A list of core data:
China's third-quarter GDP is 6.5% year-on-year and is expected to be 6.6%, with a previous value of 6.7%. In the first three quarters, the GDP was 65.0899 trillion yuan, 6.7% of the same period last year, and 6.7% is expected to be the previous value.
From January to September, China invested 8.8665 trillion yuan in real estate development, an increase of 9.9 percent over the same period last year, and the growth rate was 0.2 percentage points lower than that in January-August.
The growth rate of industrial value added fell back to 5.8% in September, below expectations of 6% and below the previous value of 6.1%. On a month-on-month basis, the added value of industries above scale increased by 0.5% in September over the previous month. The growth rate of cars dropped sharply.
Retail sales of consumer goods totaled 3.2005 trillion yuan in September, a nominal increase of 9.2% over the same period last year. Of this total, retail sales of consumer goods per unit above the quota totaled 1.2762 trillion yuan, an increase of 5.7 percent.
The growth rate of fixed asset investment in China's cities and towns has rebounded slightly after hitting a new low for six consecutive months. From January to September, urban fixed asset investment (year-to-date) was 5.4% higher than expected and 5.3% higher than the previous value.
The Bureau of Statistics said that external challenges have increased significantly, the pains of domestic structural adjustment continue to appear, economic operation is changing steadily and slowly, and downward pressure is increasing.
Overall stable transformation, upgrading and deepening development of economic operation in the first three quarters
In the first three quarters, in the face of the extremely complex and grim international situation and the arduous domestic tasks of reform and development, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, all localities and departments conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, firmly implemented the new concept of development, took the deepening of supply-side structural reform as the main line, and actively calibrated the requirements for high-quality development. We will make overall efforts to stabilize growth, promote reform, adjust the structure, benefit the people's livelihood, and prevent risks. The overall operation of the national economy is stable and steady, the economic structure is constantly optimized, the new and old kinetic energy is continuously transformed, and the quality and efficiency are steadily improved. High-quality development has been promoted in a solid manner.
According to preliminary calculation, the GDP in the first three quarters was 65.0899 trillion yuan, an increase of 6.7 percent over the same period last year at comparable prices. On a quarterly basis, it grew by 6.8% in the first quarter compared with the same period last year, 6.7% in the second quarter and 6.5% in the third quarter. In terms of sub-industries, the added value of the primary industry was 4.2173 trillion yuan, up 3.4% over the same period last year; the added value of the secondary industry was 26.2953 trillion yuan, up 5.8%; and the added value of the tertiary industry was 34.5773 trillion yuan, up 7.7%.
I. the situation of agricultural production is stable and the planting structure is adjusted reasonably
The country's total summer grain output was 138.72 million tons, a decrease of 3.06 million tons, or 2.2 percent, over the previous year; and the total output of early rice was 28.59 million tons, a decrease of 1.28 million tons or 4.3 percent over the previous year. The growth situation of autumn grain is good, and it is expected to have another bumper harvest. The planting structure was further optimized, the sown area of high-quality rice expanded, the area of corn decreased, the area of soybean increased, and the area of cotton, sugar and other crops increased. In the first three quarters, the output of pig, beef, sheep and poultry was 60.07 million tons, an increase of 0.2 percent over the same period last year, of which pork output was 38.43 million tons, an increase of 0.3 percent. The stock of live pigs was 428.87 million, down 2.3% from the same period last year, and 495.79 million pigs were fenced, an increase of 0.1%.
II. The overall production of industrial and service industries is stable, and the efficiency of enterprises is growing rapidly.
In the first three quarters, the added value of industries at and above the national scale increased by 6.4% in real terms compared with the same period last year, down 0.3 percentage points from the first half of the year. In terms of economic type, the added value of state-owned holding enterprises increased by 7.0% compared with the same period last year, collective enterprises decreased by 1.4%, joint-stock enterprises grew by 6.6%, and foreign investors and Hong Kong, Macao and Taiwan investment enterprises increased by 5.7%. Divided into three major categories, the added value of the mining industry increased by 1.8% compared with the same period last year, the manufacturing industry increased by 6.7%, and the electricity, heat, gas and water production and supply industries increased by 10.3%. In September, the added value of industries above scale increased by 5.8% compared with the same period last year. In the first three quarters, the national service industry production index increased by 7.8% compared with the same period last year, down 0.2 percentage points from the first half of the year. Of this total, information transmission, software and information technology services, leasing and business services increased by 37.5% and 10.8% respectively compared with the same period last year. In September, the national service industry production index increased by 7.3% compared with the same period last year. From January to August, the total profits of industrial enterprises above the size of the country reached 4.4249 trillion yuan, an increase of 16.2% over the same period last year. The profit margin of the main business income of industrial enterprises above scale was 6.43%, an increase of 0.35% over the same period last year. From January to August, the operating income of over-sized service enterprises increased by 12.0% compared with the same period last year, and the operating profits of above-sized service enterprises increased by 15.5% compared with the same period last year.
III. Market sales have continued to grow, and the growth of consumer expenditure has accelerated
In the first three quarters, retail sales of consumer goods totaled 27.4299 trillion yuan, an increase of 9.3 percent over the same period last year, and the growth rate was 0.1 percentage points lower than that in the first half of the year. According to the location of the business unit, the retail sales of consumer goods in cities and towns totaled 23.4717 trillion yuan, up 9.1 percent, and those of rural consumer goods totaled 3.9582 trillion yuan, up 10.4 percent. According to the type of consumption, catering income was 2.9763 trillion yuan, up 9.8 percent, and retail sales were 24.4536 trillion yuan, up 9.2 percent. The sales of consumer upgrading commodities increased rapidly. Among the retail sales per unit of goods above the quota, oil and products and communications equipment increased by 14.4% and 10.7% respectively over the same period last year, an increase of 5.4 and 1.4 percentage points respectively over the same period last year. In September, the total volume of retail sales of consumer goods increased by 9.2% over the same period last year, 0.2 percentage points faster than the previous month. In the first three quarters, the per capita consumer expenditure of residents nationwide was 14281 yuan, an increase of 8.5% in nominal terms over the same period last year, 1.0% higher than that of the same period last year, and 6.3% in real terms, 0.4% higher than that of the same period last year. Of this total, the per capita consumption expenditure of urban residents increased by 6.5 percent in nominal terms, an increase of 0.3 percentage points, while that of rural residents increased by 12.0 percent in nominal terms, an increase of 3.4 percentage points.
IV. Investment in fixed assets has slowed down and stabilized, and private investment and manufacturing investment have increased significantly.
In the first three quarters, national fixed asset investment (excluding farmers) totaled 48.3442 trillion yuan, an increase of 5.4 percent over the same period last year, 0.6 percentage points lower than the first half of the year and 0.1 percentage points faster than in January-August. Of this total, private investment was 30.1664 trillion yuan, an increase of 8.7 percent over the same period last year, 0.3 percentage points faster than the first half of the year and 2.7 percentage points faster than the same period last year. In terms of sub-industries, investment in the primary industry increased by 11.7%; investment in the secondary industry increased by 5.2%, of which investment in the manufacturing industry increased by 8.7%, 1.9 percentage points higher than in the first half of the year, and the growth rate accelerated for six consecutive months; investment in the tertiary industry increased by 5.3%. Infrastructure investment increased by 3.3%. In the first three quarters, national investment in real estate development totaled 8.8665 trillion yuan, an increase of 9.9 percent over the same period last year. The sales area of commercial housing across the country was 1.19313 billion square meters, an increase of 2.9 percent. Sales of commercial housing nationwide totaled 10.4132 trillion yuan, an increase of 13.3%.
V. Export growth has accelerated and imports have increased significantly.
In the first three quarters, the total volume of imports and exports of goods was 22.2839 trillion yuan, an increase of 9.9 percent over the same period last year, or 2.1 percentage points faster than that of the first half of the year. Of this total, exports totaled 11.8585 trillion yuan, up 6.5 percent, or 1.8 percent, while imports totaled 10.4254 trillion yuan, up 14.1 percent, or 2.5 percent. There was a trade surplus of 1.4331 trillion yuan against imports and exports, a decrease of 28.3% over the same period last year. Imports and exports of China and its major trading partners have all increased, with imports and exports to the European Union, the United States and ASEAN growing by 7.3%, 6.5% and 12.6%, respectively. Imports and exports increased well with some countries along the "Belt and Road Initiative" route, with imports and exports to Russia, Poland and Kazakhstan increasing by 19.4%, 11.9% and 11.8%, respectively. In September, imports and exports totaled 2.8852 trillion yuan, an increase of 17.2 percent over the same period last year. Of this total, exports totaled 1.5492 trillion yuan, up 17.0 percent, and imports totaled 1.336 trillion yuan, up 17.4 percent. In the first three quarters, the export delivery value of industrial enterprises above scale reached 8.9729 trillion yuan, an increase of 8.1% over the same period last year. In September, the export delivery value of industrial enterprises above scale reached 1.1839 trillion yuan, an increase of 11.7%.
VI. Consumer prices have risen moderately, while prices of industrial products have risen steadily
In the first three quarters, consumer prices across the country rose 2.1 percent over the same period last year, an increase of 0.1 percentage points over the first half of the year. By category, the prices of food, tobacco and alcohol rose 1.6% year-on-year, clothing 1.2%, housing 2.4%, daily necessities and services 1.6%, transportation and communications 1.7%, education, culture and entertainment 2.2%, health care 5.0%, and other supplies and services 1.1%. In September, consumer prices across the country rose 2.5 percent from a year earlier, an increase of 0.2 percentage points over the previous month and 0.7 percent from the previous month. In the first three quarters, factory gate prices across the country rose 4.0% from the same period last year, an increase of 0.1 percentage points over the first half of the year, and industrial producer purchase prices rose 4.5% from the same period last year. In September, producer prices across the country rose 3.6 percent from a year earlier, 0.5 percentage points lower than the previous month and 0.6 percent higher than the previous month, while purchasing prices for industrial producers rose 4.2 percent from a year earlier, up 0.6 percent from a month earlier.
VII. the unemployment rate in urban survey has dropped, and the employment situation has remained stable.
In September, the unemployment rate surveyed in cities and towns nationwide was 4.9 percent, down 0.1 percentage points from the previous month and 0.1 percentage points from the same month last year. The unemployment rate surveyed by cities and towns in 31 major cities was 4.7 percent, down 0.2 percentage points from the previous month and 0.1 percentage points from the same month last year. Among them, the unemployment rate of the national main employment group aged between 25 and 59 was 4.3%, the same as the previous month. At the end of the third quarter, the total rural labor force of migrant workers was 181.35 million, an increase of 1.66 million, or 0.9 percent, over the same period last year. The average monthly income of rural migrant workers is 3710 yuan, an increase of 7.3% over the same period last year.
VIII. Residents' income growth is synchronized with economic growth, and the income gap between urban and rural residents is narrowing.
In the first three quarters, the per capita disposable income of residents across the country was 21035 yuan, an increase of 8.8 percent in nominal terms over the same period last year, and 6.6 percent in real terms after deducting price factors. The growth rate was the same as that in the first half of the year and basically in line with economic growth. According to the place of permanent residence, the per capita disposable income of urban residents was 29599 yuan, an increase of 7.9% in nominal terms over the same period last year, and 5.7% in real terms after deducting price factors. The per capita disposable income of rural residents was 10645 yuan, an increase of 8.9% in nominal terms over the same period last year, and 6.8% in real terms after deducting price factors. The per capita income difference between urban and rural residents was 2.78, 0.03 lower than that of the same period last year. The median per capita disposable income of residents nationwide was 18236 yuan, an increase of 8.7 percent in nominal terms over the same period last year.
IX. The economic structure has been continuously optimized, and the role of the basis of consumption has been further strengthened.
Industrial development continues to upgrade. In the first three quarters, the growth rate of the added value of the tertiary industry was 1.9 percentage points faster than that of the secondary industry, accounting for 53.1% of the GDP, an increase of 0.3 percentage points over the same period last year and 12.7 percentage points higher than that of the secondary industry. The role of the foundation of consumption continues to be consolidated. In the first three quarters, the contribution of final consumer spending to economic growth was 78.0%, which was 46.2 percentage points higher than the total capital formation. The proportion of service consumption continues to increase. In the third quarter, service consumption accounted for 52.6 percent of the national consumer expenditure, an increase of 0.2 percentage points over the same period last year. The investment structure continues to be optimized. In the first three quarters, investment in high-tech manufacturing increased by 14.9% compared with the same period last year, 9.5 percentage points faster than total investment. The trade structure has been further optimized. In the first three quarters, general trade imports and exports increased by 13.5 percent, accounting for 58.4 percent of the total import and export volume, an increase of 1.9 percentage points over the same period last year. Exports of mechanical and electrical products increased by 7.8 percent, accounting for 58.3 percent of the total exports.
X. the results of supply-side structural reform continue to show, and new momentum accelerates growth.
Capacity utilization remained stable. In the first three quarters, the utilization rate of industrial capacity across the country was 76.6%, the same as the same period last year. In the third quarter, the capacity utilization rate of the ferrous metal smelting and Calendering processing industry, coal mining and washing industry was 78.7% and 70.1% respectively, an increase of 2.0% and 1.1% respectively over the same period last year. The operating cost and leverage ratio of enterprises are reduced. From January to August, the cost of industrial enterprises above 100 yuan in main business income was 84.39 yuan, a decrease of 0.35 yuan compared with the same period last year. At the end of August, the asset-liability ratio of industrial enterprises above scale was 56.6%, down 0.5 percentage points from the same period last year. The inventory of commercial housing continues to decline. At the end of September, the area for sale of commercial housing across the country fell by 13.0% compared with the same period last year. Efforts will be made to make up for deficiencies in key areas. In the first three quarters, investment in ecological protection, environmental management and agriculture increased by 33.7% and 12.4% respectively over the same period last year, which was 28.3 and 7.0 percentage points faster than the total investment respectively. Green development is advancing steadily. In the first three quarters, energy consumption per unit of GDP decreased by 3.1% compared with the same period last year.
New industries are growing rapidly. In the first three quarters, the added value of high-tech manufacturing and equipment manufacturing increased by 11.8% and 8.6% respectively over the same period last year, which was 5.4 and 2.2 percentage points faster than that of industries above scale. The added value of strategic emerging industries increased by 8.8% over the same period last year, 2.4 percentage points faster than that of industries above scale. New products are growing rapidly. In the first three quarters, the output of new energy vehicles increased by 54.8 percent over the same period last year, and integrated circuits increased by 11.7 percent. New business type is booming. In the first three quarters, the country's online retail sales totaled 6.2785 trillion yuan, an increase of 27.0 percent over the same period last year. Of this total, online retail sales of physical goods totaled 4.7938 trillion yuan, up 27.7 percent, accounting for 17.5 percent of the total retail sales of consumer goods, an increase of 3.5 percent over the same period last year, while online retail sales of non-physical goods totaled 1.4847 trillion yuan, up 24.8 percent.
Generally speaking, the national economy operated within a reasonable range in the first three quarters, maintained an overall steady and steady development trend, adjusted and optimized the economic structure, continuously improved the quality and efficiency of development, significantly intensified reform and opening up, and continued to improve people's livelihood and well-being. At the same time, it should also be noted that external challenges have significantly increased, domestic structural adjustment pains continue to emerge, economic operation has changed steadily, there has been slowness in stability, and downward pressure has increased. In the next stage, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core and under the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, we should implement the requirements of promoting high-quality development and continuously deepen reform and opening up. We should regard filling the deficiency as the current key task of deepening supply-side structural reform, strive to expand effective demand, and firmly stabilize employment, finance, foreign trade, foreign investment, investment and expectations. We will promote steady and healthy economic development and achieve the main expected goals of economic and social development for the whole year.