In the first three quarters, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core and in the face of a complex and austere domestic and international environment, all departments in various regions earnestly implemented the decisions and plans of the Party Central Committee and the State Council, scientifically coordinating the prevention and control of epidemic situations and economic and social development, strengthening the cross-cycle regulation of macro policies, effectively dealing with multiple tests such as epidemic and flood situations, and the national economy continues to recover and develop, and the main macro indicators are generally within a reasonable range, the employment situation has remained basically stable, household income has continued to increase, the balance of international payments has been maintained, the economic structure has been adjusted and optimized, quality and efficiency have been steadily improved, and the overall situation of society has been harmonious and stable.
In the first three quarters, the gross domestic product (GDP) totaled 823131 billion yuan, an increase of 9.8 percent year on year at comparable prices, and an average increase of 5.2 percent over the previous two years, 0.1 percentage point lower than the average growth rate in the first half of the year. First quarter growth was 18.3% , year on year growth averaged 5.0% ; second quarter growth was 7.9% , year on year growth averaged 5.5% ; third quarter growth was 4.9% , year on year growth averaged 4.9% . By sector, the value added of the primary industry in the first three quarters was 5.143 billion yuan, up 7.4 percent year on year and an average growth rate of 4.8 percent over the two years; the value added of the secondary sector of the economy was 320940 billion yuan, up 10.6 percent year on year and an average growth rate of 5.7 percent over the two years; and the value added of the tertiary sector of the economy was 450761 billion yuan, year-on-year growth of 9.5 per cent, averaging 4.9 per cent over the two years. On a quarter-on-quarter basis, GDP grew by 0.2% .
1. The situation of agricultural production is good, and the production of animal husbandry is growing rapidly
In the first three quarters, the value added of agriculture (planting) increased by 3.4% year-on-year, with a two-year average increase of 3.6% . The national output of summer grain and early rice totaled 173.84 million tons (347.7 billion catties) , an increase of 3.69 million tons (7.4 billion catties) or 2.2 percent over the previous year. The sown area of autumn grain has increased steadily, especially that of corn. The main autumn grain crops are growing well in general, and the annual grain production is expected to be bumper again. In the first three quarters, the output of pigs, cattle, sheep and poultry meat was 64.28 million tons, up 22.4 percent year-on-year, of which the output of pork, mutton, beef and poultry meat increased 38.0 percent, 5.3 percent, 3.9 percent and 3.8 percent respectively, and the output of milk increased 8.0 percent year-on-year, egg production fell by 2.4 per cent. At the end of the third quarter, 437.64 million pigs were kept in pig farms, an increase of 18.2 percent year-on-year, of which 44.59 million sows were able to reproduce, an increase of 16.7 percent.
2. Sustained growth in industrial production and steady improvement in enterprise performance
In the first three quarters, the value-added of industries above the scale nationwide increased by 11.8 percent year-on-year, with a two-year average increase of 6.4 percent. In September, the value added of industries above the scale increased 3.1 per cent year-on-year, averaging a 2-year increase of 5.0 per cent, and 0.05 per cent month-on-month. In the first three quarters, the value added of the mining sector increased by 4.7% year-on-year, the manufacturing sector increased by 12.5% , and the production and supply of electricity, heat, gas and water increased by 12.0% . The value-added of high-tech manufacturing increased by 20.1 percent year-on-year, with a two-year average growth of 12.8 percent. By product, the output of new energy vehicles, industrial robots and integrated circuits increased by 172.5% , 57.8% and 43.1% in the first three quarters, respectively, compared with the same period last year. In the first three quarters, the value added of state-owned enterprises rose by 9.6% year-on-year, joint-stock company by 12.0% , foreign-invested enterprises, Hong Kong, Macao and Taiwan enterprises by 11.6% , and private enterprises by 13.1% . In September, the purchasing managers’index (PMI) for the manufacturing sector was 49.6% , with a high-tech manufacturing PMI of 54.0% , up from 0.3 percentage points the previous month, and an expected index of business activity of 56.4% .
From January to August, the total profit of industrial enterprises of scale above the national level reached 5,605.1 billion yuan, up 49.5 percent year-on-year and an average increase of 19.5 percent in two years. The profit margin of the operating income of industrial enterprises of scale above the national level was 7.01 percent, up 1.20 percentage points year-on-year.
The service sector has recovered steadily and the modern service sector has enjoyed better growth
In the first three quarters, the tertiary sector of the economy continued to grow. In the first three quarters, the value-added of the information transmission, software and information technology services, transportation, warehousing and postal services increased by 19.3% and 15.3% respectively, respectively, compared with the same period last year. The two-year average growth rates were 17.6% and 6.2% respectively. In September, the National Index of production in the service sector grew 5.2 percent year on year, 0.4 percentage points faster than the previous month; the two-year average grew 5.3 percent, 0.9 percentage points faster. In the first eight months of this year, the operating income of service enterprises nationwide grew by 25.6 percent year-on-year, with a two-year average increase of 10.7 percent.
The service sector business activity index for September was 52.4 per cent, up from 7.2 percentage points the previous month. The index of business activities in railway transport, air transport, accommodation, catering, ecological protection and environmental management, which were severely affected by the flood last month, rose sharply to above the critical point. From the perspective of market expectations, the service sector business activity forecast index was 58.9% , higher than last month’s 1.6 percentage points, including railway transport, air transport, postal express and other industries are higher than 65.0% .
4. The market sales kept growing, with the sales of upgraded and basic consumer goods growing rapidly
In the first three quarters, retail sales of consumer goods totaled 318057 billion yuan, an increase of 16.4 percent year on year and an average increase of 3.9 percent over the previous two years. In September, retail sales of consumer goods totaled 3,683.3 billion yuan, up 4.4 percent year on year, up 1.9 percentage points from the previous month; an average increase of 3.8 percent, up 2.3 percentage points; and a 0.30 percent month on month increase. By place of business, retail sales of consumer goods in cities and towns in the first three quarters totaled 275888 billion yuan, up 16.5 percent year on year and an average increase of 3.9 percent in the two years; and retail sales of consumer goods in rural areas totaled 4,216.9 billion yuan, up 15.6 percent year on year and an average increase of 3.8 percent in the two years. By type of consumption, the retail sales of goods in the first three quarters totaled 285307 billion yuan, up 15.0 percent year on year and an average increase of 4.5 percent in the two years; the sales of food and beverage totaled 3,275 billion yuan, up 29.8 percent year on year and down 0.6 percent year on year. In the first three quarters, the retail sales of gold, silver, jewelry, sports and entertainment articles, and cultural and office articles increased by 41.6% , 28.6% and 21.7% , respectively, year-on-year The retail sales of basic commodities such as beverages, clothing, shoes, hats, knitwear and textiles and daily necessities increased by 23.4% , 20.6% and 16.0% respectively. In the first three quarters, online retail sales nationwide totaled 9,187.1 billion yuan, up 18.5 percent year on year. Online retail sales of physical goods totaled 7,504.2 billion yuan, up 15.2 percent year on year, accounting for 23.6 percent of the total retail sales of consumer goods.
5. Expansion of fixed asset investment and rapid growth in investment in the high tech and social sectors
In the first three quarters, fixed asset investment (excluding rural households) totaled 397827 billion yuan, up 7.3 percent year on year and an average 2 year increase of 3.8 percent; in September, it increased 0.17 percent month on month. By sector, investment in infrastructure grew by 1.5% year-on-year in the first three quarters, with a two-year average growth of 0.4% ; investment in manufacturing grew by 14.8% year-on-year, with a two-year average growth of 3.3% ; and investment in real estate development grew by 8.8% year-on-year, with a two-year average growth of 7.2% . Sales of commercial housing in China totaled 130332 square meters, an increase of 11.3 percent year on year and an average increase of 4.6 percent in the two years; sales of commercial housing totaled 134795 yuan, an increase of 16.6 percent year on year and an average increase of 10.0 percent year on year. By sector, investment in the primary sector rose 14.0% in the first three quarters from a year earlier, while investment in the secondary sector of the economy rose 12.2% and that in the tertiary sector of the economy rose 5.0% . Private investment increased 9.8 percent year-on-year, with a two-year average increase of 3.7 percent. Investment in the high tech increased by 18.7% year on year and averaged 13.8% growth in the two years. Investment in high tech manufacturing and high tech services increased by 25.4% and 6.6% respectively year on year. In the high-tech manufacturing sector, investment in the computer and office equipment manufacturing sector and the aerospace and equipment manufacturing sector increased by 40.8% and 38.5% respectively year-on-year; in the high-tech Services Sector, investment in e-commerce services and inspection and testing services increased by 43.8% and 23.7% respectively. Investment in the social sector increased by 11.8 per cent year-on-year and by an average of 10.5 per cent in the two years, of which investment in health and education increased by 31.4 per cent and 10.4 per cent respectively.
The import and export of goods grew rapidly and the trade structure continued to improve
In the first three quarters, goods imports and exports totaled 283264 billion yuan, up 22.7 percent year on year. Of this total, exports totaled 155477 billion yuan, up 22.7 percent, while imports totaled 127787 billion yuan, up 22.6 percent. In September, imports and exports totaled 3,532.9 billion yuan, up 15.4 percent year on year. Of this total, exports totaled 1,983 billion yuan, up 19.9 percent, while imports totaled 1,549.8 billion yuan, up 10.1 percent. In the first three quarters, the export of mechanical and electrical products increased by 23% year-on-year, higher than the overall export growth rate of 0.3 percentage points, accounting for 58.8% of total exports. The import and export of general trade accounted for 61.8% of the total import and export volume, an increase of 1.4 percentage points over the same period last year. The import and export of private enterprises increased by 28.5 percent year on year, accounting for 48.2 percent of the total import and export volume.
7. Consumer prices rose moderately, with the ex-factory price of industrial producers rising more rapidly
In the first three quarters, the consumer price index (CPI) rose by 0.6% year-on-year, an increase of 0.1 percentage point over the first half of the year. Consumer prices rose 0.7 per cent in September from a year earlier, down 0.1 percentage point from the previous month. In the first three quarters, consumer prices for urban residents rose by 0.7% and those for rural residents rose by 0.4% . By category, the prices of food, Tobacco and alcohol decreased by 0.5% year-on-year in the first three quarters, the prices of clothing increased by 0.2% , the prices of housing increased by 0.6% , the prices of daily necessities and services increased by 0.2% , and the prices of transportation and communication increased by 3.3% , prices for education, culture and entertainment rose 1.6 percent, health care rose 0.3 percent and other goods and services fell 1.6 percent. In the price of food, tobacco and wine, the price of pork was down 28.0% , the price of grain was up 1.0% , the price of fresh vegetables was up 1.3% , and the price of fresh fruit was up 2.7% . In the first three quarters, the core CPI, which excludes food and energy prices, rose 0.7 percent from a year earlier, an increase of 0.3 percentage points over the first half. In the first three quarters, producer prices rose 6.7 per cent year-on-year, an increase of 1.6 percentage points over the first half of the year, including a 10.7 per cent year-on-year increase in September and a 1.2 per cent month-on-month increase. In the first three quarters, purchasing prices for industrial producers nationwide rose 9.3 percent from a year earlier, an increase of 2.2 percentage points compared with the first half of the year, including a 14.3 percent year-on-year increase in September and a 1.1 percent month-on-month increase.
VIII. The employment situation has remained basically stable and the unemployment rate in urban surveys has declined steadily
In the first three quarters, 10.45 million new urban jobs were created nationwide, achieving 95.0 percent of the annual target. In September, the national urban survey unemployment rate was 4.9 percent, down 0.2 percentage points from the previous month and 0.5 percentage points from the same period last year. The unemployment rate in the local household survey was 5.0% , and that in the foreign household survey was 4.8% . The unemployment rates of the 16-24 year-olds and the 25-59 year-olds surveyed were 14.6% and 4.2% respectively. The 31 major cities and towns surveyed had an unemployment rate of 5.0 percent, down 0.3 percentage points from the previous month. The average working week of employees in enterprises nationwide was 47.8 hours, an increase of 0.3 hours over the previous month. By the end of the third quarter, the total number of rural migrant workers was 183.03 million, an increase of 700,000 from the end of the second quarter.
9. The income of residents has basically kept pace with economic growth, and the ratio of per capita income of urban and rural residents has been reduced
In the first three quarters, China’s per capita disposable income 26,265 yuan, an increase of 10.4% in nominal terms over the same period last year and an average increase of 7.1% over the previous two years. By usual residence, disposable income 35,946 yuan, up 9.5% in nominal terms and 8.7% in real terms, and disposable income 13,726 yuan, up 11.6% in nominal terms and 11.2% in real terms. From the source of income, the per capita wage income, net income from business operations, net income from property and net income from transfer increased by 10.6% , 12.4% , 11.4% and 7.9% respectively in nominal terms. The ratio of per capita income of urban and rural residents was 2.62,0.05 smaller than that of the same period last year. The median per capita disposable income was 22,157 yuan, up 8.0 percent in nominal terms from a year earlier. In general, the national economy in the first three quarters maintained an overall recovery, and structural adjustment made steady progress, pushing for new progress in high-quality development. However, we should also note that uncertainties in the current international environment are on the rise, and the domestic economic recovery remains unstable and uneven. Next, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese characteristics for a new era and the decisions and plans of the CPC Central Committee and the State Council, stick to the general tone of pursuing progress while ensuring stability, and fully, accurately and comprehensively implement the new development philosophy, we will accelerate the building of a new development pattern, do a good job in the prevention and control of epidemic diseases on a regular basis, strengthen the regulation of macro policies across cycles, strive to promote sustained and sound economic development, and deepen reform, opening up and innovation, we will continue to stimulate market vitality, boost development momentum and unleash the potential of domestic demand. We will work hard to keep the economy operating within a reasonable range and ensure that the main targets and tasks for economic and social development throughout the year are fulfilled.
Post time: Oct-18-2021