National Economy Recovered Better Than Expectation in the First Two Months of 2022
National Bureau of Statistics of China2022-03-15 10:00




National Bureau of Statistics of China

15 March 2022

 

In the first two months, faced with multiple challenges of complex and severe international environment and sporadic local outbreaks of COVID-19, 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 efforts to advance both the epidemic prevention and control and the economic and social development in a scientific manner, made economic stability the top priority and pursued progress while maintaining stability. The national economy sustained steady recovery, the production demand grew fast, employment and prices were generally stable, new driving forces continued to develop, and high-quality development made new progress.

 

1. Industrial Production Accelerated with High-tech Manufacturing and Equipment Manufacturing Registered Good Momentum of Growth.

 

In the first two months, the total value added of the industrial enterprises above the designated size grew by 7.5 percent year on year, 3.2 percentage points higher compared with that of December 2021, or 1.4 percentage points higher than the average two-year growth rate of 2021. In terms of three industrial sections, the value added of mining and quarrying increased by 9.8 percent year on year, manufacturing up by 7.3 percent and the production and supply of electricity, thermal power, gas and water grew by 6.8 percent. The value added of high-tech manufacturing and equipment manufacturing grew by 14.4 percent and 9.6 percent year on year respectively, 6.9 percentage points and 2.1 percentage points higher than that of the industrial enterprises above the designated size. In term of products, the production of new-energy automobiles, industrial robots, and solar cells grew by 150.5 percent, 29.6 percent and 26.4 percent year on year respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up 5.9 percent year on year; that of share-holding enterprises was up by 8.4 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 4.2 percent; and that of private enterprises was up by 8.7 percent. In February, the total value added of the industrial enterprises above the designated size went up by 0.34 percent month on month. In February, the Manufacturing Purchasing Managers’ Index stood at 50.2 percent, 0.1 percentage point higher than that of the previous month. The Production and Operation Expectation Index was 58.7 percent, 1.2 percentage points higher. 

 

2. Service Sector Continued to Recover and Modern Service Witnessed Fast Growth.

 

In the first two months, the Index of Services Production was up by 4.2 percent year on year, 1.2 percentage points higher compared with that of December 2021 or 1.8 percentage points lower than the average two-year growth rate of 2021. Of this total, that of information transmission, software and information technology services grew by 16.3 percent year on year; that of accommodation and catering services grew by 8.2 percent. In February, the Business Activity Index for services was 50.5 percent, 0.2 percentage point higher than that of the previous month. Specifically, the Business Activity Index for railway transportation, air transportation, express mail services and culture, sports and recreation services all increased to the relatively high expansion range of 57.0 percent and above. From the perspective of market expectation, the Business Activity Expectation Index for services stood at 59.6 percent, 2.9 percentage points higher than that of the previous month.

 

3. Market Sales Rebounded and Sales of Upgraded Consumer Goods Was Active.

 

In the first two months, the total retail sales of consumer goods reached 7,442.6 billion yuan, up by 6.7 percent year on year, 5.0 percentage points higher compared with that of December 2021 or 2.8 percentage points higher than the average two-year growth rate of 2021. Analyzed by different areas, the retail sales in urban areas reached 6,459.3 billion yuan, up by 6.7 percent; the retail sales in rural areas reached 983.3 billion yuan, up by 7.1 percent. Grouped by types of consumption, the retail sales of goods was 6,670.8 billion yuan, up by 6.5 percent; the income of catering was 771.8 billion yuan, up by 8.9 percent. The sales of upgraded consumer goods went up rapidly. The retail sales of gold, silver and jewelry, household appliances and audio-video equipment and cultural and office supplies by enterprises above the designated size were up by 19.5 percent, 12.7 percent and 11.1 percent respectively. Goods for basic living witnessed good sales. The retail sales of daily necessities and that of grain, oil and food by enterprises above the designated size increased by 10.7 percent and 7.9 percent respectively. The online retail sales totaled 1,955.8 billion yuan, up by 10.2 percent year on year. Specifically, the online retail sales of physical goods were 1,637.1 billion yuan, up by 12.3 percent, accounting for 22.0 percent of the total retail sales of consumer goods. In February, the total retail sales of consumer goods grew by 0.30 percent month on month.

 

4. The Growth of Investment in Fixed Assets Accelerated and Investment in High-tech Industries Grew Rapidly.

 

In the first two months, the investment in fixed assets (excluding rural households) reached 5,076.3 billion yuan, up by 12.2 percent year on year, or 7.3 percentage points higher than that of the year 2021, or 8.3 percentage points higher than that of the average two-year growth rate of 2021. Specifically, the investment in infrastructure grew by 8.1 percent year on year; the investment in manufacturing grew by 20.9 percent; the investment in real estate development grew by 3.7 percent. The floor space of commercial buildings sold reached 157.03 million square meters, down by 9.6 percent year on year; and the total sales of commercial buildings were 1,545.9 billion yuan, down by 19.3 percent. By industry, the investment in the primary industry went up by 8.8 percent year on year; the secondary industry up by 19.6 percent; the tertiary industry up by 9.5 percent. The private investment went up by 11.4 percent. The investment in high-tech industry grew by 34.4 percent, of which the investment in high-tech manufacturing and high-tech services grew by 42.7 percent and 16.0 percent respectively. In terms of high-tech manufacturing, the investment in manufacturing of electronic and communication equipment and in manufacturing of medical equipment, measuring instruments and meters grew by 50.3 percent and 41.2 percent respectively. In terms of high-tech services, the investment in information services and research, development and design services went up by 26.3 percent and 22.4 percent respectively. The investment in social sectors grew by 19.1 percent. Specifically, the investment in health sector and education sector grew by 29.3 percent and 19.8 percent respectively. In February, the investment in fixed assets grew by 0.66 percent month on month.

 

5. Imports and Exports of Goods Grew Rapidly and Trade Structure Continued to Improve.

 

In the first two months, the total value of imports and exports of goods was 6,204.4 billion yuan, up by 13.3 percent year on year. The value of exports was 3,471.6 billion yuan, up by 13.6 percent, and the value of imports was 2,732.8 billion yuan, up by 12.9 percent. The trade balance was 738.8 billion yuan in surplus. The import and export of general trade increased by 16.3 percent, accounting for 63.5 percent of the total value of the imports and exports, 1.6 percentage points higher than the same period of the previous year. The imports and exports by private enterprises increased by 16.1 percent, accounting for 48.2 percent of the total value, 1.1 percentage points higher than the same period last year. The exports of mechanical and electrical products grew by 9.9 percent year on year, accounting for 58.3 percent of the total value of exports.

 

6. Employment Stability was Generally Maintained and Surveyed Unemployment Rate Was Basically Stable.

 

In the first two months, the newly increased employed people in urban areas totaled 1.63 million. In February, the urban surveyed unemployment rate was 5.5 percent, 0.2 percentage point higher than that of the previous month, the same as that of the same period of the previous year. The surveyed unemployment rate of population with local household registration was 5.5 percent and that of population with non-local household registration was 5.6 percent, of which the non-local agricultural household registration was 5.6 percent. Specifically, the surveyed unemployment rate of the population aged from 16 to 24 was 15.3 percent, and that of the population aged from 25 to 59 was 4.8 percent. The urban surveyed unemployment rate in 31 major cities was 5.4 percent. The employees of enterprises worked 46.7 hours per week on average.

 

7. Consumer Price Went up Mildly and the Year-on-Year Growth of Producer Prices for Industrial Products Declined.

 

In the first two months, the consumer price (CPI) went up by 0.9 percent year on year. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 1.8 percent year on year; clothing up by 0.5 percent; housing up by 1.4 percent; articles and services for daily use up by 0.5 percent; transport and communication up by 5.4 percent; education, culture and recreation up by 2.7 percent; medical services and health care up by 0.6 percent; and other articles and services up by 0.1 percent. Among the prices for food, tobacco and alcohol, the price for pork went down by 42.0 percent year on year, grain up by 1.5 percent, fresh fruits up by 8.2 percent, and fresh vegetables down by 2.1 percent. Core CPI excluding the price of food and energy in the first two months went up by 1.2 percent year on year. In January and February, the consumer price both went up by 0.9 percent year on year, up by 0.4 percent and 0.6 percent month on month respectively.

 

In the first two months, the producer prices for industrial products went up by 8.9 percent year on year. The producer prices for industrial products in January and February went up by 9.1 percent and 8.8 percent year on year, down by 0.2 percent and up by 0.5 percent month on month respectively. In the first two months, the purchasing prices for industrial producers increased by 11.6 percent.

 

Generally speaking, in the first two months, the economy enjoyed a good recovery momentum. However, we must be aware that the external environment is still severe and complicated, and the national economic development is faced with mounting risks and challenges. At the next stage, we must take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guideline, fully implement the spirits of the 19th CPC National Congress and the plenary sessions of the 19th CPC Central Committee and follow thoroughly the guiding principles of the Central Economic Work Conference and the tasks arrangement of the Report on the Work of the Government. We must commit to the general working guideline of making progress while maintaining stability, fully and faithfully apply the new development philosophy on all fronts, move faster to create a new pattern of development, comprehensively deepen the reform and opening up, strengthen innovation-driven development, promote the high-quality development so as to maintain the economic operation within the appropriate range.

 

Notes:

 

1. The average two-year growth rate of 2021 is the geometric mean of the annual growth rate with the data of 2019 as the base.

 

2. The growth rates 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.

 

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 was 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 as follows: every year, 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. 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, services goods).

 

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

 

6. 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.

 

7. 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.

 

8. 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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