(Economic Observer) China's three-quarter economic report highlights seven highlights
China News Service, Beijing, October 19th, title: China's third quarterly economic report highlights seven highlights
China News Agency reporter Li Xiaoyu
China's third quarterly economic report was released on the 19th.
As the epidemic has dealt a heavy blow to the global economy, the growth rate of a series of major economic indicators in China has turned from negative to positive, showing seven bright spots.
GDP growth from negative to positive
According to official data, China's GDP in the first three quarters was 7,22786 billion yuan (RMB, the same below), a year-on-year increase of 0.7%, and for the first time this year, it turned from negative to positive.
In terms of quarters, China's economy shrank by 6.8% in the first quarter compared with the same period last year, grew by 3.2% year-on-year in the second quarter, and the growth rate in the third quarter rose further to an increase of 4.9%.
Liu Aihua, spokesperson for the National Bureau of Statistics of China, said that economic operations continued to recover steadily in the first three quarters, and the overall plan for epidemic prevention and development has achieved remarkable results.
Regardless of demand, production, or the confidence and vitality of the entire market, the Chinese economy "has a foundation, conditions, and confidence to maintain the current situation" in the fourth quarter and throughout the year.
Consumption accelerates recovery
Consumption, once deeply affected by the epidemic, also continued to rebound.
In the third quarter, China's total retail sales of consumer goods increased by 0.9% year-on-year, and the quarterly growth rate turned positive for the first time this year.
Driven by the recovery of consumption in the third quarter, the year-on-year decline in total retail sales of consumer goods in the first three quarters narrowed by 4.2 percentage points from the first half of the year.
In terms of growth, 14 of the 18 commodity categories currently officially counted have turned positive, and 6 of them have achieved double-digit growth.
Liu Aihua said that this shows that in the context of effective epidemic prevention and control, residents' demand for physical consumption and service consumption is in the process of recovery.
Full recovery of investment
In the first three quarters, investment in fixed assets nationwide increased by 0.8% year-on-year, and the growth rate turned from negative to positive for the first time during the year. It fell by 3.1% in the first half of the year.
Among them, infrastructure investment increased by 0.2%, and the growth rate changed from negative to positive for the first time during the year; manufacturing investment fell by 6.5%, which was 5.2 percentage points lower than the first half of the year; real estate development investment increased by 5.6%, and the growth rate was 3.7 percentage points higher than the first half. .
Foreign trade hits multiple historical highs
In the third quarter, China’s import and export of goods was 8.88 trillion yuan, a year-on-year increase of 7.5%, of which exports were 5 trillion yuan, an increase of 10.2%; imports were 3.88 trillion yuan, an increase of 4.3%.
The total value of imports and exports, total exports, and total imports in the third quarter all hit a quarterly record high.
Among them, the monthly export in July reached a record high, and the import and export and import value in a single month in September reached a record high.
In the first three quarters, the total value of China's import and export of goods trade increased by 0.7% over the same period last year, marking the first time the growth rate of this year has turned from negative to positive.
The annual employment target is basically completed
Under the epidemic, China has not seen a wave of large-scale unemployment, and by the end of September, it has basically completed its annual employment target.
In the first three quarters, 8.98 million people were newly employed in cities and towns across the country, completing 99.8% of the annual target.
In September, the nationwide surveyed unemployment rate in urban areas was 5.4%, a decrease of 0.2 percentage points from August.
The actual growth rate of residents' income turns positive
In the first three quarters, the national per capita disposable income of residents was 23,781 yuan, a nominal increase of 3.9% year-on-year, and an actual increase of 0.6% after deducting price factors. It turned positive for the first time during the year and fell by 1.3% in the first half of the year.
The leading role of new kinetic energy is highlighted
The epidemic has accelerated the transformation of China's industry, and the growth of new momentum represented by the Internet economy has accelerated.
According to official data, in the first three quarters, the value added of China's high-tech manufacturing industry above designated size increased by 5.9%, and the value added of the equipment manufacturing industry increased by 4.7%, both at a faster rate than the first half of the year.
5G construction, rail transit and other new infrastructure, the driving role of new consumption is also increasing.
In September, China's urban rail vehicle production increased by more than 50% year-on-year, smart watch production increased by more than 70%, and new energy vehicle production increased by more than 50%.
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