China's Economy Achieved a Stabilized and Accelerated Development in the Year of 2012

 National Bureau of Statistics of China

18 January 2013

In the year of 2012, in face of the increasingly complicated and severe international situation and arduous tasks of domestic reform, development and stability, the Central Party Committee and the State Council took scientific development as the theme and transformation of economic development mode as the mainline, followed the general tone of making progress while ensuring the stability by strengthening and improving macro control with emphasis on stabilizing growth. As a result, the overall national economic performance was getting stabilized, and the economic and social development realized a stabilized and accelerated development.

According to the preliminary accounting, the gross domestic product (GDP) of China was 51,932.2 billion yuan in 2012, a year-on-year increase of 7.8 percent at comparable prices. Specifically, the year-on-year growth of the first quarter was 8.1 percent, 7.6 percent for the second quarter, 7.4 percent for the third quarter and 7.9 percent for the fourth quarter. The value added of the primary industry was 5,237.7 billion yuan, up by 4.5 percent; the secondary industry 23,531.9 billion yuan, up by 8.1 percent; and the tertiary industry 23,162.6 billion yuan, up by 8.1 percent. The gross domestic product of the fourth quarter of 2012 went up by 2 percent on a quarterly basis.

1. Agricultural Production Went up Steadily.

The total grain output in 2012 was 589.57 million tons, an increase of 18.36 million tons, up by 3.2 percent, which was an increase for nine consecutive years. The total output of summer grain was 129.95 million tons, up by 2.8 percent year-on-year; early rice was 33.29 million tons, an increase of 1.6 percent; autumn grain was 426.33 million tons, an increase of 3.5 percent. The output of cotton in 2012 was 6.84 million tons, up by 3.8 percent; oil-bearing crops 34.76 million tons, an increase of 5.1 percent; and sugar crops 134.93 million tons, an increase of 7.8 percent. The total output of pork, beef, mutton and poultry in 2012 reached 82.21 million tons, a growth of 5.4 percent. The output of pork was 53.35 million tons, up by 5.6 percent. The number of pigs in stock was 474.92 million, up by 1.6 percent, while the number of slaughtered pigs was 696.28 million, an increase of 5.2 percent. The output of poultry eggs in 2012 was 28.61 million tons, up by 1.8 percent, and cow milk was 37.44 million tons, an increase of 2.3 percent.

2. Industrial Production was Getting Stabilized.

The total value added of the industrial enterprises above designated size in 2012 was up by 10 percent at comparable prices, or 3.9 percentage points lower than that in the previous year. Specifically, the year-on-year growth of the first quarter was 11.6 percent, 9.5 percent for the second quarter, 9.1 percent for the third quarter and 10.0 percent for the fourth quarter. An analysis by types of ownership showed that the value added growth of the state-owned and state holding enterprises went up by 6.4 percent; collective enterprises by 7.1 percent; share-holding enterprises by 11.8 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan province by 6.3 percent. The annual growth of the heavy industry was 9.9 percent, and 10.1 percent for the light industry. All the 41 industrial divisions registered year-on-year growth. The growth rates in eastern, central and western regions were up by 8.8 percent, 11.3 percent and 12.6 percent respectively. Out of 471 kinds of industrial products, 345 kinds realized a year-on-year increase with electricity up by 4.7 percent, crude steel up by 3.1 percent, rolled steel up by 7.7 percent, cement up by 7.4 percent, ten kinds of nonferrous metals up by 9.3 percent, coke up by 5.2 percent, sulfuric acid (converted into 100%) up by 4.8 percent, caustic soda (converted into 100%) up by 3.8 percent, chemical fiber up by 11.8 percent, micro computer equipment up by 11.7 percent, integrated circuits up by 9.3 percent, and motor vehicles up by 6.3 percent. Specifically, the output of cars was up by 8.3 percent. The output of ethylene was down by 2.5 percent, and plain glass was down by 3.2 percent. The sales ratio of industrial enterprises above designated size in 2012 was 98.0 percent, down by 0.5 percentage point. The export delivery value reached 10,675.9 billion yuan, up by 7.1 percent. In December, the total value added of the industrial enterprises above designated size was up by 10.3 percent year-on-year, or up by 0.87 percent month-on-month.

In the first eleven months of 2012, the profits made by industrial enterprises above designated size stood at 4,662.5 billion yuan, up by 3 percent year-on-year, whereas it was down by 1.8 percent in the first nine months and up by 24.4 percent in the same period of previous year. Among the 41 industrial divisions, 30 divisions registered year-on-year increase in profits, 10 divisions witnessed reduction and 1 division suffered losses. In the first eleven months of 2012, the costs for per-hundred-yuan turnover of primary activities of the industrial enterprises above designated size reached 85.14 yuan, a decrease of 0.28 yuan over that of the first three quarters, or 0.16 yuan more than that in the previous year. The profit rate of industrial enterprises above designated size from their primary activities was 5.66 percent.

3. Investment in Fixed Assets Kept a Fast Growth.

In 2012, the investment in fixed assets (excluding rural households) was 36,483.5 billion yuan, a growth of 20.6 percent (a real growth of 19.3 percent after deducting price factors), which was 3.4 percentage points lower than that in the previous year. Specifically, the investment in the state-owned and state holding enterprises reached 12,369.4 billion yuan, a rise of 14.7 percent; private investment reached 22,398.2 billion yuan, up by 24.8 percent, accounting for 61.4 percent of the total investment. In term of different areas, the growth in eastern, central and western regions was 17.8 percent, 25.8 percent and 24.2 percent respectively. The investment in the primary industry was 900.4 billion yuan, up by 32.2 percent; the secondary industry 15,867.2 billion yuan, up by 20.2 percent; and the tertiary industry 19,715.9 billion yuan, an increase of 20.6 percent. In terms of the investment in the secondary industry, it was 15,463.6 billion yuan, up by 20 percent. Specifically, the investment in mining reached 1,312.9 billion yuan, up by 11.8 percent; manufacturing 12,497.1 billion yuan, up by 22 percent; and the production and supply of electricity, gas and water 1,653.6 billion yuan, up by 12.8 percent. The investment in infrastructural facilities (excluding the production and supply of electricity, gas and water) was 5,839.1 billion yuan, up by 13.3 percent. The funds in place for investment in 2012 were 39,944.0 billion yuan, up by 18.6 percent. Specifically, the state budget went up by 29.7 percent, domestic loans up by 8.4 percent, self-raising funds up by 21.7 percent, foreign investment down by 10.9 percent and others up by 13.7 percent. The total investment in newly-started projects in 2012 was 30,908.3 billion yuan, an increase of 28.6 percent. The number of projects started this year was 356,296, or 28,948 more than that in the previous year. In December, investment in fixed assets (excluding rural households) grew by 1.53 percent month-on-month.

The total investment in real estate development in 2012 was 7,180.4 billion yuan, a nominal annual growth of 16.2 percent (a real growth of 14.9 percent after deducting price factors), or 11.9 percentage points lower than that in the previous year. In particular, the investment in residential buildings went up by 11.4 percent, or 18.9 percentage points lower. The floor space started this year was 1,773.34 million square meters, down by 7.3 percent. Specifically, the floor space of residential buildings started in the year went down by 11.2 percent. The floor space of commercial buildings sold in 2012 was 1,113.04 million square meters, up by 1.8 percent, or 2.6 percentage points lower than that in the previous year. Specifically, the floor space of residential buildings sold was up by 2 percent, or 1.4 percentage points lower. The total sales of commercial buildings were 6,445.6 billion yuan, up by 10 percent, or 1.1 percentage points lower than that in the previous year. Specifically, the sales of residential buildings were up by 10.9 percent, or 1.7 percentage points higher. The land space purchased for real estate development this year was 356.67 million square meters, down by 19.5 percent. The floor space of commercial buildings for sale was 364.6 million square meters, up by 27 percent, or 6.1 percentage points lower than that in the previous year. The funds in place for real estate development enterprises in the year reached 9,653.8 billion yuan, up by 12.7 percent, or 4.8 percentage points lower than that in the previous year. Specifically, the growth of domestic loans was up by 13.2 percent, self-raising funds up by 11.7 percent, foreign investment down by 48.8 percent and other sources up by 14.7 percent.

4. Sales on Domestic Markets Enjoyed a Steady Growth.

In 2012, the total retail sales of consumer goods reached 20,716.7 billion yuan, a nominal annual rise of 14.3 percent (a real growth of 12.1 percent after deducting price factors), or 2.8 percentage points lower than that in the previous year. Specifically, the retail sales of the enterprises (units) above designated size stood at 10,112.9 billion yuan, up by 14.6 percent. Analyzed by different areas, the retail sales in urban areas reached 17,931.8 billion yuan, up by 14.3 percent, and the retail sales in rural areas stood at 2,784.9 billion yuan, up by 14.5 percent. Grouped by consumption patterns, the income of catering industry was 2,328.3 billion yuan, up by 13.6 percent; and the retail sales of goods were 18,388.4 billion yuan, up by 14.4 percent. In particular, the retail sales of the enterprises (units) above designated size reached 9,333.0 billion yuan, an annual growth of 14.8 percent. Specifically, the sales of motor vehicles rose by 7.3 percent, or 7.3 percentage points lower than that in the previous year; furniture grew up by 27 percent, or 5.8 percentage points lower; and household appliances and audio-video equipment went up by 7.2 percent, or 14.4 percentage points lower. In December, the total retail sales of consumer goods rose by 15.2 percent year-on-year (a real growth of 13.5 percent after deducting price factors), or 1.53 percent growth month-on-month.

5. The Growth Rates of Imports and Exports Declined.

The total value of imports and exports in 2012 was 3,866.76 billion US dollars, an annual increase of 6.2 percent, or 16.3 percentage points lower than that in the previous year. The total value of exports was 2,048.93 billion dollars, up by 7.9 percent; the total value of imports was 1,817.83 billion dollars, a year-on-year increase of 4.3 percent. The trade balance was 231.1 billion dollars. In terms of the total value of imports and exports, the general trade was 2,009.83 billion dollars, up by 4.4 percent; processing trade was 1,343.95 billion dollars, up by 3 percent. Among the value of exports, the general trade was 988.01 billion dollars, up by 7.7 percent; and processing trade 862.78 billion dollars, up by 3.3 percent. Among the value of imports, the general trade was 1,021.82 billion dollars, up by 1.4 percent; and processing trade 481.17 billion dollars, up by 2.4 percent. In December, the total value of imports and exports was 366.84 billion US dollars, up by 10.2 percent year-on-year. The total value of exports was 199.23 billion US dollars, up by 14.1 percent; and that of imports was 167.61 billion US dollars, up by 6 percent.

6. The Growth of Consumer Price Fell Back.

In 2012, the consumer price went up by 2.6 percent year-on-year, which was 2.8 percentage points lower than that in the previous year. Specifically, the price went up by 2.7 percent in urban areas and 2.5 percent in rural areas. Grouped by commodity categories, prices for food rose by 4.8 percent; tobacco, liquor and articles rose by 2.9 percent; clothing up by 3.1 percent; household facilities, articles and maintenance services up by 1.9 percent; health care and personal articles grew by 2.0 percent; transportation and communication down by 0.1 percent; recreation, education, culture articles and services grew by 0.5 percent and housing went up by 2.1 percent. In terms of food prices, grain grew up by 4 percent, oil or fat up by 5.1 percent, meat, poultry and processed products up by 2.1 percent, fresh vegetables up by 15.9 percent, and fresh fruits down by 1.2 percent. In December, the consumer prices went up by 2.5 percent year-on-year, or 0.8 percent month-on-month. In the year of 2012, the producer prices for industrial products went down by 1.7 percent, while the price dropped by 1.9 percent in December year-on-year, or down by 0.1 percent month-on-month. The purchasing price for industrial producers was down by 1.8 percent year-on-year. In December, the price was down by 2.4 percent year-on-year or down by 0.1 percent month-on-month.

7. Urban and Rural Residents’ Income Increased Steadily.

In 2012, the per capita total income of urban households was 26,959 yuan. Specifically, the per capita disposable income of urban households was 24,565 yuan, the nominal growth was 12.6 percent, or a real growth of 9.6 percent after deducting price factors, which was 1.2 percentage points higher than that in the previous year. Of the per capita total income of urban households, the nominal year-on-year growth of wage income was 12.5 percent; net income from business operation 15.3 percent;  property income 8.9 percent and transferred income 11.6 percent. The median of per capita disposable income of urban households was 21,986 yuan, up by 15 percent. Taking the per capita disposable income of urban households into five levels, that of the low-income group reached 10,354 yuan, the lower-middle-income group 16,761 yuan, the middle-income group 22,419 yuan, the upper-middle-income group 29,814 yuan, and the high-income group 51,456 yuan. The per capita net income of rural households was 7,917 yuan, up by 13.5 percent, or 10.7 percent in real terms, which was 0.7 percentage point lower than that in the previous year. Specifically, the growth of wage income was 16.3 percent; household operation income 9.7 percent; property income 9 percent; and 21.9 percent from transferred income. In 2012, the median of per capita net income of rural households was 7,019 yuan, up by 13.3 percent year-on-year. Taking the per capita net income of rural households into five levels, that of the low-income group reached 2,316 yuan, the lower-middle-income group 4,807 yuan, the middle-income group 7,041 yuan, the upper-middle-income group 10,142 yuan, and the high-income group 19,009 yuan. The number of rural migrant workers at the end of the year was 262.61 million, which was 9.83 million more than that in the previous year, or up by 3.9 percent. Specifically, the numbers of local and outside workers were 99.25 million and 163.36 million respectively, up by 5.4 and 3.0 percent. The monthly income of migrant workers at the end of the year was 2,290 yuan, up by 11.8 percent.

8. Money Supply Maintained a Steady Growth.

By the end of December 2012, the balance of broad money (M2) was 97.42 trillion yuan, a year-on-year growth of 13.8 percent, which was 0.2 percentage point higher than that at the end of the previous year; the balance of narrow money (M1) was 30.87 trillion yuan, up by 6.5 percent, or 1.4 percentage points lower; and the balance of cash in circulation (M0) was 5.47 trillion yuan, a rise of 7.7 percent, or 6.1 percentage points lower. At the end of December, the amount of outstanding loans was 62.99 trillion yuan, while the amount of outstanding deposits was 91.74 trillion yuan. In the year of 2012, the newly increased loans reached 8.2 trillion yuan, an increase of 732 billion yuan; the newly increased deposits were 10.81 trillion yuan, or 1.17 trillion yuan more than that in the year of 2011.

9. Population and Employment were Generally Stable.

By the end of 2012, the total population of mainland China was 1,354.04 million (including population of 31 provinces, municipalities and autonomous regions, and servicemen in CPLA; but not including residents in Hong Kong SAR, Macao SAR, Taiwan Province and overseas Chinese), an increase of 6.69 million over that at the end of 2011. The number of births was 16.35 million and the birth rate was 12.1 in a thousand, or 0.17 thousand point higher than that in the previous year; the deaths were 9.66 million with a death rate of 7.15 in a thousand, or 0.01 thousand point higher; the natural growth rate was 4.95 in a thousand, or 0.16 thousand point higher. In terms of gender, the male population was 693.95 million, and female population was 660.09 million; the sex ratio of total population was 105.13 (the female is 100, male to female), down by 0.05 compared with that at the end of the previous year; the sex ratio at birth was 117.70, which was 0.08 lower than that at the end of previous year. Population aged 60 and over was 193.9 million, which was 14.3 percent of the total population, or 0.59 percentage point higher than that at the end of previous year; population aged 65 and over was 127.14 million, accounting for 9.4 percent of the total population, or 0.27 percentage point higher; population at the working age of 15-59 was 937.27 million, a decrease of 3.45 million, and it accounted for 69.2 percent of the total population, or 0.6 percentage point lower. In terms of urban-rural structure, urban population was 711.82 million, an increase of 21.03 million over the previous year; and the rural population was 642.22 million, a decrease of 14.34 million. The proportion of urban population to total population was 52.57 percent, which was 1.3 percentage points higher than that at the end of the previous year. The population who reside in street communities with permanent household registration elsewhere and having been away from that place for more than 6 months reached 279 million, which was 7.89 million more than that in the previous year. Specifically, the migrant population was 236 million, or 6.69 million more. At the end of the year, the total number of employed persons was 767.04 million, or 2.84 million more than that at the end of 2011; the number of urban employed persons was 371.02 million, or 11.88 million more.