General Trend of High-Quality Development Remained Unchanged Despite the Increased Downward Pressure on Economy
National Bureau of Statistics of China2022-05-16 10:00




National Bureau of Statistics of China

16 May 2022

 

Since the start of this year, as the impact by the increasingly grim and complex international environment and greater shock of COVID-19 pandemic at home obviously exceeded expectation, new downward pressure on the economy continued to grow. Facing the complicated circumstances, 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, took strong efforts to coordinate COVID-19 prevention and control and the economic and social development, strengthen macro policies, and endeavored to overcome the impact of the pandemic. The support from basic industries was strong, the investment continued to scale up, the market prices were generally stable, people’s well-being was robustly and effectively guaranteed, the new driving forces continued to grow, and the overall economic and social development was stable. As the effective coordination of both the epidemic prevention and control and the economic and social development delivered effects, the national economy is expected to stabilize and recover.

 

1. Industrial Production Slowed Down and High-Tech Manufacturing Industry Maintained Fast Growth.

 

In the first four months, the total value added of the industrial enterprises above the designated size grew by 4.0 percent year on year, 2.5 percentage points lower than that of the first quarter. In terms of sectors, the value added of mining and quarrying went up by 10.4 percent year on year, manufacturing up by 3.2 percent and the production and supply of electricity, thermal power, gas and water grew by 5.0 percent. The value added of high-tech manufacturing grew by 11.5 percent year on year. An analysis by types of ownership showed that the value added of state holding enterprises was up by 3.1 percent year on year; that of share-holding enterprises was up by 5.8 percent; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was down by 2.8 percent; and that of private enterprises was up by 5.1 percent. In term of products, the production of basic industrial products of coal and ten kinds of nonferrous metals grew by 10.5 percent and 0.7 percent year on year respectively, and the production of green, smart and digital products like new-energy vehicles, solar cells and mobile communication base stations grew by 112.7 percent, 27.5 percent and 25.9 percent respectively. In April, the total value added of the industrial enterprises above the designated size went down by 2.9 percent year on year, or down by 7.08 percent month on month. Specifically, the value added of mining and quarrying increased by 9.5 percent year on year, manufacturing down by 4.6 percent and the production and supply of electricity, thermal power, gas and water grew by 1.5 percent. The value added of high-tech manufacturing grew by 4.0 percent year on year. In April, the Manufacturing Purchasing Managers’ Index stood at 47.4 percent and the Production and Operation Expectation Index was 53.3 percent. In the first three months, the total profits made by industrial enterprises above the designated size stood at 1,955.6 billion yuan, up by 8.5 percent year on year.

 

2. Service Sector Production Reduced and Modern Service Industries Registered a Good Momentum of Growth.

 

In the first four months, the Index of Services Production was up by 0.3 percent year on year, down by 2.2 percentage points than that of the first quarter. Of this total, that of information transmission, software and information technology services and that of financial intermediation grew by 13.9 percent and 4.8 percent respectively. In April, the Index of Services Production was down by 6.1 percent year on year. Of this total, that of information transmission, software and information technology services and that of financial intermediation grew by 10.3 percent and 5.5 percent respectively. In the first three months, business revenue of service enterprises above the designated size went up by 9.0 percent year on year. In April, the Business Activity Index for services was 40.0 percent, and the Business Activity Expectation Index for services stood at 53.0 percent. Specifically, the Business Activity Index for telecommunication, broadcast, television and satellite transmission services, software and information technology services continued to stay within the expansion range.

 

3. Market Sales Dropped, and Sales of Goods for Basic Living and Online Retail Sales Continued to Grow.

 

In the first four months, the total retail sales of consumer goods reached 13,814.2 billion yuan, down by 0.2 percent year on year. Analyzed by different areas, the retail sales in urban areas reached 11,992.9 billion yuan, down by 0.3 percent year on year; the retail sales in rural areas reached 1,821.3 billion yuan, up by 0.4 percent. Grouped by types of consumption, the retail sales of goods was 12,488.0 billion yuan, up by 0.4 percent year on year; the income of catering was 1,326.2 billion yuan, down by 5.1 percent. The sales for goods for basic living went up rapidly. The retail sales of beverage, that of grain, oil and food and that of traditional Chinese and western medicines by enterprises above the designated size went up by 10.4 percent, 9.5 percent and 8.8 percent respectively. The online retail sales totaled 3,869.2 billion yuan, up by 3.3 percent year on year. Specifically, the online retail sales of physical goods were 3,288.7 billion yuan, up by 5.2 percent, accounting for 23.8 percent of the total retail sales of consumer goods. In April, the total retail sales of consumer goods were 2,948.3 billion yuan, down by 11.1 percent year on year, or down by 0.69 percent month on month. Of this total, the retail sales of goods was 2,687.4 billion yuan, down by 9.7 percent year on year; the income of catering was 260.9 billion yuan, down by 22.7 percent.

 

4. Investment in Fixed Assets Increased and Investment in High-tech Industries and Social Sectors Grew Fast.

 

In the first four months, the investment in fixed assets (excluding rural households) reached 15,354.4 billion yuan, growing by 6.8 percent year on year, down by 2.5 percentage points than that of the first quarter. Specifically, the investment in infrastructure grew by 6.5 percent year on year; the investment in manufacturing grew by 12.2 percent; the investment in real estate development declined by 2.7 percent. The floor space of commercial buildings sold reached 397.68 million square meters, down by 20.9 percent year on year; and the total sales of commercial buildings were 3,778.9 billion yuan, down by 29.5 percent. By industry, the investment in the primary industry went up by 5.8 percent year on year; the secondary industry up by 12.6 percent; the tertiary industry up by 4.3 percent. The private investment went up by 5.3 percent. The investment in high-tech industry grew by 22.0 percent, of which the investment in high-tech manufacturing and high-tech services grew by 25.9 percent and 13.2 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 30.8 percent and 29.4 percent respectively. In terms of high-tech services, the investment in services for transformation of scientific and technological achievements and in research, development and design services went up by 21.9 percent and 21.1 percent respectively. The investment in social sectors grew by 14.4 percent. Specifically, the investment in health sector and education sector grew by 24.9 percent and 12.5 percent respectively. In April, the investment in fixed assets (excluding rural households) went down by 0.82 percent month on month.

 

5. Imports and Exports of Goods Continued to Grow and Trade Structure Continued to Optimize.

 

In the first four months, the total value of imports and exports of goods was 12,579.9 billion yuan, up by 7.9 percent year on year. The value of exports was 6,967.4 billion yuan, up by 10.3 percent, and the value of imports was 5,612.5 billion yuan, up by 5.0 percent. The imports and exports of general trade accounted for 63.6 percent of the total value of the imports and exports, 1.9 percentage points higher than the same period of the previous year. The imports and exports by private enterprises accounted for 48.5 percent of the total imports and exports, 1.4 percentage points higher than the same period of the previous year. The exports of mechanical and electrical products grew by 6.7 percent year on year, accounting for 57.9 percent of the total exports. The total value of imports and exports between China and countries along the Belt and Road increased by 15.4 percent. Of the total, the value of goods exported increased by 12.9 percent; that of goods imported increased by 18.6 percent.

 

6. Urban Surveyed Unemployment Rate Increased and the Employment for Major Labor Force Was Basically Steady.

 

In the first four months, the newly increased employed people in urban areas totaled 4.06 million and the urban surveyed unemployment rate averaged 5.7 percent. In April, the urban surveyed unemployment rate was 6.1 percent, 0.3 percentage point higher than March. The surveyed unemployment rate of population with local household registration was 5.7 percent and that of population with non-local household registration was 6.9 percent, among which, the rate of the population with non-local agricultural household registration was 6.6 percent. Specifically, the surveyed unemployment rates of the population aged from 16 to 24 and from 25 to 59 were 18.2 percent and 5.3 percent respectively. The urban surveyed unemployment rate in 31 major cities was 6.7 percent. The employees of enterprises worked 46.2 hours per week on average.

 

7. Consumer Price Experienced Mild Growth and the Growth of Producer Prices for Industrial Products Slowed Down.

 

In the first four months, the consumer price (CPI) went up by 1.4 percent year on year. In April, the consumer price went up by 2.1 percent year on year, 0.6 percentage point faster than March, and up by 0.4 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 0.5 percent; housing up by 1.2 percent; articles and services for daily use up by 1.2 percent; transportation and communication up by 6.5 percent; education, culture and recreation up by 2.0 percent; medical services and health care up by 0.7 percent; other articles and services up by 1.7 percent. In terms of food, tobacco and alcohol prices, prices for grain went up by 2.7 percent, fresh fruits up by 14.1 percent, fresh vegetables up by 24.0 percent and pork down by 33.3 percent. Core CPI excluding the price of food and energy went up by 0.9 percent year on year, 0.2 percentage point lower than that of March.

 

In the first four months, the producer prices for industrial products and the purchasing prices for industrial producers went up by 8.5 percent and 11.2 percent year on year respectively. In April, the producer prices for industrial products went up by 8.0 percent year on year, 0.3 percentage point lower than the growth of March, or up by 0.6 percent month on month. The purchasing prices for industrial producers went up by 10.8 percent year on year, or up by 1.3 percent month on month.

 

Generally speaking, the economic performance in April was greatly affected by COVID-19 pandemic. However, this impact is temporary and external, and the favorable conditions for maintaining stable macroeconomic performance and achieving development goals are available as the economic fundamentals for long-term, steady and sound economic development remain unchanged, and the momentum for the transformation and upgrading as well as for the high-quality development remains unchanged. With the phased results of epidemic prevention and control achieved, the policies and measures to stabilize the economy continue to take effect, and a gradual recovery of economic operation is in anticipation. 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 decisions and arrangements made by the CPC Central Committee and the State Council, proceed with confidence and face up to difficulties and challenges, make economic stability our top priority and pursue progress while ensuring stability, and effectively coordinate the efforts of COVID-19 prevention and control and economic and social development. We must implement the overall requirements of “containing the epidemic, stabilizing the economy and keeping development secure”, further strengthen macro policies, take solid steps to stabilize economy and to ensure the economic operation within an appropriate range.

 

Notes:

 

1. The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices. Both are real growth rates. 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 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 is 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. 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: 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 every year. 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 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; data of newly increased employed people in urban areas are from the Ministry of Human Resources and Social Security.

6. 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.

 

7. 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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