Momentum of Growth.

 

In the first quarter, the service sector continued to recover. Specifically, the value added of information transmission, software and information technology services and financial intermediation grew by 10.8 percent and 5.1 percent year on year respectively. The Index of Services Production increased by 2.5 percent year on year in the first quarter and decreased by 0.9 percent year on year in March. In the first two months, the business revenue of service enterprises above the designated size grew by 13.6 percent year on year. In March, the Business Activity Index for Services stood at 46.7 percent, and the Business Activity Expectation Index was 53.6 percent. Industries involving contacts and gatherings, such as railway transportation, air transportation, lodging and catering, were greatly impacted by the pandemic. The Business Activity Index for industries like telecommunication, broadcast, television and satellite transmission services, monetary and financial services, and insurance services stayed within the high expansion range of 55.0 percent and above.

 

4. Market Sales Maintained Growth and Online Retail Sales were Active.

 

In the first quarter, the total retail sales of consumer goods reached 10,865.9 billion yuan, up by 3.3 percent year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 9,429.2 billion yuan, up by 3.2 percent, and that in rural areas 1,436.7 billion yuan, up by 3.5 percent. Grouped by consumption patterns, the retail sales of goods were 9,800.6 billion yuan, up by 3.6 percent; the income of catering was 1,065.3 billion yuan, up by 0.5 percent. Goods for basic living enjoyed good sales, with the retail sales of grain, oil and food, and daily necessities by enterprises above the designated size up by 9.3 percent and 6.6 percent respectively. The sales of upgraded consumer goods grew fast. The retail sales of cultural and office supplies, and gold, silver and jewelry by enterprises above the designated size grew by 10.6 percent and 7.6 percent respectively. The online retail sales reached 3,012.0 billion yuan, up by 6.6 percent. Specifically, the online retail sales of physical goods were 2,525.7 billion yuan, up by 8.8 percent, accounting for 23.2 percent of the total retail sales of consumer goods. In March, the total retail sales of consumer goods reached 3,423.3 billion yuan, down by 3.5 percent year on year and 1.93 percent month on month.

 

5. Investment in Fixed Assets Increased and Investment in High-tech Industries and Social Sectors Grew Fast.

 

In the first quarter, the investment in fixed assets (excluding rural households) reached 10,487.2 billion yuan, up by 9.3 percent over that of the previous year. Specifically, the investment in infrastructure was up by 8.5 percent year on year; that in manufacturing up by 15.6 percent, and that in real estate development up by 0.7 percent. The floor space of commercial buildings sold reached 310.46 million square meters, down by 13.8 percent. The total sales of commercial buildings were 2,965.5 billion yuan, down by 22.7 percent. By industry, the investment in the primary industry went up by 6.8 percent, that in the secondary industry up by 16.1 percent, and that in the tertiary industry up by 6.4 percent. The private investment reached 5,962.2 billion yuan, up by 8.4 percent. The investment in high-tech industries grew by 27.0 percent. Specifically, the investment in high-tech manufacturing and high-tech services grew by 32.7 percent and 14.5 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of electronic and communication equipment and in manufacturing of medical equipment, measuring instrument and meter grew by 37.5 percent and 35.4 percent respectively. In terms of high-tech services, the investment in information services and services for transformation of scientific and technological achievements went up by 21.3 percent and 19.0 percent respectively. The investment in social sectors went up by 16.2 percent. Specifically, the investment in health sector and education sector went up by 23.8 percent and 17.2 percent respectively. In March, the investment in fixed assets (excluding rural households) went up by 0.61 percent month on month.

 

6. Imports and Exports of Goods Witnessed Rapid Growth and Trade Structure Continued to Optimize.

 

In the first quarter, the total value of imports and exports of goods was 9,415.1 billion yuan, an increase of 10.7 percent over that of the previous year. The total value of exports was 5,226.0 billion yuan, up by 13.4 percent; that of imports was 4,189.1 billion yuan, up by 7.5 percent. The trade balance was 1,036.9 billion yuan in surplus. The imports and exports of general trade increased by 13.9 percent, accounting for 63.2 percent of the total value of the imports and exports, 1.8 percentage points higher than that of the same period of the previous year. The imports and exports by private enterprises accounted for 48 percent of the total value of imports and exports, 1.4 percentage points higher than the same period of the previous year. In March, the total value of imports and exports was 3,206.5 billion yuan, up by 5.8 percent year on year. The total value of exports was 1,753.5 billion yuan, up by 12.9 percent; that of imports was 1,453.0 billion yuan, down by 1.7 percent.

 

7. Consumer Price Experienced Mild Growth and the Year-on-Year Growth of Producer Prices for Industrial Products Slowed Down.

 

In the first quarter, the consumer price index (CPI) grew by 1.1 percent over that of the previous year. Specifically, the CPI in urban areas went up by 1.2 percent and that in rural areas went up by 0.7 percent. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 1.3 percent year on year; clothing up by 0.5 percent; housing up by 1.4 percent; articles and services for daily use up by 0.6 percent; transportation and communication up by 5.5 percent; education, culture and recreation up by 2.6 percent; medical services and health care up by 0.6 percent; and other articles and services up by 0.7 percent. In terms of food, tobacco and alcohol prices, the price for grain went up by 1.7 percent, fresh fruit up by 6.9 percent, fresh vegetable up by 3.7 percent and pork down by 41.8 percent. The core CPI excluding the price of food and energy grew by 1.2 percent over that of the previous year. In March, the consumer price index went up by 1.5 percent year on year, 0.6 percentage points faster than that of February, and maintained the same level month on month.

 

In the first quarter, the producer prices for industrial products went up by 8.7 percent year on year. Specifically, the prices in March went up by 8.3 percent year on year, 0.5 percentage points slower than the growth in February, or up by 1.1 percent month on month. In the first quarter, the purchasing prices for industrial producers went up by 11.3 percent. Specifically, the prices in March went up by 10.7 percent year on year, 0.5 percentage points slower compared with the growth in February, or up by 1.3 percent month on month.

 

8. Newly Increased Employment in Urban Areas Expanded and Surveyed Unemployment Rate Increased.

 

In the first quarter, the newly increased employed people in urban areas numbered 2.85 million and the urban surveyed unemployment rate averaged 5.5 percent. In March, the urban surveyed unemployment rate was 5.8 percent, 0.3 percentage points higher compared with that in February. The surveyed unemployment rate of population with local household registration was 5.6 percent; that of population with non-local household registration was 6.3 percent, among which, the rate of the population with non-local agricultural household registration was 5.9 percent. Specifically, the surveyed unemployment rates of the population aged from 16 to 24 and from 25 to 59 were 16.0 percent and 5.2 percent respectively. The urban surveyed unemployment rate in 31 major cities was 6.0 percent. The employees of enterprises worked 47.3 hours per week on average. At the end of the first quarter, the number of migrant workers who left their hometowns and worked in other places totaled 177.80 million.

 

9. Residents Income Increased Stably and Urban-Rural Per Capita Income Ratio Narrowed.

10.  

In the first quarter, the nationwide per capita disposable income of residents was 10,345 yuan with the nominal growth of 6.3 percent year on year, or the real growth of 5.1 percent after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 13,832 yuan with the nominal growth of 5.4 percent year on year and the real growth of 4.2 percent; the per capita disposable income of rural households was 5,778 yuan with the nominal growth of 7.0 percent year on year and the real growth of 6.3 percent. In terms of income source, the nationwide per capita salary income, net operative income, net property income and net income from transfers saw a growth of 6.6 percent, 5.4 percent, 6.1 percent and 6.3 percent in nominal terms respectively. The per capita disposable income of urban households was 2.39 times that of rural households, 0.04 less than the ratio of the same period last year. The median of the nationwide per capita disposable income of residents was 8,504 yuan with the nominal growth of 6.1 percent year on year.

 

Generally speaking, the national economy in the first quarter continued the momentum of recovery, performing within the reasonable range. However, we must be aware that with the domestic and international environment becoming increasingly complicated and uncertain, the economic development is facing significant difficulties and challenges. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and fully implement the spirits of the Central Economic Work Conference and the arrangements made by the Report on the Work of the Government. We must coordinate the efforts of Covid-19 prevention and control and economic and social development, make economic stability our top priority and pursue progress while ensuring stability, and put the task of ensuring stable growth in an even more prominent position. We must further strengthen the implementation of macro policies, take solid steps to ensure stability on six key fronts (employment, the financial sector, foreign trade, foreign investment, domestic investment, and expectations) and security in six key areas (job security, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary level governments), focus on maintaining stable macroeconomic performance, continue to stablize employment and prices, ensure to meet basic living needs and keep the economy performing within an appropriate range.

 

Notes:

 

1. The growth rate of GDP and its sub-items are calculated at constant prices. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.

 

2. According to the auto-revision function of the seasonal adjustment model, revisions are made to quarter-on-quarter growth of GDP and to month-on-month changes of the value added of industrial enterprises above designated size, investment in fixed assets (excluding rural households), and total retail sales of consumer goods. The revised figures, quarter-on-quarter GDP growth for the first quarter of 2022 and month-on-month changes of other indicators for March 2022 are as follows:

 

The quarter-on-quarter growth of GDP in 2021 and in the first quarter of 2022 are 0.5 percent, 1.2 percent, 0.7 percent, 1.5 percent and 1.3 percent respectively.

 

Month-on-Month Growth Rate of Other Indicators

 

 

Value Added of Industrial Enterprises above Designated Size

(%)

Investment in Fixed  Assets (Excluding Rural Households)

(%)

Total Retail Sales of Consumer Goods

(%)

March, 2021

0.60

1.05

 0.93

April

0.52

1.80

 0.31

May

0.46

0.75

 0.63

June

0.50

0.79

 0.37

July

0.23

0.17

-2.70

August

0.31

1.27

 0.40

September

0.09

1.13

 0.37

October

0.40

1.00

 0.42

November

0.38

1.35

 0.29

December

0.45

0.29

 0.08

January, 2022

0.34

0.53

 0.56

February

0.51

0.71

 0.18

March

0.39

0.61

-1.93

 

 

 

 

 

3. Industrial enterprises above designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.

 

As industrial enterprises above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of products output, are as consistent as possible with the current period and different from the coverage of the data published last year. The main reasons are as follows: First, the statistical units change. Every year, some enterprises are included in the survey as they meet the threshold, while some enterprises are removed from the survey because of downsizing. Besides, enterprises that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact. Second, duplicated outputs across regions of enterprise groups have been removed based on the ad hoc surveys since duplication is found in the products output of some enterprise groups.

 

4. The Index of Services Production is the change of production in the reporting period compared to the base period with the price factors deducted.

 

5. The scope of the total retail sales of consumer goods include all legal entities, establishments and self-employed individuals involved in retail trades or providing catering services. Specifically, businesses above the designated size include wholesale enterprises (businesses), retail enterprises (businesses) and lodging and catering enterprises (businesses) with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

 

As the wholesale, retail, and lodging and catering enterprises (businesses) above the designated size change every year, to ensure the data comparability between years, the coverage of the data of the same period last year used for estimating year-on-year growth rates like that of the retail sales of consumer goods by businesses above the designated size is consistent with the current period and different from the coverage of data published last year. The main reasons are: some enterprises (businesses) are included in the survey as they meet the threshold, while some enterprises (businesses) are removed from the survey because of downsizing every year. Besides, enterprises (businesses) that have newly gone into operation, been bankrupted, canceled their registrations or had their business licenses revoked also cause impact.

 

Online retail sales refer to the retail sales of goods and services realized through internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (e.g. virtual goods and services).

 

The total retail sales of consumer goods include the online retail sales of physical goods, but not the non-physical goods.

 

6. Employed people refer to people aged 16 and above who have the ability to work and engage in gainful employment for remuneration payment or business income.

 

7. The median of the nationwide per capita disposable income of residents refers to the per capita disposable income of households which lies in the middle of all surveyed households ranked from low to high on the basis of per capita disposable income level.

 

8. Data of imports and exports are from the General Administration of Customs; data of newly increased employed people in urban areas are from the Ministry of Human Resources and Social Security.

 

 

9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.

 

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.

Annex
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