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National Economy Registered a Steady Performance with Good Growth Momentum in the First Two Months

Mar　15, 2017  ｜  by National Bureau of Statistics of China
In the first two months, under the correct guidance and arrangement of the Central Committee of the Communist Party of China and the State Council, and with concerted efforts of Chinese people, main indicators of the Chinese economy registered positive changes and economic performance kept improving. The overall economy sustained steady performance and good growth momentum from the second half of last year.

  • Industrial Production Accelerated with Continued Structural Optimization.
 
In the first two months, the total value added of the industrial enterprises above designated size was up by 6.3 percent year-on-year at comparable prices, 0.3 percentage point higher than that in December last year, or 0.9 percentage point higher than that in the same period of last year. An analysis by types of ownership showed that the value added of state holding enterprises went up by 5.4 percent; collective enterprises down by 0.1 percent; share-holding enterprises up by 6.2 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 6.8 percent. The value added of mining industry was down by 3.6 percent year-on-year; manufacturing up by 6.9 percent and production and supply of electricity, heat, gas and water up by 8.4 percent. The industrial structure continued to improve. The value added of high-tech industry and equipment manufacturing industry grew by 12.6 percent and 11.9 percent respectively, 6.3 percentage points and 5.6 percentage points higher than that of the industrial enterprises above designated size. The sales ratio of industrial enterprises above designated size was 97.6 percent. In February, the total value added of the industrial enterprises above designated size was up by 0.6 percent month-on-month.
 
  • Services sector Grew at a Relatively Fast Pace and Continued to Stay within the Relatively Prosperous Range.
 
In the first two months, the Index of Services Production increased by 8.2 percent year-on-year, 0.1 percentage point higher than that of December last year and that in the same period of last year. Information transmission, software and information technology services, and transport, storage and postal services delivered a strong performance. In February, business activity index for services stood at 53.2 percent, 0.3 percentage point lower than that of last month and 1.0 percentage point higher than that in the same month of last year, still above the threshold value of 50 percent. Specifically, the business activity index for sectors such as railway transport, telecommunications, broadcast, television and satellite transmission services, internet and software information technology services, monetary and financial services and insurance continued to stay within the relatively prosperous range of over 55.0 percent.
 
  • Investment in Fixed Assets Witnessed Steady Growth and Private Investment Growth Accelerated.
 
In the first two months, the total investment in fixed assets (excluding rural households) was 4,137.8 billion yuan, a year-on-year growth of 8.9 percent, or 0.8 percentage point faster than that of last year. Of the total, the investment by state holding enterprises reached 1,466.2 billion yuan, an increase of 14.4 percent; private investment reached 2,497.7 billion yuan, up by 6.7 percent, or 3.5 percentage points higher than that of last year, registering the highest rate since March last year, accounting for 60.4 percent of the total investment. The investment in the primary industry reached 88.6 billion yuan, up by 19.1 percent year-on-year; that in the secondary industry was 1,449.6 billion yuan, up by 2.9 percent, of which, that in manufacturing was 1,216.0 billion yuan, up by 4.3 percent; the investment in the tertiary industry was 2,599.6 billion yuan, up by 12.2 percent, of which, that in infrastructure was 831.5 billion yuan, up by 27.3 percent. The investment in the high-tech industry grew by 18.4 percent year-on-year, or 9.5 percentage points higher than the growth rate of total investment. The investment in fixed assets (excluding rural households) in February witnessed a month-on-month growth rate of 0.77 percent. Under the impact of factors such as fund matching and preparatory work at the initial stage, funds in place for investment were 5,457.5 billion yuan in the first two months, down by 8.0 percent year-on-year. The total planned investment in newly-started projects was 2,013.0 billion yuan, a year-on-year decrease of 8.3 percent.
 
  • The Growth of Investment in Real Estate Development Accelerated and the Growth of Land Space Purchased Turned from Negative to Positive.
 
In the first two months, the total investment in real estate development was 985.4 billion yuan, up by 8.9 percent year-on-year, which was 2.0 percentage points higher than that of last year, or 5.9 percentage points higher over that in the same period of last year. Of the total, the investment in residential buildings went up by 9.0 percent. Floor space of houses newly started was 172.38 million square meters, up by 10.4 percent year-on-year. Specifically, the floor space of residential buildings newly started increased by 14.8 percent. The floor space of commercial buildings sold reached 140.54 million square meters, up by 25.1 percent year-on-year. Of this total, that of residential buildings went up by 23.7 percent. The sales of commercial buildings amounted 1,080.6 billion yuan, up by 26.0 percent year-on-year. Of this total, the sales of residential buildings grew by 22.7 percent. The land space purchased by real estate development enterprises was 23.74 million square meters, up by 6.2 percent year-on-year, while that of last year dropped by 3.4 percent. At the end of February, the floor space of commercial buildings for sale was 705.55 million square meters, down by 4.6 percent compared with that in the same period of last year. The funds in place for real estate development enterprises in the first two months reached 2,288.0 billion yuan, up by 7.0 percent year-on-year. In January, of the 15 first-tier and major second-tier cities, 11 cities witnessed a month-on-month drop in prices for newly built commercial housings, 3 cities maintained the same level and 1 city witnessed a decline of the growth rate. As destocking efforts were strengthened in third and fourth-tier cities, the floor space of commercial buildings sold in non-key cities in the first two months increased by 35.9 percent year-on-year, or 14.0 percentage points higher than that of last year.
 
  • Market Sales Were Stable with Upgraded Consumer Goods and Online Retail Sales Maintaining a Relatively Fast Growth.
 
In the first two months, the total retail sales of consumer goods reached 5,796.0 billion yuan, a nominal year-on-year increase of 9.5 percent (a real growth of 8.1 percent after deducting price factors), which was 1.4 percentage point lower than December last year or 0.7 percentage point lower than that in the same period of the previous year. Analyzed by different areas, the retail sales in urban areas reached 4,945.8 billion yuan, up by 9.2 percent, and those in rural areas amounted 850.2 billion yuan, up by 11.8 percent. Grouped by consumption patterns, the total income of catering industry was 625.1 billion yuan, up by 10.6 percent year-on-year; and retail sales of goods were 5,170.8 billion yuan, up by 9.4 percent. In particular, the retail sales of units above designated size reached 2,318.6 billion yuan, up by 6.8 percent. Upgraded consumer goods showed good momentum of growth. The retail sales of sports and recreational articles went up by 19.5 percent, cultural goods and office supplies grew by 13.4 percent, and communication equipments increased by 10.7 percent. Automobile sales went down by 1.0 percent due to the high base figures of last year. In the first two months, the total retail sales of consumer goods maintained the same rate of growth as that in the same period of last year after excluding automobile sales. In February, the total retail sales of consumer goods went up by 0.95 percent month-on-month.
 
In the first two months, the online retail sales reached 858.0 billion yuan, up by 31.9 percent year-on-year, 5.7 percentage points higher than that of last year. Of the total, the retail sales of physical goods were 641.9 billion yuan, an increase of 25.5 percent, accounting for 11.1 percent of the total retail sales of consumer goods, or 1.6 percentage points higher than that in the same period of last year.
 
  • Consumer Price Rises Declined While Producer Prices for Industrial Products Rises Expanded.
 
In the first two months, the consumer price went up by 1.7 percent year-on-year, which was 0.3 percentage point lower than that of last year and that in the same period of last year. Grouped by categories, prices for food, tobacco and liquor maintained the same level; clothing up by 1.1 percent; housing went up by 2.4 percent; articles and services for daily use grew by 0.5 percent; transportation and communication increased by 2.0 percent; education, culture and recreation grew by 2.6 percent; health care up by 5.0 percent; and other articles and services grew by 3.9 percent. In terms of food, tobacco and liquor prices, that for grain grew by 1.2 percent, pork up by 2.9 percent and fresh vegetables down by 14.0 percent. Specifically, in January, the consumer price went up by 2.5 percent year-on-year or up by 1.0 percent month-on-month; in February, the consumer price went up by 0.8 percent year-on-year, 1.7 percentage points lower than January or down by 0.2 percent month-on-month.
 
In the first two months, the producer prices for industrial products grew by 7.3 percent year-on-year, down by 1.4 percent and 5.1 percent compared with that of the last year and the same period of last year respectively. Specifically, in January, the producer prices for industrial products increased by 6.9 percent year-on-year, or up by 0.8 percent month-on-month; in February, the producer prices for industrial products increased by 7.8 percent year-on-year, 0.9 percentage point higher than January or up by 0.6 percent month-on-month. In the first two months, the purchasing prices for industrial producers increased by 9.1 percent year-on-year.
 
  • Imports and Exports Grew Rapidly and the Export of Mechanical and Electrical Products Enjoyed a Relatively Fast Growth.
 
The total value of imports and exports in the first two months was 3,890.0 billion yuan, a year-on-year increase of 20.6 percent, or 15.7 percentage points higher than December of last year. The total value of exports was 2,091.8 billion yuan, up by 11.0 percent; and that of imports was 1,798.2 billion yuan, up by 34.2 percent. The trade surplus was 293.7 billion yuan. The export of mechanical and electrical products increased by 13.8 percent, 12.9 percentage points higher than that of December last year, accounting for 58.4 percent of the total value of exports. In the first two months, the export delivery value of the industrial enterprises above designated size reached 1,701.9 billion yuan, up by 8.8 percent year-on-year, or 4.9 percentage points higher than December last year.
 
As a whole, the national economy in the first two months has sustained steady performance and good growth momentum from the second half of last year, with accumulative positive changes and continuously improved performance, which laid a sound foundation for advancing the economic and social development goals of this year. Meanwhile, we should be aware that international context is still complicated with a number of unstable and uncertain factors, the task of domestic reform and development remains daunting and internal driving forces still need to be strengthened. At the next stage, we should rally even closer around the Party Central Committee with Comrade Xi Jinping at its core, put into practice the guiding principles of the Central Economic Work Conference and the major decisions and plans of the report on the work of government, stay committed to the underlying principle of making progress while maintaining stability, adhere to the new development philosophy, focus on supply-side structural reform, expand aggregate demand as appropriate, do better in guiding expectations, strengthen the role of innovation in driving development so as to consolidate the stable development of national economy with good momentum.
 
Notes:
 
1. The growth rate of value added of industrial enterprises above designated size and its sub-items are real growth at comparable prices. The growth rates of other indicators are nominal growth at current prices, unless otherwise specified.
 
2. Industrial enterprises above designated size are industrial enterprises with annual revenue from primary activities over 20 million yuan.
 
3. To reflect timely the monthly performance of economic activities in services sector, the National Bureau of Statistics of China compiled the Index of Services Production, which will be disseminated from March 2017. The Index of Services Production reflects the output changes between reporting period and base period after excluding price factors.
 
4. Units above designated size in total retail sales of consumer goods include wholesale enterprises, retail enterprises and lodging and catering enterprises with annual revenue from primary activities over 20 million yuan, 5 million yuan and 2 million yuan respectively.
 
The 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).
 
The total retail sales of consumer goods include the online retail sales of physical goods, and exclude that of 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.
 

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