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National Economy Stayed Stable with
Good Momentum of Steady Growth in August

来源:National Bureau of Statistics of China发布时间:2018-09-14 10:00

National Bureau of Statistics of China

14 September 2018

 

In August, under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, all regions and departments implemented the decisions and arrangements made by the CPC Central Committee and the State Council and the national economy maintained a good momentum of steady growth, featuring stable production and demands, steady employment and consumer price, sustained transformation and upgrading, and improved quality and performance.

 

1. The Industrial Production Slightly Rebounded with Rapid Growth of Enterprise Profit.

 

In August, the real growth of the total value added of the industrial enterprises above designated size was 6.1 percent year on year, 0.1 percentage point higher than the speed of last month. From January to August, the value added of the industrial enterprises above designated size grew by 6.5 percent year on year, 0.1 percentage point slower than the speed from January to July. An analysis by types of ownership showed that in August, the value added of the state holding enterprises went up by 5.6 percent year on year; collective enterprises down by 1.2 percent; share-holding enterprises up by 6.4 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 4.9 percent. In terms of sectors, in August, the value added of the mining increased by 2.0 percent on a year-on-year basis, the manufacturing grew by 6.1 percent and the production and supply of electricity, thermal power, gas and water grew by 9.9 percent. The industrial development continued to transform to mid- and high- end production. From January to August, the value added of high-tech manufacturing, equipment manufacturing and strategic emerging industry grew by 11.9 percent, 8.8 percent and 8.8 percent year on year respectively, 5.4 percentage points, 2.3 percentage points and 2.3 percentage points higher than that of the industrial enterprises above the designated size. The new industrial products grew rapidly. From January to August, the production of new energy vehicles, industrial robots, and integrated circuits grew by 56.0 percent, 19.4 percent and 13.4 percent year on year. The profits for enterprises increased fast. From January to July, the total profits registered by industrial enterprises above the designated size were 3,903.8 billion yuan, up by 17.1 percent year on year. The profit rate from the principal businesses of industrial enterprises above the designated size was 6.46 percent, 0.4 percentage point higher than that of the same period last year.

 

2. The Service Industry Continued to Grow and the Modern Service Industry Showed Good Development Momentum.

 

In August, the Index of Services Production increased by 7.5 percent year on year, 0.1 percentage point slower than last month, of which, information transmission, software and information technology services, and leasing and business services increased by 38.8 percent and 9.8 percent year on year. From January to August, the Index of Services Production increased by 7.9 percent year on year. From January to July, the business revenue of service enterprises above the designated size grew by 12.4 percent year on year. Specifically, the business revenue of strategic emerging service industry, science and technology service industry and high-tech service industry grew by 16.4 percent, 16.1 percent and 14.5 percent year on year, or 4.0 percentage points, 3.7 percentage points and 2.1 percentage points higher than that of the service enterprises above the designated size. The operating profits for service enterprises above the designated size grew by 16.2 percent year on year.

 

3. The Market Sales Accelerated and the Upgraded Consumption Maintained a Rapid Growth.

 

In August, the total retail sales of consumer goods reached 3,154.2 billion yuan, a year-on-year rise of 9.0 percent, 0.2 percentage point faster than last month. From January to August, the total retail sales of consumer goods increased by 9.3 percent year on year, the same as that of the first seven months. Analyzed by different areas, in August, the retail sales in urban areas reached 2,716.9 billion yuan, up by 8.8 percent year on year, and the retail sales in rural areas reached 437.3 billion yuan, up by 10.2 percent. Grouped by consumption patterns, in August, the income of the catering was 351.6 billion yuan, up by 9.7 percent; and the retail sales of goods were 2,802.6 billion yuan, up by 8.9 percent. The sales of upgraded consumer goods witnessed fast growth. From January to August, among the retail sales of enterprises above designated size, the retail sales of cosmetics and furniture increased by 12.6 percent and 10.2 percent year on year respectively, or 3.3 percentage points and 0.9 percentage point faster that that of the total retail sales of consumer goods. The new consumption developed fast. From January to August, the online retail sales reached 5,519.5 billion yuan, up by 28.2 percent year on year. Of the total, the online retail sales of physical goods stood at 4,199.3 billion yuan, up by 28.6 percent, accounting for 17.3 percent of the total retail sales of consumer goods, 3.5 percentage points higher than that of the same period last year. The online retail sales of non-physical goods were 1,320.2 billion yuan, up by 27.2 percent.

 

4. The Investment Structure Continued to Optimize and Private Investment as well as the Investment in Manufacturing Grew Fast.

 

From January to August, the investment in fixed assets (excluding rural households) was 41,515.8 billion yuan, a year-on-year growth of 5.3 percent, 0.2 percentage point slower than the first seven months. Specifically, private investment reached 25,995.4 billion yuan, up by 8.7 percent. The investment in the primary industry was up by 14.2 percent year on year; the secondary industry grew by 4.3 percent, among which the investment in manufacturing was up by 7.5 percent, 0.2 percentage point faster than the period from January to July; the tertiary industry went up by 5.5 percent, among which the investment in infrastructure increased by 4.2 percent. The investment in high-tech manufacturing industry and in equipment manufacturing industry increased by 12.9 percent and 9.2 percent year on year respectively, 7.6 percentage points and 3.9 percentage points faster than that of the total investment. From January to August, the total investment in real estate development was 7,651.9 billion yuan, a year-on-year growth of 10.1 percent. The floor space of commercial buildings sold reached 1,024.74 million square meters, up by 4.0 percent. The total sales of commercial buildings were 8,939.6 billion yuan, up by 14.5 percent.

 

5. The Surveyed Unemployment Rate Dropped and the Employment Was Generally Stable.

 

In August, the surveyed unemployment rate in urban areas was 5.0 percent, 0.1 percentage point lower than last month, or 0.1 percentage point lower than August last year. The urban surveyed unemployment rate in 31 major cities was 4.9 percent, 0.1 percentage point lower than last month, the same as that of August last year. Specifically, the surveyed unemployment rate of major labor force aged from 25 to 59 was 4.3 percent, 0.1 percentage point lower than that of last month. The employed people in enterprises worked averagely 46.1 hours per week, 0.1 hour more than last month.

 

6. Consumer Price Rose Slightly Faster and the Growth for Prices of Industrial Products Slowed Down.

 

In August, the consumer price went up by 2.3 percent year on year, 0.2 percentage point higher than last month, up by 0.7 percent month on month. Grouped by commodity categories, prices for food, tobacco and alcohol went up by 1.9 percent year on year; clothing up by 1.3 percent; housing up by 2.5 percent; articles and services for daily use up by 1.6 percent; transport and communication up by 2.7 percent; education, culture and recreation up by 2.6 percent; medical services and health care up by 4.3 percent; other articles and services up by 1.2 percent. From January to August, the consumer price was up by 2.0 percent year on year. In August, the producer prices for industrial products went up by 4.1 percent year on year, 0.5 percentage point slower than last month, up by 0.4 percent month on month. The purchasing prices for industrial producers went up by 4.8 percent year on year and 0.5 percent month on month. From January to August, the producer prices for industrial products went up by 4.0 percent year on year and the purchasing prices for industrial producers were up by 4.5 percent year on year.

 

7. The Growth of Import and Export Accelerated and the Trade Surplus was Narrowed Substantially.

 

The total value of imports and exports in August was 2,709.7 billion yuan, an increase of 12.7 percent year on year, 0.2 percentage point faster than last month. The total value of exports was 1,444.7 billion yuan, up by 7.9 percent, 1.9 percentage points faster than last month; the total value of imports was 1,265.0 billion yuan, an increase of 18.8 percent, 2.1 percentage points slower than last month. The trade balance was 179.8 billion yuan in surplus, down by 34.2 percent compared with the same period of last year. In the first eight months, the total value of imports and exports was 19,429.7 billion yuan, a year-on-year increase of 9.1 percent. The total value of exports was 10,337.6 billion yuan, up by 5.4 percent, and the total value of imports was 9,092.1 billion yuan, up by 13.7 percent. In August, the export delivery value of industrial enterprises above the designated size reached 1,099.5 billion yuan, a year-on-year increase of 12.5 percent, 3.8 percentage points faster than last month. From January to August, the export delivery value of the industrial enterprises above the designated size reached 7,811.2 billion yuan, a year-on-year increase of 7.0 percent.

 

8. The Supply-Side Structural Reform Continued to Advance and the Market Expectation Stayed Positive. 

 

The efforts of reducing costs started to deliver results. In the first seven months, the cost for per-hundred-yuan turnover of principal business of the industrial enterprises above the designated size was 84.45 yuan, 0.35 yuan less than the same period last year. The micro leverage ratio dropped. By the end of July, the asset-liability ratio of the industrial enterprises above the designated size was 56.6 percent, 0.5 percentage point lower than the same period last year. The investment in weak areas grew fast. In the first eight months, the investment in the management of ecological protection and treatment of environment pollution and the investment in agriculture increased by 34.9 percent and 14.8 percent respectively, or 29.6 percentage points and 9.5 percentage points higher than the total investment respectively. The market expectation stayed positive. In August, the PMI Composite Output Index was 53.8 percent, 0.2 percentage point higher than that of the last month. The Manufacturing Purchasing Managers’ Index was 51.3 percent, up by 0.1 percentage point. The Business Activity Index for Non-Manufacturing Industries was 54.2 percent, up by 0.2 percentage point.

 

Generally speaking, the national economy continued to stay stable with a good growing momentum of steady growth in August. However, we must be fully aware of the more severe and complex environment abroad, as well as the outstanding structural contradictions accumulated overtime at home. We should take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guideline, follow the general working guideline of making progress while maintaining stability, implement the New Development Concept, adhere to the requirement of high-quality development, and focus on the supply-side structural reform. We should also continuously expand effective demand, step up policy implementation in maintaining stability in areas like employment, financial sector, foreign trade, foreign capital, investment and market expectation, guide reasonable expectation for development, to ensure stable and healthy 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 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 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, cancelled 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 was found in the products output of some enterprise groups. .

 

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

 

4. Enterprises above the designated size in total retail sales of consumer goods include wholesale enterprises, retail enterprises and lodging and catering enterprises with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.

 

The data for the total retail sales of consumer goods of the same period last year have been revised according to the results of the third national agricultural census and related regulations and the growth rates are calculated on a comparable base.

 

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. virtue goods and services).

 

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