Overall Economic Performance was Steady with Continued Sound Momentum in July
National Bureau of Statistics of China2017-08-14 10:00




National Bureau of Statistics of China

14 August 2017

 

In July, all regions and departments implemented the arrangements made by the CPC Central Committee and the State Council and as a result, the momentum of steady and sound economic development and deepening structural adjustment continued. The economy maintained within a proper range, the production demand grew steadily, employment and prices of commodities were stable, the supply-side structural reform achieved remarkable results, the transformation and upgrading and the development of new driving forces made steady progress, the market expectation continued to grow higher and the quality and efficiency of the economy were improved.

 

1. The Development of the Industry was Steady and the Profit of Enterprises Improved Notably.

 

In July, the real growth of total value added of the industrial enterprises above designated size was 6.4 percent compared with a year ago, 1.2 percentage points slower than last month, 0.4 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 6.7 percent year on year; collective enterprises down by 3.6 percent; share-holding enterprises up by 6.7 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 6.7 percent. In terms of sectors, the value added of the mining decreased by 1.3 percent on a year-on-year base, the manufacturing grew by 6.7 percent and the production and supply of electricity, thermal power, gas and water grew by 9.8 percent. The value added of high-tech industry and equipment manufacturing industry grew by 12.1 percent and 10.7 percent year on year respectively, 5.7 percentage points and 4.3 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 97.9 percent. In July, the total value added of the industrial enterprises above designated size went up by 0.41 percent compared with last month. From January to July, the value added of the industrial enterprises above designated size grew by 6.8 percent year on year. In July, the manufacturing PMI was 51.4 percent, staying above the 50-point mark separating growth from contraction for twelve months in a roll.

 

From January to June, the total profit made by industrial enterprises above designated size was 3,633.8 billion yuan, up by 22.0 percent year on year. The cost for per-hundred-yuan revenue from principal business of industrial enterprises above designated size was 85.69 yuan, 0.02 yuan less on a year on year base; the profit rate of principal business of industrial enterprises above designated size was 6.11 percent, 0.42 percentage point higher year on year. At the end of June, the debt-to-asset ratio of industrial enterprises above designated size was 55.9 percent, a year-on-year decrease of 0.8 percentage point.

 

2. The Service Industry Maintained Fast Growth with Higher Business Activity Index.

 

In July, the Index of Services Production increased by 8.3 percent year on year, 0.3 percentage point slower than last month and 0.5 percentage point faster than the same month last year. From January to July, the Index of Services Production increased by 8.3 percent year on year, 0.1 percentage point faster than the same period last year. Specifically, information transmission, software and information technology services, transport, storage and postal services and leasing and business services maintained double-digit growth. From January to June, the business revenue of service enterprises above designated size increased by 13.2 percent year-on-year, 3.4 percentage points faster than the same period last year.

 

In July, the business activity index for services was 53.1 percent, 0.5 percentage point higher than that of the same month last year. Specifically, the business activity index for sectors like air transport, postal services, telecommunication, broadcast, television and satellite transmission services kept within the expansion range of 60.0 percent and above. From the perspective of market expectation, the Business Activities Expectation Index were 60.4 percent, 0.4 percentage point higher than last month, growing for three months in a roll.

 

3. The Investment in Fixed Assets Grew Steadily and the Construction of Infrastructure Continued to be Strengthened.

 

From January to July, the investment in fixed assets (excluding rural households) was 33,740.9 billion yuan, a year-on-year growth of 8.3 percent, 0.3 percentage point slower than the first six months, 0.2 percentage point faster than the same period last year. Specifically, the investment by the state holding enterprises reached 12,301.3 billion yuan, a rise of 11.7 percent; private investment reached 20,464.0 billion yuan, up by 6.9 percent, accounting for 60.7 percent of the total investment. The investment in the primary industry was 1,067.7 billion yuan, up by 14.4 percent year on year; the secondary industry 12,715.0 billion yuan, up by 3.4 percent, among which the investment in manufacturing was 10,438.9 billion yuan, up by 4.8 percent; the tertiary industry 19,958.3 billion yuan, an increase of 11.3 percent. The investment in infrastructure was 7,205.8 billion yuan, an increase of 20.9 percent. The investment in high-tech manufacturing industry increased by 20.7 percent, 12.4 percentage points faster than the total investment. The funds in place for investment in fixed assets were 34,107.3 billion yuan, up by 1.5 percent year on year, 0.1 percentage point faster compared with the first six months. The total investment in newly-started projects was 28,688.3 billion yuan, an increase of 1.9 percent year on year, with the growth rate turning from decrease to increase. In July, the investment in fixed assets (excluding rural households) grew by 0.61 percent month-on-month.

 

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

 

From January to July, the total investment in real estate development was 5,976.1 billion yuan, a year-on-year growth of 7.9 percent, 0.6 percentage point slower than the first six months. In particular, the investment in residential buildings went up by 10.0 percent. The floor space of houses newly started was 1,003.71 million square meters, up by 8.0 percent year on year. Specifically, the floor space of residential buildings newly started went up by 11.9 percent. The floor space of commercial buildings sold reached 863.51 million square meters, a year-on-year increase of 14.0 percent. Of this total, the floor space of residential buildings sold increased by 11.5 percent. The total sales of commercial buildings were 6,846.1 billion yuan, a growth of 18.9 percent year on year. Specifically, the sales of residential buildings were up by 15.9 percent. The land space purchased for real estate development was 124.10 million square meters, up by 11.1 percent year on year. By the end of July, the floor space of commercial buildings for sale was 634.96 million square meters, 10.81 million square meters less than that at the end of June. The funds in place for real estate development enterprises from January to July reached 8,766.4 billion yuan, up by 9.7 percent year on year.

 

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

 

In July, the total retail sales of consumer goods reached 2,961.0 billion yuan, a year-on-year rise of 10.4 percent, 0.6 percentage point slower than last month, 0.2 percentage point faster than the same month last year. Analyzed by different areas, the retail sales in urban areas reached 2,547.4 billion yuan, up by 10.2 percent year-on-year, and the retail sales in rural areas stood at 413.6 billion yuan, up by 11.7 percent. Grouped by consumption patterns, the income of the catering was 320.4 billion yuan, up by 11.1 percent year on year; and the retail sales of goods were 2,640.6 billion yuan, up by 10.3 percent. In particular, the retail sales of the enterprises above designated size reached 1,200.4 billion yuan, an increase of 8.6 percent. The sales of upgraded consumer goods witnessed fast growth. Specifically, the sales of sports and recreational articles and household electric appliances and audio-video equipments increased by 26.6 percent and 13.1 percent respectively. In July, the total retail sales of consumer goods rose by 0.73 percent compared with last month. From January to July, the total retail sales of consumer goods increased by 10.4 percent year on year.

 

In the first seven months, the online retail sales reached 3,661.7 billion yuan, a year-on-year growth of 33.7 percent, 0.3 percentage point faster than the first six months. Specifically, the online retail sales of physical goods were 2,782.0 billion yuan, an increase of 28.9 percent, accounting for 13.8 percent of the total retail sales, an increase of 2.2 percentage points compared with the same period last year.

 

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

 

In July, the consumer price went up by 1.4 percent year on year, 0.1 percentage point slower than last month. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 0.1 percent year on year; clothing up by 1.4 percent; housing up by 2.5 percent; articles and services for daily use up by 1.1 percent; transport and communication down by 0.2 percent; education, culture and recreation up by 2.5 percent; medical services and health care up by 5.5 percent; other articles and services up by 1.3 percent. In terms of food, tobacco and alcohol prices, prices for grain went up by 1.6 percent, pork down by 15.5 percent, fresh vegetables up by 9.1 percent. In July, the month-on-month consumer price was up by 0.1 percent. From January to July, the consumer price was up by 1.4 percent year on year.

 

In July, the producer prices for industrial products went up by 5.5 percent year on year, growing at the same rate as last month, up by 0.2 percent month on month. From January to July, the producer prices for industrial products went up by 6.4 percent year on year. In July, the purchasing prices for industrial producers were up by 7.0 percent year on year, the same as last month. In the first seven months, the purchasing prices for industrial producers were up by 8.5 percent year on year.

 

7. The Imports and Exports Grew Fast and the Share of General Trade Increased.

 

The total value of imports and exports in July was 2,322.3 billion yuan, an increase of 12.7 percent year on year. The total value of exports was 1,321.7 billion yuan, up by 11.2 percent; the total value of imports was 1,000.5 billion yuan, an increase of 14.7 percent. The trade balance was 321.2 billion yuan in surplus. In the first seven months, the total value of imports and exports was 15,462.7 billion yuan, a year-on-year increase of 18.5 percent. The total value of exports was 8,530.6 billion yuan, up by 14.4 percent, and the total value of imports was 6,932.1 billion yuan, up by 24.0 percent. From January to July, the import and export of general trade increased by 19.1 percent, accounting for 56.7 percent of the total value of the imports and exports, 0.3 percentage point higher than the same period last year. The export of mechanical and electrical products grew by 14.2 percent, taking up 57.1 percent of the total export.

 

In July, the export delivery value of industrial enterprises above designated size reached 1,062.1 billion yuan, a year-on-year increase of 8.6 percent. In the first seven months, the export delivery value of industrial enterprises above designated size reached 7,167.2 billion yuan, up by 10.5 percent on a year-on-year base.

 

Generally speaking, the national economy in July was stable with the sound momentum maintained and the structural adjustment deepened. However, we must be aware that the international environment is still complicated and changing, the structural contradictions at home are acute and there are potential troubles lurking. 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, implement the new development philosophy, focus on the supply-side structural reform, moderately increase the aggregate demand, play a stronger role in guiding the development of expectations and strengthen the driving force of innovation so as to ensure the steady and healthy development of the economy, the deepening of the supply-side structural reform, the bottom line of no systematic financial risk 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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