The Economy was Generally Stable with a Sound Momentum in May
National Bureau of Statistics of China2017-06-14 10:00




National Bureau of Statistics of China

14 June 2017

 

In May, under the strong leadership of the Central Committee of the Communist Party of China with General Secretary Xi Jinping as the core, all regions and departments implemented the arrangements made by the CPC Central Committee and the State Council, firmly advanced the supply-side structural reform and deepened the implementation of the strategy of innovation-driven development. As a result, the national economy has maintained the momentum of steady and sound development. The supply and demand grew steadily, employment registered persistent progress, consumer price rose mildly, profit of enterprises continued to improve, the economic structure was optimized consistently and the economic development was more balanced and stable.

 

1. The Acceleration of Industrial Growth was Steady and the Profit of Enterprises Improved.

 

In May, the real growth of total value added of the industrial enterprises above designated size was 6.5 percent compared with a year ago, growing at the same speed as last month, 0.5 percentage point faster than the same month last year. An analysis by types of ownership showed that the value added of the state holding enterprises went up by 6.2 percent year on year; collective enterprises up by 3.2 percent; share-holding enterprises up by 6.8 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 5.9 percent. In terms of sectors, the value added of the mining increased by 0.5 percent on a year-on-year base, the manufacturing grew by 6.9 percent and the production and supply of electricity, thermal power, gas and water grew by 6.4 percent. The value added of high-tech industry and equipment manufacturing industry grew by 11.3 percent and 10.3 percent year on year respectively, 4.8 percentage points and 3.8 percentage points faster than that of the industrial enterprises above designated size as a whole. The sales-output ratio of the industrial enterprises above designated size reached 97.7 percent. In May, the total value added of the industrial enterprises above designated size went up by 0.51 percent compared with last month. From January to May, the value added of the industrial enterprises above designated size grew by 6.7 percent year on year. In May, the manufacturing PMI was 51.2 percent, the same as last month, staying above the 50-point mark separating growth from contraction for ten months in a roll.

 

From January to April, the total profit made by industrial enterprises above designated size was 2,278.0 billion yuan, up by 24.4 percent year on year. The cost for per-hundred-yuan revenue from principal business of industrial enterprises above designated size was 85.51 yuan, 0.06 yuan less on a year on year base; the profit rate of principal business of industrial enterprises above designated size was 6.04 percent, 0.53 percentage point higher year on year. At the end of April, the debt-to-asset ratio of industrial enterprises above designated size was 56.2 percent, a year-on-year decrease of 0.6 percentage point.

 

2. The Service Industry Grew Fast with Higher Business Activity Index.

 

In May, the Index of Services Production increased by 8.1 percent year on year, growing at the same speed as last month, maintaining the high speed of above 8 percent. From January to May, the Index of Services Production increased by 8.2 percent year on year, the same as that of the first four moths. Specifically, transport, storage and postal services, information transmission, software and information technology services maintained high growth rates.

 

In May, the business activity index for services was 53.5 percent, 0.9 percentage point higher than that of last month, 1.5 percentage points higher than that of the same month last year. Specifically, the business activity index for sectors like retail trade, railway transport, air transport, postal services, telecommunication, broadcast, television and satellite transmission services kept within the expansion range of 59 percent and above. From the perspective of demand and prospect, the New Order Index for services and the Business Activities Expectation Index were 50.3 percent and 59.2 percent, 0.6 percentage point and 0.4 percentage point higher respectively than last month.

 

3. The Growth of Investment Dropped Slightly and the Investment Structure Continued to Improve.

 

From January to May, the investment in fixed assets (excluding rural households) was 20,371.8 billion yuan, a year-on-year growth of 8.6 percent, 0.3 percentage point slower than the first four months. Specifically, the investment by the state holding enterprises reached 7,291.2 billion yuan, a rise of 12.6 percent; private investment reached 12,432.9 billion yuan, up by 6.8 percent, accounting for 61.0 percent of the total investment. The investment in the primary industry was 593.8 billion yuan, up by 16.9 percent year on year; the secondary industry 7,757.2 billion yuan, up by 3.6 percent, among which the investment in manufacturing was 6,418.3 billion yuan, up by 5.1 percent, 0.2 percentage point faster than the first four months and the tertiary industry 12,020.8 billion yuan, an increase of 11.6 percent. The investment in infrastructure was 4,230.6 billion yuan, an increase of 20.9 percent. The investment in high-tech manufacturing industry increased by 22.5 percent, 13.9 percentage points faster than the total investment. The funds in place for investment in fixed assets were 21,228.1 billion yuan, down by 0.1 percent year on year, narrowed by 1.3 percentage points compared with the first four months. The total investment in newly-started projects was 16,252.9 billion yuan, a drop of 5.6 percent year on year, narrowed by 0.3 percentage point. In May, investment in fixed assets (excluding rural households) grew by 0.72 percent month-on-month.

 

4. The Growth of Investment in Real Estate Development Slowed Down and the Floor Space of Commercial Buildings for Sale Continued to Decrease.

 

From January to May, the total investment in real estate development was 3,759.5 billion yuan, a year-on-year growth of 8.8 percent, 0.5 percentage point slower than the first four months and 1.8 percentage points faster than the same period last year. In particular, the investment in residential buildings went up by 10.0 percent. The floor space of houses newly started was 651.79 million square meters, up by 9.5 percent year on year. Specifically, the floor space of residential buildings newly started went up by 15.1 percent. The floor space of commercial buildings sold reached 548.20 million square meters, a year-on-year increase of 14.3 percent. Of this total, the floor space of residential buildings sold increased by 11.9 percent. The total sales of commercial buildings were 4,363.2 billion yuan, a growth of 18.6 percent year on year. Specifically, the sales of residential buildings were up by 15.3 percent. The land space purchased for real estate development was 75.80 million square meters, up by 5.3 percent year on year. By the end of May, the floor space of commercial buildings for sale was 660.18 million square meters, 14.52 million square meters less than that at the end of April. The funds in place for real estate development enterprises from January to May reached 5,898.9 billion yuan, up by 9.9 percent year on year.

 

5. Market Sales Grew Fast and Online Retailing Maintained Strong Momentum.

 

In May, the total retail sales of consumer goods reached 2,945.9 billion yuan, a year-on-year rise of 10.7 percent, growing at the same speed as last month, 0.7 percentage point faster than the same month last year. Analyzed by different areas, the retail sales in urban areas reached 2,536.0 billion yuan, up by 10.4 percent, and the retail sales in rural areas stood at 409.9 billion yuan, up by 12.7 percent. Grouped by consumption patterns, the income of the catering was 321.1 billion yuan, up by 11.6 percent year on year; and the retail sales of goods were 2,624.8 billion yuan, up by 10.6 percent. In particular, the retail sales of the enterprises above designated size reached 1,215.8 billion yuan, an increase of 9.2 percent. In May, the total retail sales of consumer goods rose by 0.86 percent compared with last month. From January to May, the total retail sales of consumer goods increased by 10.3 percent year on year.

 

In the first five months, the online retail sales reached 2,466.3 billion yuan, a year-on-year growth of 32.5 percent, 0.5 percentage point faster than the first four months. Specifically, the online retail sales of physical goods were 1,879.8 billion yuan, an increase of 26.5 percent, accounting for 13.2 percent of the total retail sales, an increase of 1.9 percentage points compared with the same period last year.

 

6. The Consumer Price Increased Mildly and the Growth of Producer Prices for Industrial Products Slowed Down.

 

In May, the consumer price went up by 1.5 percent year on year, 0.3 percentage point faster than last month. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 0.5 percent year on year; clothing up by 1.3 percent; housing up by 2.5 percent; articles and services for daily use up by 1.0 percent; transport and communication up by 1.1 percent; education, culture and recreation up by 2.6 percent; medical services and health care up by 5.9 percent; other articles and services up by 2.9 percent. In terms of food, tobacco and alcohol prices, prices for grain went up by 1.4 percent, pork down by 12.8 percent, fresh vegetables down by 6.3 percent. In May, the month-on-month consumer price was down by 0.1 percent. From January to May, the consumer price was up by 1.4 percent year on year.

 

In May, the producer prices for industrial products went up by 5.5 percent year on year, 0.9 percentage point slower than last month, down by 0.3 percent month on month. From January to May, the producer prices for industrial products went up by 6.8 percent year on year. In May, the purchasing prices for industrial producers were up by 8.0 percent year on year, down by 0.3 percent month on month. In the first five months, the purchasing prices for industrial producers were up by 9.0 percent year on year.

 

7. The Growth of Imports and Exports Accelerated and the Share of General Trade Increased.

 

The total value of imports and exports in May was 2,346.2 billion yuan, an increase of 18.3 percent year on year, 2.1 percentage points faster than last month. The total value of exports was 1,313.9 billion yuan, up by 15.5 percent, 1.2 percentage points faster; the total value of imports was 1,032.3 billion yuan, an increase of 22.1 percent, 3.5 percentage points faster. The trade balance was 281.6 billion yuan in surplus. In the first five months, the total value of imports and exports was 10,763.5 billion yuan, a year-on-year increase of 19.8 percent. The total value of exports was 5,878.7 billion yuan, up by 14.8 percent, and the total value of imports was 4,884.8 billion yuan, up by 26.5 percent. The import and export of general trade increased by 21 percent, accounting for 56.8 percent of the total value of the imports and exports, 0.6 percentage point higher than the same period last year.

 

In May, the export delivery value of industrial enterprises above designated size reached 1,070.0 billion yuan, a year-on-year increase of 10.7 percent. In the first five months, the export delivery value of industrial enterprises above designated size reached 4,913.6 billion yuan, up by 10.4 percent on a year-on-year base.

 

Generally speaking, the national economy in May has maintained the momentum of steady and sound development. The structure has been optimized in the reform, the driving forces been growing in innovation and the quality been updated in the transformation. However, we must be aware that there are still destabilizing factors and uncertainties both at home and abroad, the structural contradictions are acute and the transformation and upgrading are facing heavy tasks. At the next stage, united even closer around the Party Central Committee with Comrade Xi Jinping at its core, we must stick to the general working guideline of making progress while maintaining stability, use the new development philosophy to guide the new normal, focus on improving the quality and efficiency of the development, deepen the supply-side structural reform, moderately increase the aggregate demand, strengthen the driving force of innovation, playing a guiding role in the development of sound development expectations and coordinate efforts to maintain stable growth, promote reform, make structural adjustments, improve living standards and guard against risks so as to boost the sustained and healthy economic development and the social harmony and stability.

 

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. To reflect timely the monthly performance of economic activities in services sectors, the National Bureau of Statistics of China compiled the Index of Services Production, and disseminated the information since March 2017. The Index of Services Production reflected the output changes between reporting period and base period after excluding price factors.

 

4. 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.

 

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

 

6. 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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