Source: National Bureau of Statistics
The national economy was running smoothly in April, and major indicators such as industry, exports, employment, and commodity prices generally improved.
On May 17, the National Bureau of Statistics released economic data for April.
According to the data, the total retail sales of social consumer goods in April was 3569.9 billion yuan, up 2.3% year on year; in April, the actual value added of industries above scale increased 6.7% year on year; from January to April, the country's fixed asset investment (excluding farmers) was 14340.1 billion yuan, up 4.2% year on year; in April, total import and export of goods was 36389 billion yuan, up 8.0% year on year.
Total retail sales of consumer goods increased by 2.3% in April
In April, total retail sales of consumer goods amounted to 3569.9 billion yuan, an increase of 2.3% over the previous year. Among them, retail sales of consumer goods other than automobiles amounted to 3219.6 billion yuan, an increase of 3.2%.
From January to April, total retail sales of consumer goods amounted to 15602.6 billion yuan, an increase of 4.1% over the previous year. Among them, retail sales of consumer goods other than automobiles amounted to 14139.6 billion yuan, an increase of 4.3%.
According to the location of the business unit, in April, retail sales of urban consumer goods amounted to 3102.6 billion yuan, an increase of 2.1% over the previous year; retail sales of rural consumer goods amounted to 467.3 billion yuan, an increase of 3.5%. From January to April, retail sales of urban consumer goods amounted to 135.30.7 billion yuan, an increase of 4.0%; retail sales of rural consumer goods amounted to 2071.9 billion yuan, an increase of 4.8%.
By type of consumption, in April, retail sales of goods amounted to 3178.4 billion yuan, an increase of 2.0% over the previous year; food and beverage revenue was 391.5 billion yuan, an increase of 4.4%. From January to April, retail sales of goods amounted to 13866.6 billion yuan, an increase of 3.5%; food and beverage revenue was 1736 billion yuan, an increase of 9.3%.
According to the retail sector, from January to April, retail sales of specialty stores, convenience stores, and supermarkets among retail units above the limit increased by 5.7%, 4.8%, and 1.8% year-on-year, respectively, while retail sales of department stores and brand specialty stores decreased by 3.5% and 0.6%, respectively.
From January to April, online retail sales nationwide reached 4411 billion yuan, an increase of 11.5% over the previous year. Among them, online retail sales of physical goods reached 3735.6 billion yuan, an increase of 11.1%, accounting for 23.9% of the total retail sales of social consumer goods; in online retail sales of physical goods, food, clothing, and consumer goods increased by 19.2%, 10.5%, and 9.8%, respectively.
National fixed asset investment increased 4.2% from January to April
From January to April 2024, the country's fixed asset investment (excluding rural households) was 14340.1 billion yuan, up 4.2% year on year (based on a comparable scale, see note 7 for details). Among them, private fixed asset investment was 7391.3 billion yuan, an increase of 0.3% year on year. On a month-on-month basis, fixed asset investment (excluding rural households) fell 0.03% in April.
By industry, the primary sector invested 263.6 billion yuan, an increase of 1.9% over the previous year; the secondary sector invested 4763.4 billion yuan, an increase of 13.0%; and the tertiary sector invested 9313.1 billion yuan, an increase of 0.3%.
In the secondary sector, industrial investment increased 13.1% year over year. Among them, investment in the mining industry increased by 21.3%, investment in manufacturing increased by 9.7%, and investment in electricity, heat, gas and water production and supply increased by 26.2%.
In the tertiary sector, infrastructure investment (excluding electricity, heat, gas and water production and supply) increased 6.0% year over year. Among them, investment in the air transport industry increased by 24.6%, investment in railway transportation increased by 19.5%, and investment in water management increased by 16.1%.
By region, investment in the eastern region increased 4.8% year on year, investment in the central region increased 4.0%, investment in the western region increased 0.6%, and investment in the northeast region increased 6.4%.
By registration type, investment in domestic enterprises increased by 4.2% year on year, investment by Hong Kong, Macao and Taiwan enterprises increased by 6.4%, and investment in foreign enterprises decreased by 15.2%.
Energy production in April 2024
In April, production of raw coal, crude oil, natural gas, and electricity in industries above scale (hereinafter referred to as regulated industries) was generally stable.
I. Production of raw coal, crude oil and natural gas and related conditions
The decline in raw coal production has narrowed, and imports have clearly rebounded. In April, industrial raw coal production was 370 million tons, down 2.9% year on year. The decline was 1.3 percentage points narrower than in March; the average daily output was 12.39 million tons. 45.25 million tons of coal were imported, up 11.3% year on year.
From January to April, industrial raw coal production was 1.48 billion tons, a year-on-year decrease of 3.5%. Imports of 160 million tons of coal increased 13.1% year over year.
Crude oil production grew steadily, and imports changed from decline to increase. In April, industrial crude oil production was 17.47 million tons, up 1.3% year on year. The growth rate was 0.1 percentage points faster than in March; the average daily output was 582,000 tons. Imported crude oil was 44.72 million tons, up 5.9% year on year.
From January to April, industrial crude oil production was 70.95 million tons according to regulations, an increase of 2.1% over the previous year. Imports of crude oil amounted to 182.07 million tons, a year-on-year increase of 2.0%.
Crude oil processing has declined. In April, the amount of industrial crude oil processed according to regulations was 58.79 million tons, a year-on-year decrease of 3.3%. In March, there was an increase of 1.3%; 1.96 million tons were processed per day. From January to April, the amount of industrial crude oil processed according to regulations was 241.26 million tons, an increase of 1.1% over the previous year.
Natural gas production has been growing steadily, and imports have maintained a relatively rapid growth rate. In April, industrial natural gas production was 19.8 billion cubic meters, up 3.2% year on year, and the growth rate was 1.3 percentage points slower than in March; the average daily output was 660 million cubic meters. Imports of 10.3 million tons of natural gas increased 15.1% year over year.
From January to April, industrial natural gas production was 83 billion cubic meters, an increase of 5.0% over the previous year. The import of natural gas was 43 million tons, an increase of 20.7% over the previous year.
II. Electricity production situation
The growth rate of electricity production has accelerated. In April, industrial power generation was 690.1 billion kilowatt-hours, up 3.1% year on year, 0.3 percentage points faster than in March; the average daily power generation rate was 23.1 billion kilowatt-hours. From January to April, the regulated industrial power generation capacity was 2932.9 billion kilowatt-hours, an increase of 6.1% over the previous year.
By type, in April, the growth rate of industrial thermal power, hydropower, and solar power generation accelerated according to regulations. Nuclear power declined from decline to increase, and wind power declined year on year. Among them, regulated industrial thermal power increased 1.3% year on year, 0.8 percentage points faster than in March; industrial hydropower grew 21.0%, 17.9 percentage points faster than in March; regulated industrial nuclear power grew 5.9%, down 4.8% in March; regulated industrial wind power fell 8.4%, up 16.8% in March; and industrial solar power grew 21.4%, 5.6 percentage points faster than March.
The operation of the national economy continued to improve in April
In April, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, departments in all regions earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general tone of steady progress, implemented the new development concept completely, accurately and comprehensively, accelerated the construction of a new development pattern, solidly promoted high-quality development, increased the implementation of macroeconomic policies, steady growth in production demand, overall employment prices improved, and social expectations continued to improve. High quality development progressed steadily, and the overall operation of the national economy continued to improve.
1. Industrial production is accelerating, and the equipment manufacturing industry and high-tech manufacturing industry are growing rapidly
In April, the value added of industries above the national scale increased 6.7% year on year, 2.2 percentage points faster than the previous month; the month-on-month increase was 0.97%. Looking at the three major categories, the value added of the mining industry increased by 2.0% year on year, the manufacturing industry grew by 7.5%, and the production and supply of electricity, heat, gas and water increased by 5.8%. The value added of the equipment manufacturing industry increased by 9.9%, 3.9 percentage points faster than the previous month; the value added of the high-tech manufacturing industry increased by 11.3%, 3.7 percentage points faster. By type of economy, the value added of state-owned enterprises increased by 5.4%; joint-stock enterprises increased by 6.9%; foreign-invested enterprises, Hong Kong, Macao and Taiwan grew by 6.2%; and private enterprises increased by 6.3%. By product, production of 3D printing equipment, new energy vehicles, and integrated circuit products increased by 55.0%, 39.2%, and 31.9%, respectively, over the same period last year. In January-April, the value added of industries above the national scale increased by 6.3% year-on-year, 0.2 percentage points faster than in January-March. In April, the manufacturing purchasing managers' index was 50.4%, and the expected index of enterprise production and operation activity was 55.2%. In January-March, industrial enterprises above the national scale achieved a total profit of 1505.5 billion yuan, an increase of 4.3% over the previous year.
2. The service industry continues to recover, and the modern service industry is developing well
In April, the national service industry production index increased by 3.5% year on year. By industry, production indices for information transmission, software and information technology services, leasing and business services, finance, transportation, warehousing, and postal services increased 10.8%, 6.1%, 5.4%, and 4.3% year-on-year respectively, faster than the service production index by 7.3, 2.6, 1.9, and 0.8 percentage points, respectively. In January-April, the national service industry production index increased 5.0% year on year. In January-March, the revenue of large-scale service enterprises increased by 8.5% year-on-year. In April, the index of business activity in the service sector was 50.3%; the expected index of business activity in the service sector was 57.4%. Among them, the index of business activity in industries such as railway transportation, road transport, postal services, telecommunications, radio and television, and satellite transmission services is in a high boom range of 55.0% or more.
3. Market sales continue to grow, and service consumption is growing well
In April, total retail sales of consumer goods amounted to 3569.9 billion yuan, up 2.3% year on year; up 0.03% month on month. According to the location of the business unit, retail sales of urban consumer goods amounted to 3102.6 billion yuan, an increase of 2.1% over the previous year; retail sales of rural consumer goods amounted to 467.3 billion yuan, an increase of 3.5%. By type of consumption, retail sales of goods amounted to 3178.4 billion yuan, an increase of 2.0%; food and beverage revenue was 391.5 billion yuan, an increase of 4.4%. Sales of basic lifestyle products and some upgraded products grew rapidly. Retail sales of communication equipment, sports and entertainment products, food, and beverage products in units above the limit increased by 13.3%, 12.7%, 8.5%, and 6.4%, respectively. In January-April, total retail sales of consumer goods amounted to 15602.6 billion yuan, an increase of 4.1% over the previous year. Online retail sales nationwide reached 4411 billion yuan, an increase of 11.5% over the previous year. Among them, online retail sales of physical goods reached 3735.6 billion yuan, an increase of 11.1%, accounting for 23.9% of total retail sales of social consumer goods. In January-April, retail sales of services increased by 8.4% year-on-year.
4. The scale of fixed asset investment is expanding, and investment in high-tech industries is growing faster
From January to April, the country's fixed asset investment (excluding rural households) was 14340.1 billion yuan, an increase of 4.2% over the previous year; after deducting investment in real estate development, the country's fixed asset investment increased by 8.9%. By sector, infrastructure investment increased 6.0% year on year, manufacturing investment increased 9.7%, and real estate development investment declined 9.8%. The sales area of newly built commercial housing nationwide was 292.52 million square meters, a year-on-year decrease of 20.2%; sales of newly built commercial housing amounted to 286.7 billion yuan, a decrease of 28.3%. By industry, investment in the primary sector increased 1.9% year on year, investment in the secondary sector increased by 13.0%, and investment in the tertiary sector increased by 0.3%. Private investment increased by 0.3%; after deducting investment in real estate development, private investment increased by 7.2%. Investment in high-tech industries increased by 11.1% year-on-year, with investment in high-tech manufacturing and high-tech services increasing by 9.7% and 14.5% respectively. In the high-tech manufacturing industry, investment in aviation, spacecraft and equipment manufacturing, and computer and office equipment manufacturing increased by 49.6% and 10.2% respectively; in the high-tech service industry, investment in e-commerce services and information services increased by 27.6% and 19.9% respectively. In April, fixed asset investment (excluding rural households) fell 0.03% month-on-month.
5. Import and export of goods are growing rapidly, and the trade structure continues to be optimized
In April, the total import and export volume of goods was 3638.9 billion yuan, an increase of 8.0% over the previous year. Among them, exports amounted to 2076.2 billion yuan, an increase of 5.1%, and imports amounted to 1562.7 billion yuan, an increase of 12.2%. Imports and exports offset the trade surplus of 513.5 billion yuan. From January to April, the total import and export volume of goods was 13805.3 billion yuan, an increase of 5.7%. Among them, exports amounted to 7811.3 billion yuan, an increase of 4.9%; imports amounted to 599.4 billion yuan, an increase of 6.8%. In January-April, general trade imports and exports increased by 5.3%, accounting for 65.1% of total imports and exports. Private enterprise imports and exports increased by 10.7%, accounting for 54.6% of total imports and exports, an increase of 2.5 percentage points over the same period last year. Exports of mechanical and electrical products increased by 6.9%, accounting for 59.2% of total exports.
6. The employment situation is generally stable, and the urban survey unemployment rate has declined
In January-April, the average unemployment rate in the national urban survey was 5.2 percent, down 0.2 percentage points from the same period last year. In April, the unemployment rate in the national urban survey was 5.0%, down 0.2 percentage points from the previous month and the same month of the previous year. The unemployment rate in the local household registration labor force survey was 5.1%; the unemployment rate in the foreign household registration labor survey was 4.9%, of which the unemployment rate in the foreign agricultural household registration labor survey was 4.5%. The unemployment rate in the urban survey of 31 major cities was 5.0%. The average weekly working time of employees in enterprises across the country is 48.5 hours.
7. The year-on-year increase in consumer prices was steady and steady, while the year-on-year decline in industrial producer prices narrowed
In April, the national consumer price (CPI) rose 0.3% year on year, an increase of 0.2 percentage points over the previous month; it rose 0.1% month-on-month and fell 1.0% last month. By category, the price of food, tobacco and alcohol fell 1.4% year on year, the price of clothing rose 1.6%, the price of housing rose 0.2%, the price of household goods and services rose 1.4%, the price of transportation and communication rose 0.1%, the price of education, culture and entertainment rose 1.8%, the price of health care rose 1.6%, and the price of other goods and services rose 3.8%. Among food, tobacco and alcohol prices, the price of fresh fruit decreased by 9.7%, the price of food increased by 0.5%, the price of fresh vegetables increased by 1.3%, and the price of pork increased by 1.4%. After deducting food and energy prices, the core CPI rose 0.7% year over year, an increase of 0.1 percentage points over the previous month. In January-April, national consumer prices rose 0.1% year on year.
In April, the ex-factory prices of industrial producers across the country fell 2.5% year on year. The decline was 0.3 percentage points narrower than the previous month; it fell 0.2% month on month. The purchase price of industrial producers across the country fell 3.0% year on year and 0.3% month on month. In January-April, the ex-factory price and purchase price of industrial producers across the country decreased by 2.7% and 3.3%, respectively.
Overall, the national economy was running smoothly in April. Although the growth rate of some indicators was affected by the wrong month of holidays and a higher base in the same period last year, the main indicators such as industry, exports, employment, and commodity prices generally improved. The new momentum maintained relatively rapid growth, and the national economy continued to rise to a positive trend, and positive factors increased cumulatively. However, it is also important to note that the complexity, severity, and uncertainty of the external environment have clearly increased, and the economy continues to recover and is still facing many difficult challenges. In the next stage, we must adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, fully implement the spirit of the Politburo meeting, adhere to the general tone of steady progress, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, focus on promoting high-quality development, make efforts to effectively implement established macroeconomic policies, consolidate and enhance the positive trend of economic recovery, and continue to promote effective qualitative improvement and reasonable quantitative growth of the economy.
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