(Economic Observation) China's 2020 semi-annual report has seven highlights
China News Agency, Beijing, July 16 Question: Seven highlights of the 2020 China Economic Semi-annual Report
China News Service reporter Li Xiaoyu
The 2020 China Economic Semi-Annual Report will be announced on the 16th. While the epidemic has severely impacted the global economy, China's overall economic situation has remained basically stable. Not only did the GDP growth rate change from negative to positive in the second quarter, but major economic indicators also showed recovering growth.
Wei Lei Chao Zhang Jianyuan Cartography
The GDP growth rate in the second quarter "turned positive"
According to official data, China's gross domestic product (GDP) in the second quarter increased by 3.2% year-on-year and 11.5% from the first quarter.
Driven by the improvement of the economy in the second quarter, China's GDP fell by 1.6% year-on-year in the first half of the year, a decrease of 5.2 percentage points from the first quarter.
Liu Aihua, a spokesman for the National Bureau of Statistics of China, said that in the first half of the year, the Chinese economy gradually overcame the adverse effects of the epidemic. The economic operation showed a recovery and steady recovery, and the development resilience and vitality were further demonstrated.
Employment prices are stable
With the "employment priority" policy, China's employment situation has undergone positive changes. In the first half of the year, 5.64 million people were employed in cities and towns across the country, and 62.7% of the annual target tasks have been completed. In June, the unemployment rate in urban surveys nationwide was 5.7%, down 0.2 percentage points from May.
Wei Lei Chao Zhang Jianyuan Cartography
In the first half of the year, the consumer price index (CPI) rose by 3.8% year-on-year, a decrease of 1.1 percentage points from the first quarter; the core CPI rose by 1.2% year-on-year, and remained basically stable. In June, consumer prices rose by 2.5%, in a moderately rising range.
Industrial production recovers faster
In the first half of the year, the added value of China’s industrial enterprises above designated size fell by 1.3% year-on-year, a decrease of 7.1 percentage points from the first quarter. Among them, the increase in the second quarter was 4.4% and the decrease in the first quarter was 8.4%. In June, the added value of the industrial enterprises above designated size increased by 4.8% year-on-year, and the growth rate was 0.4 percentage points higher than that of May. The growth rate continued for three consecutive months; the growth rate was 1.3% month-on-month.
Consumption recovery continues to accelerate
With the continuous advancement of resuming production and resuming production and resuming business, the consumption, which was once severely hit in the epidemic, has gradually recovered. In the first half of the year, China’s total retail sales of consumer goods fell by 11.4% year-on-year, narrowing by 7.6 percentage points from the first quarter; of which, the second quarter fell by 3.9% and narrowed by 15.1 percentage points from the first quarter.
It is worth noting that new formats and models such as online consumption are developing rapidly. In the first half of the year, online retail sales nationwide exceeded 5 trillion yuan, a year-on-year increase of 7.3%, compared with a decrease of 0.8% in the first quarter.
Both imports and exports stabilized
Despite the sharp decline in global trade due to the epidemic, China's foreign trade competitiveness remains strong. In June, the year-on-year growth rate of China's exports and imports both turned from negative to positive, of which exports increased by 4.3%, which has maintained positive growth for three consecutive months; imports increased by 6.2%.
After experiencing short-term shocks in the first quarter, China's import and export value in the second quarter declined to 0.2% year-on-year, an increase of 16.7% from the first quarter. Due to the improvement in foreign trade in the second quarter, the year-on-year decline in China’s total foreign trade value narrowed by 1.7 percentage points from January to May.
Increased momentum in emerging fields
Under the epidemic, China's high-tech industry rose against the trend. In the first half of the year, the added value of high-tech manufacturing increased by 4.5% year-on-year, and the proportion of the added value of industries above designated size increased by 0.9 percentage points over the same period of the previous year.
The investment in high-tech fields has also continued to increase. In the first half of the year, investment in high-tech manufacturing increased by 5.8% year-on-year, investment in high-tech service industry increased by 6.3% year-on-year, of which investment in the pharmaceutical industry increased by more than 10% and investment in e-commerce service industry increased by more than 30%. New infrastructure and other related products have grown relatively fast. In the first half of the year, urban rail vehicles increased by 13%, and the output of charging piles increased by 11.9%.
Market expectations are generally improving
As the “wind vane” of the manufacturing boom, China’s manufacturing purchasing managers index was 50.9% in June, which was above the threshold for four consecutive months, and the non-manufacturing business activity index was 54.4%, which rose for four consecutive months, indicating that manufacturing The service industry is in the expansion range. (Finish)