The national economy developed steadily and steadily in the first three quarters.
According to data released by the National Bureau of Statistics today, according to preliminary calculations, the GDP in the first three quarters was 59.3288 trillion yuan, an increase of 6.9 percent year-on-year at comparable prices, the same growth rate as in the first half of the year and 0.2 percentage points faster than the same period last year. In terms of sub-industries, the added value of the primary industry was 4.1229 trillion yuan, up 3.7% over the same period last year; the added value of the secondary industry was 23.8109 trillion yuan, up 6.3%; and the added value of the tertiary industry was 31.3951 trillion yuan, up 7.8%.In the third quarter, GDP grew by 6.8% compared with the same period last year, and the economy has been operating in the range of 6.7-6.9% for nine consecutive quarters, maintaining medium-and high-speed growth.
1、Steady growth of investment in real estate development
The area for sale of commercial housing continues to decrease.
In the first three quarters, investment in real estate development nationwide totaled 8.0644 trillion yuan, an increase of 8.1 percent over the same period last year, and the growth rate was 2.3 percent faster than that of the same period last year. Of this total, residential investment increased by 10.4%. The new construction area of housing was 1.31033 billion square meters, an increase of 6.8 percent over the same period last year, of which the new construction area of housing increased by 11.1 percent. The sales area of commercial housing nationwide was 1.16006 billion square meters, an increase of 10.3 percent, of which the sales area of residential buildings increased by 7.6 percent. Sales of commercial housing nationwide totaled 9.1904 trillion yuan, up 14.6 percent, of which residential sales increased by 11.4 percent. The land purchase area of real estate development enterprises was 167.33 million square meters, an increase of 12.2% over the same period last year. At the end of September, the area of commercial housing for sale across the country was 611.4 million square meters, 12.12 million square meters less than at the end of last month. In the first three quarters, real estate development enterprises reached 11.3095 trillion yuan, an increase of 8.0% over the same period last year.
Investment and sales of Real Estate Development in China from January to September 2017
I. completion of investment in real estate development
From January to September 2017, national investment in real estate development totaled 8.0644 trillion yuan, an increase of 8.1 percent in nominal terms over the same period last year and 0.2 percentage points higher than that in January-August. Of this total, residential investment was 5.5109 trillion yuan, an increase of 10.4 percent, or an increase of 0.3 percentage points. The proportion of residential investment in real estate development investment is 68.3%.
From January to September, the investment in real estate development in the eastern region was 4.2869 trillion yuan, an increase of 9.0% over the same period last year, and the growth rate was 0.2% higher than that in January-August; the investment in the central region was 1.7169 trillion yuan, an increase of 13.3%, the growth rate was the same as that in January-August; the investment in the western region was 1.741 trillion yuan, an increase of 3.6%, and the growth rate dropped 0.4%. Investment in the northeast region totaled 319.7 billion yuan, down 3.3 percent, or 4.1 percentage points.
From January to September, the housing construction area of real estate development enterprises was 7.38065 billion square meters, an increase of 3.1% over the same period last year, the same growth rate as in January-August. Of this total, the residential construction area was 5.0533 billion square meters, an increase of 2.9 percent. The new housing construction area was 1.31033 billion square meters, an increase of 6.8 percent, or a drop of 0.8 percent in the growth rate. Of this total, the new housing construction area was 941.13 million square meters, an increase of 11.1%. The area of houses completed was 576.94 million square meters, an increase of 1.0 percent, and the growth rate dropped by 2.4 percentage points. Of this total, the completed residential area was 412.6 million square meters, down 1.9 percent.
From January to September, the land purchase area of real estate development enterprises was 167.33 million square meters, an increase of 12.2 percent over the same period last year, and the growth rate was 2.1 percentage points higher than that of January-August. The transaction price of land was 814.9 billion yuan, up 46.3 percent, or 3.6 percentage points higher.
II. Sales and waiting for sale of commercial housing
From January to September, the sales area of commercial housing was 1.16006 billion square meters, an increase of 10.3 percent over the same period last year, which was 2.4 percentage points lower than that in January-August. Of this total, the sales area of residential buildings increased by 7.6%, the sales area of office buildings increased by 32.7%, and the sales area of commercial housing increased by 23.7%. Sales of commercial housing totaled 9.1904 trillion yuan, an increase of 14.6 percent, or a 2.6 percent drop in growth. Of this total, residential sales increased by 11.4 percent, office sales increased by 25.2 percent, and commercial housing sales increased by 31.8 percent.
From January to September, the sales area of commercial housing in the eastern region was 506.56 million square meters, an increase of 5.5 percent over the same period last year, which was 2.4 percentage points lower than that in January-August; sales were 5.2662 trillion yuan, up 6.9 percent, or 2.9 percentage points lower. The sales area of commercial housing in the central region was 305.21 million square meters, an increase of 13.9%, with a growth rate of 2.7%; sales of 1.8454 trillion yuan, an increase of 23.5%, and a growth rate of 2.5%. The sales area of commercial housing in the western region was 289.68 million square meters, an increase of 16.0%, with a growth rate of 2.6%; sales of 1.6997 trillion yuan, an increase of 32.0%, and a growth rate of 3.1%. The sales area of commercial housing in Northeast China was 58.62 million square meters, an increase of 8.0 percent, with a growth rate of 1 percentage point; sales of 379 billion yuan, an increase of 21.5 percent, and an increase of 2 percentage points.
At the end of September, the area of commercial housing for sale was 611.4 million square meters, 12.12 million square meters less than at the end of August. Among them, the area for sale of residential buildings decreased by 9.38 million square meters, the area of office buildings for sale decreased by 670000 square meters, and the area of commercial buildings for sale decreased by 1.38 million square meters.
III. Funds in place for real estate development enterprises
From January to September, real estate development enterprises allocated 11.3095 trillion yuan, an increase of 8.0% over the same period last year, and the growth rate was 1 percentage point lower than that in January-August. Of this total, domestic loans totaled 1.9003 trillion yuan, up 19.5 percent; utilized foreign capital totaled 11.3 billion yuan, up 0.9 percent; self-raised funds totaled 3.6451 trillion yuan, down 0.3 percent; and other funds totaled 5.7528 trillion yuan, up 10.4 percent. Among other funds, deposits and advance receipts totaled 3.461 trillion yuan, up 16.9 percent, and personal mortgage loans totaled 1.7739 trillion yuan, up 1.3 percent.
IV. Prosperity Index of Real Estate Development
In September, the real estate development climate index (referred to as the "National Housing Prosperity Index") was 101.44, up 0.02 points from August.
2. Investment in fixed assets is stable and slightly slow.Adjustment and optimization of investment structure
In the first three quarters, national fixed asset investment (excluding farmers) totaled 45.8478 trillion yuan, an increase of 7.5 percent over the same period last year, and the growth rate was 0.7 percentage points lower than that of the same period last year. Of this total, state-controlled investment totaled 16.8164 trillion yuan, up 11.0 percent, while private investment totaled 27.752 trillion yuan, up 6.0 percent, accounting for 60.5 percent of the total investment. In terms of sub-industries, the investment in the primary industry was 1.4973 trillion yuan, up 11.8 percent; the investment in the secondary industry was 17.1787 trillion yuan, up 2.6 percent, of which the investment in the manufacturing industry was 14.0819 trillion yuan, up 4.2 percent; and the investment in the tertiary industry was 27.1718 trillion yuan, up 10.5 percent. Infrastructure investment totaled 9.9652 trillion yuan, up 19.8 percent, 0.4 percentage points higher than the same period last year. Investment in high-end manufacturing and technological transformation of enterprises increased rapidly, while investment growth in energy-intensive industries slowed down. In the first three quarters, investment in high-tech manufacturing, equipment manufacturing and manufacturing technological transformation increased by 18.4%, 8.3% and 12.1% respectively compared with the same period last year, while investment in energy-intensive manufacturing fell 1.9% from the same period last year. Investment in fixed assets reached 45.7007 trillion yuan, an increase of 3.3% over the same period last year, or 1.9% faster than in the first half of the year. The total investment of the new project is planned to be 37.6347 trillion yuan, an increase of 2.4% over the same period last year. On a month-on-month basis, fixed asset investment (excluding farmers) increased by 0.56% in September over the previous month.
3、The situation of grain production is good and animal husbandry is growing steadily.
The country's total summer grain output was 140.52 million tons, an increase of 1.31 million tons, or 0.9 percent, over the previous year; the total output of early rice was 31.74 million tons, a decrease of 1.04 million tons, or 3.2 percent, over the previous year; and autumn grain is expected to have a good harvest. In the first three quarters, the output of pig, beef, mutton and poultry was 58.77 million tons, an increase of 0.8 percent over the same period last year, of which pork output was 37.17 million tons, an increase of 0.7 percent. The stock of live pigs was 427.97 million, down 0.8% from the same period last year, while 482.24 million pigs were fenced, an increase of 0.6%.
4、Speed up the development of industrial production and improve the efficiency of structural optimization
In the first three quarters, the added value of industries at and above the national scale increased by 6.7% in real terms over the same period last year, 0.7 percentage points faster than the same period last year. According to the type of economy, the added value of state-owned holding enterprises increased by 6.8%, collective enterprises by 0.3%, joint-stock enterprises by 6.8%, and foreign investors and Hong Kong, Macao and Taiwan investment enterprises by 7.1%. Divided into three major categories, the added value of the mining industry decreased by 1.6% compared with the same period last year, the manufacturing industry increased by 7.3%, and the electricity, heat, gas and water production and supply industries increased by 8.4%. The industry moved towards the middle and high end. In the first three quarters, the added value of high-tech manufacturing and equipment manufacturing increased by 13.4% and 11.6% respectively compared with the same period last year, which was 6.7 and 4.9 percentage points faster than that of industries above scale. In the first three quarters, the production and sales rate of industrial enterprises above scale reached 97.8%. In September, the added value of industries above scale increased by 6.6% over the same period last year, 0.6 percentage points faster than the previous month, and an increase of 0.56% from the previous month. In September, the manufacturing purchasing managers' index was 52.4 per cent, up 0.7 percentage points from the previous month and the highest since May 2012.
From January to August, the total profits of industrial enterprises above the national scale reached 4.9214 trillion yuan, an increase of 21.6 percent over the same period last year. The profit margin of the main business income of industrial enterprises above scale was 6.13 percent, an increase of 0.45 percentage points over the same period last year. In August, the total profits of industrial enterprises above scale increased by 24% over the same period last year, 7.5 percentage points faster than the previous month.
5、The service industry maintained rapid development, and the business activity index continued to improve.
In the first three quarters, the national service industry production index increased by 8.3% over the same period last year, an increase of 0.2 percentage points over the same period last year. Among them, transportation, warehousing and postal services, information transmission, software and information technology services, leasing and business services grew rapidly. In September, the national service industry production index rose 8.3% from a year earlier, the same growth rate as the previous month and 0.2 percentage points faster than the same month last year. From January to August, the operating income of over-sized service enterprises increased by 13.5% over the same period last year, 3.4 percentage points higher than that of the same period last year, and the operating profits of above-sized service enterprises increased by 22.8% year-on-year, 22.4 percentage points higher than the same period last year.
In September, the service industry business activity index was 54.4 percent, 1.8 percentage points higher than the previous month and 2.1 percentage points higher than the same month last year. The business activity indices of the wholesale industry, telecommunications, radio and television and satellite transmission services, Internet and software information technology services, monetary and financial services, capital market services, insurance and other industries are all in a high prosperity range of more than 60.0%. The service industry new orders index was 51.5%, and the business activity expectation index was 60.8%, an increase of 1.2 and 0.7 percentage points respectively over the previous month.
6、Market sales continue to grow rapidly, and online retail is growing strongly.
In the first three quarters, retail sales of consumer goods totaled 26.3178 trillion yuan, an increase of 10.4 percent over the same period last year, the same growth rate as the same period last year. Of this total, retail sales of consumer goods per unit above the quota totaled 11.7751 trillion yuan, an increase of 8.5 percent. According to the location of the business unit, the retail sales of consumer goods in cities and towns totaled 22.5592 trillion yuan, up 10.1 percent, and those of rural consumer goods totaled 3.7586 trillion yuan, up 12.1 percent. According to the type of consumption, catering income was 2.8427 trillion yuan, up 11.0%; retail sales were 23.4751 trillion yuan, up 10.3%, of which retail sales per unit above the limit was 11.0717 trillion yuan, up 8.5%. Sales of consumer upgraded goods grew rapidly, with sports and entertainment goods growing by 17.4 percent, cosmetics by 12.1 percent, and construction and decoration materials by 12.6 percent. In September, the total volume of retail sales of consumer goods increased by 10.3% over the same period last year, 0.2 percentage points faster than the previous month and 0.90% higher than the previous month.
In the first three quarters, the country's online retail sales totaled 4.8787 trillion yuan, an increase of 34.2 percent over the same period last year, an increase of 8.1 percent over the same period last year. Of this total, online retail sales of physical goods totaled 3.6826 trillion yuan, up 29.1%, accounting for 14.0% of the total retail sales of consumer goods, an increase of 2.3% over the same period last year, while online retail sales of non-physical goods totaled 1.1961 trillion yuan, up 52.8%.
7、Imports and exports are growing rapidly, and the structure of foreign trade continues to improve.
In the first three quarters, imports and exports totaled 20.293 trillion yuan, an increase of 16.6 percent over the same period last year. Of this total, exports totaled 11.163 trillion yuan, up 12.4 percent, and imports totaled 9.1299 trillion yuan, up 22.3 percent. There is a balance between imports and exports, with a trade surplus of 2.0331 trillion yuan. The proportion of general trade imports and exports increased. In the first three quarters, general trade imports and exports increased by 18.1 percent, accounting for 56.6 percent of the total import and export volume, an increase of 0.7 percentage points over the same period last year. Mechanical and electrical products are still the main export force, with exports of mechanical and electrical products growing by 13.0% in the first three quarters, accounting for 57.5% of the total exports. With the rapid growth of imports and exports of some countries along the "Belt and Road Initiative" route, China's imports and exports to Russia, Poland and Kazakhstan increased by 27.7%, 24.8% and 41.1% respectively in the first three quarters. In September, imports and exports totaled 2.4589 trillion yuan, an increase of 13.6 percent over the same period last year. Of this total, exports totaled 1.326 trillion yuan, up 9.0 percent, and imports totaled 1.133 trillion yuan, up 19.5 percent.
In the first three quarters, the export delivery value of industrial enterprises above scale reached 9.427 trillion yuan, an increase of 10.7% over the same period last year. In September, the export delivery value of industrial enterprises above scale reached 1.1906 trillion yuan, an increase of 9.8%.
8、Consumer prices rose moderately, while prices of industrial products fluctuated.
In the first three quarters, consumer prices nationwide rose 1.5% compared with the same period last year. Of this total, it rose 1.6% in cities and 1.1% in rural areas. By category, the prices of food, tobacco and alcohol fell 0.6% compared with the same period last year, clothing rose 1.3%, housing rose 2.5%, daily necessities and services rose 0.9%, transportation and communications rose 1.1%, education, culture and entertainment rose 2.5%, health care rose 5.7%, and other supplies and services rose 2.6%. Among the prices of food, tobacco and alcohol, grain prices rose 1.5%, pork prices dropped 8.7%, and fresh vegetable prices dropped 8.8%. In September, consumer prices across the country rose 1.6% from a year earlier, 0.2 percentage points lower than the previous month and 0.5% higher than the previous month.
In the first three quarters, producer prices across the country rose 6.5% compared with the same period last year. In September, producer prices across the country rose 6.9% from a year earlier, an increase of 0.6 percentage points over the previous month and 1.0% from the previous month. In the first three quarters, the purchase price of industrial producers across the country rose 8.4% from a year earlier; in September, it rose 8.5% from a year earlier, up 1.2% from a month earlier.
9、The growth rate of residents' income has accelerated, and the income gap between urban and rural areas continues to narrow.
In the first three quarters, the per capita disposable income of residents across the country was 19342 yuan, an increase of 9.1 percent in nominal terms over the same period last year; after deducting the price factor, the real growth rate was 7.5 percent, 1.2 percentage points faster than that of the same period last year. According to the place of permanent residence, the per capita disposable income of urban residents was 27430 yuan, an increase of 6.6% in real terms after deducting the price factor, while the per capita disposable income of rural residents was 9778 yuan, an increase of 7.5% in real terms. The per capita income gap between urban and rural residents was 2.81, 0.01 lower than that of the same period last year. The median per capita disposable income of residents nationwide was 16780 yuan, an increase of 7.4 percent in nominal terms over the same period last year. The per capita consumer expenditure of residents nationwide was 13162 yuan, an increase of 7.5% in nominal terms over the same period last year, or 5.9% in real terms after deducting the price factor. At the end of the third quarter, the total number of migrant workers in rural areas was 179.69 million, an increase of 3.2 million, or 1.8 percent, over the same period last year. In the third quarter, the average monthly income of rural migrant workers was 3459 yuan, an increase of 7.0%.
10、New progress has been made in supply-side structural reform and new steps have been made in transformation and upgrading.
The "three go, one drop and one supplement" is progressing smoothly. The elimination of production capacity was accelerated, and the utilization rate of industrial capacity in the first three quarters was 76.6 percent, an increase of 3.5 percentage points over the same period last year. Inventory removal has achieved remarkable results, with the area for sale of commercial housing falling by 12.2% at the end of September compared with the same period last year. The effects of deleveraging and cost reduction continued to show. At the end of August, the asset-liability ratio of industrial enterprises above scale was 55.7%, down 0.7% from the same period last year; from January to August, the cost of industrial enterprises above scale was 85.68 yuan per 100 yuan of main business income, a decrease of 0.12 yuan compared with the same period last year. Investment in the short board sector grew rapidly. In the first three quarters, investment in ecological protection and environmental governance, public facilities management and agriculture increased by 25.0%, 23.7% and 16.2% respectively compared with the same period last year, which is 17.5%, 16.2% and 8.7% faster than the total investment respectively.
The leading role of the service industry has been strengthened, with the added value of the tertiary industry accounting for 52.9% of the GDP in the first three quarters, 12.8 percentage points higher than that of the secondary industry. Consumption has become the main driver of economic growth, and the contribution of final consumer spending to GDP growth in the first three quarters was 64.5%, an increase of 2.8 percentage points over the same period last year. New momentum accelerated growth. In the first three quarters, the added value of strategic emerging industries increased by 11.3% compared with the same period last year, 4.6 percentage points faster than industries of above scale. Green development made steady progress, with energy consumption per unit of GDP falling by 3.8% in the first three quarters compared with the same period last year.
Generally speaking, the situation of steady progress and steady improvement of the national economy in the first three quarters continued to develop, the favorable conditions supporting medium-and high-speed economic growth and moving towards the middle-to-high-end level continued to accumulate, and the sense of inclusiveness and achievement of development was significantly enhanced. it has laid a solid foundation for better achieving the expected goals of economic development for the whole year. However, it should also be noted that the international environment is still complex and changeable, the domestic economy is still in the transition period of structural adjustment, and the foundation for continued improvement needs to be further consolidated. In the next stage, under the guidance of the spirit of the 19th CPC National Congress, we should thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, pay close attention to the implementation of policies and reforms, and comprehensively do a good job in stabilizing growth, promoting reform, adjusting the structure, benefiting the people's livelihood, and preventing risks. We will promote sustained and healthy economic development and social harmony and stability.
Source: CCTV Finance and Economics