China’s Economy Showed Good Momentum of Steady Growth in the Year of 2013

National Bureau of Statistics of China

20 January 2014

In the year of 2013, faced with the increasingly complicated and severe external and internal conditions, the Central Party Committee and the State Council have united and led the whole nation to thoroughly implement the spirit of the 18th Party Congress, committed to the general tone of moving forward while maintaining stability, firmly deepened reform and opening-up, and made innovation on the macro-control in a scientific way. As a result, the overall national economic performance showed good momentum of stable and moderate growth.

According to the preliminary accounting, the gross domestic product (GDP) of China was 56,884.5 billion yuan in 2013, a year-on-year increase of 7.7 percent at comparable prices. Specifically, the year-on-year growth of the first quarter was 7.7 percent, 7.5 percent for the second quarter, 7.8 percent for the third quarter and 7.7 percent for the fourth quarter. The value added of the primary industry was 5,695.7 billion yuan, up by 4.0 percent; the secondary industry 24,968.4 billion yuan, up by 7.8 percent; and the tertiary industry 26,220.4 billion yuan, up by 8.3 percent. The gross domestic product of the fourth quarter of 2013 went up by 1.8 percent on a quarterly basis. The energy consumption per 10 thousand yuan worth of GDP went down by 3.7 percent in 2013.

1. Agricultural Production Got Another Harvest.

The total grain output in 2013 was 601.94 million tons, an increase of 12.36 million tons, up by 2.1 percent. The total output of summer grain was 131.89 million tons, up by 1.5 percent year-on-year; early rice was 34.07 million tons, an increase of 2.4 percent; autumn grain was 435.97 million tons, an increase of 2.3 percent. The output of cotton in 2013 was 6.31 million tons, down by 7.7 percent; oil-bearing crops 35.31 million tons, an increase of 2.8 percent; and sugar crops 137.59 million tons, an increase of 2.0 percent. The total output of pork, beef, mutton and poultry in 2013 reached 83.73 million tons, a growth of 1.8 percent. The output of pork was 54.93 million tons, up by 2.8 percent. The number of pigs in stock was 474.11 million, down by 0.4 percent, while the number of slaughtered pigs was 715.57 million, an increase of 2.5 percent. The output of poultry eggs in 2013 was 28.76 million tons, up by 0.5 percent, and cow milk was 35.31 million tons, a decrease of 5.7 percent.

2. Industrial Production Grew Steadily.

The total value added of the industrial enterprises above designated size in 2013 was up by 9.7 percent at comparable prices. Specifically, the year-on-year growth of the first quarter was 9.5 percent, 9.1 percent for the second quarter, 10.1 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 6.9 percent; collective enterprises by 4.3 percent; share-holding enterprises by 11.0 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan province by 8.3 percent. The growth for mining industry was up by 6.4 percent year-on-year; manufacturing up by 10.5 percent; and the production and supply of electricity, gas and water up by 6.8 percent. The growth rates in eastern, central and western regions were up by 8.9 percent, 10.7 percent and 11.0 percent respectively. Out of 464 kinds of industrial products, 340 kinds realized a year-on-year increase with electricity up by 7.6 percent, crude steel up by 7.5 percent, rolled steel up by 11.4 percent, cement up by 9.6 percent, plain glass up by 11.2 percent, ten kinds of nonferrous metals up by 9.9 percent, coke up by 8.1 percent, sulfuric acid (converted into 100%) up by 5.8 percent, caustic soda (converted into 100%) up by 6.6 percent, chemical fiber up by 8.1 percent, ethylene up by 8.5 percent, micro computer equipment up by 7.8 percent, integrated circuits up by 10.4 percent, and motor vehicles up by 18.4 percent. Specifically, the output of cars was up by 16.6 percent. The sales ratio of industrial enterprises above designated size in 2013 was 97.8 percent. The export delivery value reached 11,347.1 billion yuan, up by 5.0 percent. In December, the total value added of the industrial enterprises above designated size was up by 9.7 percent year-on-year, or up by 0.71 percent month-on-month.

In the first eleven months of 2013, the profits made by industrial enterprises above designated size stood at 5,333.8 billion yuan, up by 13.2 percent year-on-year. Especially, the profit from principle activities was 5370.1 billion, up by 4.4 percent. Among the 41 industrial divisions, 27 divisions registered year-on-year increase in profits from principle activities, 12 divisions witnessed reduction, 2 divisions turned into profits from losses. In the first eleven months of 2013, the costs for per-hundred-yuan turnover of principle activities of the industrial enterprises above designated size reached 85.64 yuan. The profit rate of industrial enterprises above designated size from their principle activities was 5.77 percent.

3. Investment in Fixed Assets Kept a Comparatively Fast Growth.

In 2013, the investment in fixed assets (excluding rural households) was 43,652.8 billion yuan, a growth of 19.6 percent (a real growth of 19.2 percent after deducting price factors). Specifically, the investment in the state-owned and state holding enterprises reached 14,405.6 billion yuan, a rise of 16.3 percent; private investment reached 27,479.4 billion yuan, up by 23.1 percent, accounting for 63 percent of the total investment. In term of different areas, the growth in eastern, central and western regions was 17.9 percent, 22.8 percent and 23.0 percent respectively. The investment in the primary industry was 924.1 billion yuan, up by 32.5 percent; the secondary industry 18,480.4 billion yuan, up by 17.4 percent; and the tertiary industry 24,248.2 billion yuan, an increase of 21.0 percent. In terms of the investment in the secondary industry, it was 18,186.4 billion yuan, up by 17.8 percent. Specifically, the investment in mining reached 1,475.0 billion yuan, up by 10.9 percent; manufacturing 14,737.0 billion yuan, up by 18.5 percent; and the production and supply of electricity, gas and water 1,974.4 billion yuan, up by 18.4 percent. The investment in infrastructural facilities (excluding the production and supply of electricity, gas and water) was 7,169.5 billion yuan, up by 21.2 percent. The funds in place for investment in 2013 were 48,038.1 billion yuan, up by 20.1 percent. Specifically, the state budget went up by 17.0 percent, domestic loans up by 14.4 percent, self-raising funds up by 20.8 percent, foreign investment down by 3.7 percent. The total investment in newly-started projects in 2013 was 35,781.5 billion yuan, an increase of 14.2 percent. The number of projects started this year was 389,256, or 66,194 more than that in the previous year. In December, investment in fixed assets (excluding rural households) grew by 1.41 percent month-on-month.

The total investment in real estate development in 2013 was 8,601.3 billion yuan, a nominal annual growth of 19.8 percent (a real growth of 19.4 percent after deducting price factors). In particular, the investment in residential buildings went up by 19.4 percent. The floor space started this year was 2,012.08 million square meters, up by 13.5 percent. Specifically, the floor space of residential buildings started in the year went up by 11.6 percent. The floor space of commercial buildings sold in 2013 was 1,305.51 million square meters, up by 17.3 percent. Specifically, the floor space of residential buildings sold was up by 17.5 percent. The total sales of commercial buildings were 8,142.8 billion yuan, up by 26.3 percent. Specifically, the sales of residential buildings were up by 26.6 percent. The land space purchased for real estate development this year was 388.14 million square meters, up by 8.8 percent. In December, the floor space of commercial buildings for sale was 492.95 million square meters, up by 35.2 percent. The funds in place for real estate development enterprises in the year reached 12,212.2 billion yuan, up by 26.5 percent. Specifically, the growth of domestic loans was up by 33.1 percent, self-raising funds up by 21.3 percent and foreign investment up by 32.8 percent. 

4. Sales on Domestic Markets Enjoyed a Steady Growth.

In 2013, the total retail sales of consumer goods reached 23,438.0 billion yuan, a nominal annual rise of 13.1 percent (a real growth of 11.5 percent after deducting price factors). Specifically, the retail sales of the enterprises (units) above designated size stood at 11,888.5 billion yuan, up by 11.6 percent. Analyzed by different areas, the retail sales in urban areas reached 20,246.2 billion yuan, up by 12.9 percent, and the retail sales in rural areas stood at 3,191.8 billion yuan, up by 14.6 percent. Grouped by consumption patterns, the income of catering industry was 2,539.2 billion yuan, up by 9.0 percent; and the retail sales of goods were 20,898.8 billion yuan, up by 13.6 percent. In particular, the retail sales of the enterprises (units) above designated size reached 11,070.4 billion yuan, an annual growth of 12.7 percent. Specifically, the sales of motor vehicles rose by 10.4 percent; furniture grew up by 21.0 percent; and household appliances and audio-video equipment went up by 14.5 percent. In December, the total retail sales of consumer goods rose by 13.6 percent year-on-year (a real growth of 12.2 percent after deducting price factors), or 1.24 percent growth month-on-month.

5. The Growth Rates of Imports and Exports Picked up to Some Extent.

The total value of imports and exports in 2013 was 4,160.3 billion US dollars, an annual increase of 7.6 percent. The total value of exports was 2,210.0 billion dollars, up by 7.9 percent; the total value of imports was 1,950.3 billion dollars, a year-on-year increase of 7.3 percent. The trade balance was 259.75 billion dollars. In terms of the total value of imports and exports, the general trade was 2,197.3 billion dollars, up by 9.3 percent; processing trade was 1,357.8 billion dollars, up by 1.0 percent. Among the value of exports, the general trade was 1,087.6 billion dollars, up by 10.1 percent; processing trade was 860.8 billion, down by 0.2 percent. Among the value of imports, the general trade was 1,109.7 billion dollars, up by 8.5 percent; and processing trade 497.0 billion dollars, up by 3.3 percent. In December, the total value of imports and exports was 389.8 billion US dollars, up by 6.2 percent year-on-year. The total value of exports was 207.7 billion US dollars, up by 4.3 percent; and that of imports was 182.1 billion US dollars, up by 8.3 percent.

6. The Growth of Consumer Price Remained Stable.

In 2013, the consumer price went up by 2.6 percent year-on-year. Specifically, the price went up by 2.6 percent in urban areas and 2.8 percent in rural areas. Grouped by commodity categories, prices for food rose by 4.7 percent; tobacco, liquor and articles rose by 0.3 percent; clothing up by 2.3 percent; household facilities, articles and maintenance services up by 1.5 percent; health care and personal articles grew by 1.3 percent; transportation and communication down by 0.4 percent; recreation, education, culture articles and services grew by 1.8 percent and housing went up by 2.8 percent. In terms of food prices, grain grew up by 4.6 percent, oil or fat up by 0.3 percent, pork up by 0.3 percent, fresh vegetables up by 8.1 percent. In December, the consumer prices went up by 2.5 percent year-on-year, or 0.3 percent month-on-month. In the year of 2013, the producer prices for industrial products went down by 1.9 percent, while the price dropped by 1.4 percent in December year-on-year, maintaining the same level on a month-on-month basis. The purchasing price for industrial producers was down by 2.0 percent year-on-year. In December, the price was down by 1.4 percent year-on-year, maintaining the same level on a month-on-month basis.

7. Residents’ Income Continued to Increase.

In 2013, the per capita total income of urban households was 29,547 yuan. Specifically, the per capita disposable income of urban households was 26,955 yuan, the nominal growth was 9.7 percent, or a real growth of 7.0 percent after deducting price factors. Of the per capita total income of urban households, the nominal year-on-year growth of wage income was 9.2 percent; net income from business operation 9.8 percent; property income 14.6 percent and transferred income 10.1 percent. The median of per capita disposable income of urban households was 24,200 yuan, up by 10.1 percent. Taking the per capita disposable income of urban households into five levels, that of the low-income group reached 11,434 yuan, the lower-middle-income group 18,483 yuan, the middle-income group 24,518 yuan, the upper-middle-income group 32,415 yuan, and the high-income group 56,389 yuan. The per capita net income of rural households was 8,896 yuan, up by 12.4 percent, or 9.3 percent in real terms. Specifically, the growth of wage income was 16.8 percent; household operation income 7.4 percent; property income 17.7 percent; and 14.2 percent from transferred income. In 2013, the median of per capita net income of rural households was 7,907 yuan, up by 12.7 percent year-on-year. Taking the per capita net income of rural households into five levels, that of the low-income group reached 2,583 yuan, the lower-middle-income group 5,516 yuan, the middle-income group 7,942 yuan, the upper-middle-income group 11,373 yuan, and the high-income group 21,273 yuan. The Gini Coefficient for national income in 2013 was 0.473. The number of rural migrant workers at the end of the year was 268.94 million, which was 6.33 million more than that in the previous year, or up by 2.4 percent. Specifically, the numbers of local and outside workers were 102.84 million and 166.10 million respectively, up by 3.6 and 1.7 percent. The monthly income of migrant workers was 2,609 yuan, up by 13.9 percent.

8. Money Supply Maintained a Steady Growth.

By the end of December 2013, the balance of broad money (M2) was 110.65 trillion yuan, a year-on-year growth of 13.6 percent; the balance of narrow money (M1) was 33.73 trillion yuan, up by 9.3 percent; and the balance of cash in circulation (M0) was 5.86 trillion yuan, a rise of 7.1 percent. At the end of December, the amount of outstanding loans was 71.9 trillion yuan, while the amount of outstanding deposits was 104.38 trillion yuan. In the year of 2013, the newly increased loans reached 8.89 trillion yuan, an increase of 687.9 billion yuan; the newly increased deposits were 12.56 trillion yuan, or 1.74 trillion yuan more than that in the year of 2012.

9. Population and Employment were Generally Steady.

By the end of 2013, the total population of mainland China was 1,360.72 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 6.68 million over that at the end of 2012. The number of births was 16.40 million and the birth rate was 12.08 in a thousand; the deaths were 9.72 million with a death rate of 7.16 in a thousand,; the natural growth rate was 4.92 in a thousand. In terms of gender, the male population was 697.28 million, and female population was 663.44 million; the sex ratio of total population was 105.10 (the female is 100, male to female); the sex ratio at birth was 117.60. Population at the working age of 16-59 was 919.54 million, a decrease of 2.44 million, and it accounted for 67.6 percent of the total population; population aged 60 and over was 202.43 million, which was 14.9 percent of the total population; population aged 65 and over was 131.61 million, accounting for 9.7 percent of the total population. In terms of urban-rural structure, urban population was 731.11 million, an increase of 19.29 million over the previous year; and the rural population was 629.61 million, a decrease of 12.61 million. The proportion of urban population to total population was 53.73 percent. 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 289 million, which was 9.59 million more than that in the previous year. Specifically, the migrant population was 245 million, or 8.12 million more. At the end of the year, the total number of employed persons was 769.77 million, or 2.73 million more than that at the end of 2012; the number of urban employed persons was 382.40 million, or 11.38 million more.

Generally speaking, China’s economy showed good momentum of stable and moderate growth in 2013, which is hard-earned achievement. However, we should keep in mind that the deep-rooted problems built up over time are yet to be solved in such a critical period for China’s economy to develop and transform, and the economic momentum of being stabilized and picking-up need to be consolidated. At the next stage, we must implement the spirit of the 3rd Plenum of the 18th Central Committee of the CPC and the Central Economic Work Conference. We should move forward while maintaining stability, be innovative and deepen the reform in all sectors of the social and economic development, which will give impetus to economic development and progress, economic transformation and upgrading, the improvement of people’s livelihood, and finally for a sound and sustainable economic and social development.  

Notes:

1. The growth rate of gross domestic product, 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. Approved by the State Council, the four seasonally adjusted indicators were released by the National Bureau of Statistics from April 2011: the quarterly gross domestic product (GDP), the month-on-month changes of value added of industrial enterprises above designated size, investment in fixed assets (excluding rural households), and total retails of consumer goods.

According to the auto-revision function of the seasonal adjustment model, GDP in each quarter of 2013 and the month-on-month changes of the value added of industrial enterprises above designated size, investment in fixed assets (excluding rural households), and total retail sales of consumer goods have been revised. The revised figures and figures for December as well as GDP of the fourth quarter of 2013 are as follows:

The quarter-on-quarter growth of GDP in the first, second, third and fourth quarter of 2012 and 2013 was 1.4 percent, 2.1 percent, 2.0 percent, 1.9 percent, 1.5 percent, 1.8 percent, 2.2 percent and 1.8 percent respectively.

3. From 2012, the NBS implemented the new Industrial Classification for National Economic Activities (GB/T4754-2011). For more detailed information, please refer to: http://www.stats.gov.cn/tjsj/tjbz/hyflbz

4. The eastern areas include 11 provinces and municipalities: Beijing, Tianjin, Hebei, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan; central areas cover 8 provinces: Shanxi, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei and Hunan; western area include 12 provinces, autonomous regions and municipality: Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang.

5. The median of per capita income of urban and rural households refer to the per capita income of household lied in the middle of all surveyed households which are ranked from low to high based on per capital income level. The income of urban and rural households in five levels refer to the per capita income of surveyed households which are divided into five levels averagely, ranking from low to high based on per capital income level; the five levels are high-income group, upper-middle-income group, middle-income group, lower-middle-income group and low-income group.

6. Migrant workers refer to those who work in urban areas, or in the non-agriculture sectors in local areas or other areas for over 6 months with their permanent household registrations being in rural areas. Local migrant workers refer to those who work in the administration area where they register their households permanently. Outside migrant workers refer to those who work in areas other than the administration area where they register their households permanently. 

7. Statistics of imports and exports comes from the General Administration of Customs; and data about money supply and deposits and loans comes from the People’s Bank of China.

8. Employed persons refer to persons aged 16 and over who have the ability to work and engage in gainful employment for remuneration payment or business income.

9. The subtotal may not equal to the gross total due to the round-off.

In case of any differences between English translation and the original Chinese text, the Chinese edition shall prevail.