[Commentary] On April 17, the State Council Information Office held a press conference to introduce the operation of the national economy in the first quarter of 2020. At the meeting, Mao Shengyong, a spokesman for the National Bureau of Statistics, said that due to the impact of the new coronary pneumonia epidemic, China ’s main economic indicators declined significantly in the first quarter. In the first quarter, GDP fell by 6.8% year-on-year, and industrial production, consumption, and investment declined.
[Same period] Mao Shengyong, spokesman for the National Bureau of Statistics
According to preliminary calculations, the gross domestic product in the first quarter was 206.54 trillion yuan, a year-on-year decrease of 6.8% at comparable prices. In the first quarter, the added value of industries above designated size fell by 8.4% year-on-year. In the first quarter, the total retail sales of consumer goods reached 785.8 billion yuan, down 19.0% year-on-year. Among them, the total retail sales of consumer goods in March was 264.5 billion yuan, down 15.8%. National fixed asset investment (excluding rural households) 841.45 billion yuan, down 16.1% year-on-year.
[Commentary] Mao Shengyong pointed out that as the effects of resumption of production and the prevention and control of epidemic situation continued to appear in various places, the economy rebounded in March. The employment and prices closely related to people's livelihood remained generally stable.
[Same period] Mao Shengyong, spokesman for the National Bureau of Statistics
The main economic indicators in March included industry, service industry, investment, social zero, and import and export. In March, from 41 industries, 90% of industries have increased in value in the month compared with January-February. The rise in consumer prices (CPI) in March fell back. The CPI in that month rose 4.3% year-on-year, down 0.9 percentage points from the previous month. The unemployment rate in the national urban survey in March was 5.9%, a decrease of 0.3 percentage points from February. We can also see that despite the severe impact of the epidemic, there have been no large-scale layoffs across the country, and the overall employment situation is stable.
[Commentary] Mao Shengyong said that the economic recovery in March is expected to continue. He also pointed out that due to the impact of the epidemic, consumption in the first quarter was somewhat suppressed. As the production and living order returns to normal, consumption potential will be further released.
[Same period] Mao Shengyong, spokesman for the National Bureau of Statistics
From the perspective of the first quarter, consumption has indeed been inhibited. For example, the consumption of special services for people's outing activities has been inhibited more. In the next step, as the production and living order gradually returns to normal, the suppressed consumption in the early stage will get some compensation. We still have to firmly see that China's consumption potential is huge.
Wang Shibo Beijing Report
Editor in charge: [Li Ji]