Economic Development was Basically Steady in July
National Bureau of Statistics of China2016-08-12 12:00




National Bureau of Statistics of China

 

12 August 2016

 

In July, due to serious disasters of flood and waterlog and high temperature in certain areas of China as well as the weak demand from domestic and overseas market, some indicators witnessed slow-down in growth. However, overall economic development kept performing in a proper range with steady pace, as a result of stable employment and prices, deepened supply-side structural reform and accumulated new impetus.

 

1. Industrial Production was Generally Stable with Continued Improvement in Economic Efficiency of Enterprises.

 

In July, the total value added of the industrial enterprises above designated size was up by 6.0 percent year-on-year at comparable prices, 0.2 percentage point lower than that in June, or the same level as that in the same period of last year; it grew by 0.52 percent month-on-month, or 0.02 percentage point higher than June. An analysis by types of ownership showed that the value added of state holding enterprises went up by 2.9 percent; collective enterprises dropped by 1.5 percent; share-holding enterprises up by 6.3 percent; and a 5.1 percent growth for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan. The value added of mining industry was down by 3.1 percent year-on-year; manufacturing up by 7.0 percent and the production and supply of electricity, heat, gas and water up by 7.4 percent. The industrial structure continued to be improved. The value added of high-tech industry and equipment manufacturing industry grew by 12.2 percent and 10.7 percent respectively, 0.6 percentage point and 1.9 percentage points higher than that in the previous month, and 6.2 percentage points and 4.7 percentage points higher than that of the industrial enterprises above designated size. In July, the sales ratio of industrial enterprises above designated size was 97.6 percent. In the first seven months of the year, the total value added of the industrial enterprises above designated size was up by 6.0 percent year-on-year.

I

n the first six months of this year, the profits made by industrial enterprises above designated size stood at 2,999.8 billion yuan, up by 6.2 percent year-on-year. The costs for per-hundred-yuan turnover of primary activities of the industrial enterprises above designated size reached 85.79 yuan, decreased by 0.21 yuan compared with that in the same period of last year. The profit rate from primary activities was 5.68 percent, 0.19 percentage point higher than that in the same period of last year. At the end of June, inventory of finished goods dropped by 1.9 percent year-on-year, marking the third straight month of decline.

 

2. The Growth of Investment in Fixed Assets Slowed Down while Investment in the Tertiary Industry and High-tech Industry Enjoyed Rapid Growth.

 

In the first seven months, the investment in fixed assets (excluding rural households) was 31,169.4 billion yuan, a year-on-year growth of 8.1 percent, or 0.9 percentage point lower than that in the first six months of this year. Of the total, the investment by state holding enterprises reached 11,014.7 billion yuan, an increase of 21.8 percent; private investment reached 19,149.5 billion yuan, up by 2.1 percent, accounting for 61.4 percent of the total investment. The investment in the primary industry reached 933.6 billion yuan, up by 20.6 percent year-on-year; that in the secondary industry was 12,299.6 billion yuan, up by 3.5 percent; and that in the tertiary industry was 17,936.2 billion yuan, up by 10.8 percent. The investment in the high-tech industry enjoyed rapid growth. In the first seven months, it went up by 14.2 percent year-on-year, which was 1.1 percentage points higher than that in the first six months of the year, and 6.1 percentage points higher than the total investment growth. The investment in infrastructure maintained fast growth, with an increase of 19.6 percent in the first seven months of the year. The funds in place for investment were 33,616.9 billion yuan, up by 7.5 percent year-on-year. Specifically, the state budget went up by 21.1 percent, domestic loans grew by 10.9 percent, self-raising funds increased by 1.5 percent and foreign investment was down by 18.0 percent. The total planned investment in newly-started projects was 28,159.3 billion yuan, a year-on-year increase of 24.0 percent. In July, the investment in fixed assets (excluding rural households) went up by 0.31 percent month-on-month.

 

3. Real Estate Sales Kept Rapid Growth and Effects of Reducing Inventory Continued to Show Up.

 

In the first seven months of 2016, the total investment in real estate development was 5,536.1 billion yuan, up by 5.3 percent year-on-year, which was 0.8 percentage point lower than that in the first six months of this year or 1.0 percentage point higher over that in the same period of last year. Of the total, the investment in residential buildings went up by 4.5 percent. Floor space of houses newly started was 929.44 million square meters, up by 13.7 percent year-on-year. Specifically, the floor space of residential buildings newly started increased by 13.1 percent. The floor space of commercial buildings sold reached 757.60 million square meters, up by 26.4 percent year-on-year. Of this total, that of residential buildings went up by 26.7 percent. The sales of commercial buildings were 5,756.9 billion yuan, grew by 39.8 percent year-on-year. Of this total, that of residential buildings grew by 41.2 percent. The land space purchased by real estate development enterprises was 111.67 million square meters, down by 7.8 percent. By the end of July, the floor space of commercial buildings for sale reached 713.82 million square meters, 340 thousand square meters less than that at the end of June, a decline for the fifth consecutive month with the accumulated decrease reached 25.49 million square meters. The funds in place for real estate development enterprises in the first seven months reached 7,988.1 billion yuan, up by 15.3 percent year-on-year.

 

4. Market Sales Increased Steadily while Upgraded Goods Enjoyed Robust Sales.

 

In July, the total retail sales of consumer goods reached 2,682.7 billion yuan, a nominal year-on-year increase of 10.2 percent (a real growth of 9.8 percent after deducting price factors), which was 0.4 percentage point lower than that in the previous month, or 0.3 percentage point lower than that in the same period of last year. Specifically, the retail sales of the units above designated size stood at 1,180.6 billion yuan, up by 7.3 percent. Analyzed by different areas, the retail sales in urban areas reached 2,312.6 billion yuan, up by 10.1 percent, and that in rural areas stood at 370.1 billion yuan, up by 10.7 percent. Grouped by consumption patterns, the total income of catering industry was 288.4 billion yuan, up by 10.9 percent year-on-year; and retail sales of goods were 2,394.4 billion yuan, up by 10.1 percent. In particular, the retail sales of units above designated size reached 1,105.8 billion yuan, up by 7.4 percent. Some categories saw rapid year-on-year growth: the retail sales of grain, oil and food went up by 10.6 percent; beverage grew by 12.6 percent; articles for daily use up by 10.4 percent; household appliances and audio-video equipments grew by 11.5 percent; furniture up by 13.6 percent; communication equipments increased by 11.6 percent and building and decoration materials up by 15.0 percent. In July, the total retail sales of consumer goods grew by 0.75 percent month-on-month. In the first seven months, the total retail sales of consumer goods went up by 10.3 percent year-on-year.

In the first seven months, the online retail sales reached 2,626.8 billion yuan, up by 27.5 percent year-on-year, among which the retail sales of physical goods were 2,123.9 billion yuan, an increase of 26.1 percent, accounting for 11.6 percent of the total retail sales of consumer goods.

 

5. Imports Dropped while Exports Rose Slightly.

 

The total value of imports and exports in July was 2,088.8 billion yuan, a year-on-year decrease of 0.9 percent. The total value of exports was 1,215.8 billion yuan, up by 2.9 percent, 1.6 percentage points higher than that in June; and that of imports was 873.0 billion yuan, down by 5.7 percent. The trade surplus was 342.8 billion yuan. In the first seven months, the total value of imports and exports was 13,208.7 billion yuan, down by 3.0 percent year-on-year. The total value of exports was 7,601.8 billion yuan, down by 1.6 percent; and that of imports was 5,606.9 billion yuan, down by 4.8 percent.

In July, the export delivery value of the industrial enterprises above designated size reached 976.1 billion yuan, up by 1.3 percent year-on-year. In the first seven months, the export delivery value of the industrial enterprises above designated size was 6,492.8 billion yuan, down by 0.4 percent.

 

6. Consumer Price Grew Moderately and the Year-on-Year Decline of Producer Prices for Industrial Products Continued to Drop.

 

In July, the consumer price went up by 1.8 percent year-on-year, 0.1 percentage point lower than that in June. Specifically, the price went up by 1.8 percent in urban areas and 1.5 percent in rural areas. Grouped by commodity categories, prices for food, tobacco and liquor grew by 2.8 percent year-on-year; clothing up by 1.4 percent; housing went up by 1.6 percent; articles and services for daily use grew by 0.6 percent; transportation and communication decreased by 1.6 percent; education, culture and recreation grew by 1.6 percent; health care up by 4.3 percent; and other articles and services grew by 4.4 percent. In terms of food, tobacco and liquor prices, that for grain grew by 0.4 percent, pork up by 16.1 percent and fresh vegetables down by 4.3 percent. In July, the consumer price went up by 0.2 percent month-on-month. In the first seven months, the consumer price went up by 2.1 percent year-on-year.

 

In July, the producer prices for industrial products dropped by 1.7 percent year-on-year, 0.9 percentage point lower than that in June, a decline for the seventh consecutive month; the prices went up by 0.2 percent month-on-month. In the first seven months, the producer prices for industrial products dropped by 3.6 percent year-on-year. In July, the purchasing prices for industrial producers went down by 2.6 percent year-on-year, or up by 0.3 percent month-on-month. In the first seven months, the prices dropped by 4.5 percent year-on-year.

 

As a whole, the national economy has maintained moderate but steady development in July despite fluctuation in some indicators. In the next stage, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, we should continue to adhere to the general working guideline of making progress while maintaining stability, appropriately expand the aggregate demand, unswervingly advance the supply-side structural reform, and steer to the positive development anticipation. We will spare no efforts to stimulate market vitality, release growth potential and foster new driving forces so as to achieve stable and sound economic development.

 

Notes:

 

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

 

2. Industrial enterprises above designated size are industrial enterprises with annual revenue from primary activities over 20 million yuan.

 

3.Units above designated size in total retail sales of consumer goods include wholesale enterprises, retail enterprises and lodging and catering enterprises with annual revenue from primary activities over 20 million yuan, 5 million yuan and 2 million yuan respectively.

 

The 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, excluding that of non-physical goods.

 

4. Data of imports and exports are from the General Administration of Customs.

 

5. 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.

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