The national economy was generally stable in July, with steady progress
2024-08-16
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The national economy was generally stable in July, with steady progress
(August 15, 2024)
National Bureau of Statistics
In July, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments conscientiously implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general working tone of seeking progress while maintaining stability, fully, accurately and comprehensively implemented the new development concept, strengthened macro-control, and effectively responded to risks and challenges. The economy operated generally smoothly and made progress in stability. Production and demand continued to recover, employment and prices were generally stable, new momentum continued to be cultivated and strengthened, and high-quality development was steadily promoted.
1. Industry maintained rapid growth, with equipment manufacturing and high-tech manufacturing growing faster
In July, the added value of industrial enterprises above designated size increased by 5.1% year-on-year, down 0.2 percentage points from the previous month; up 0.35% month-on-month. In terms of the three major categories, the added value of mining industry increased by 4.6% year-on-year, the manufacturing industry increased by 5.3%, and the production and supply of electricity, heat, gas and water increased by 4.0%. The added value of equipment manufacturing industry increased by 7.3%, and the added value of high-tech manufacturing industry increased by 10.0%, respectively 0.4 and 1.2 percentage points faster than the previous month. In terms of economic types, the added value of state-controlled enterprises increased by 3.5% year-on-year; joint-stock enterprises increased by 5.4%, foreign-invested enterprises and Hong Kong, Macao and Taiwan-invested enterprises increased by 4.2%; private enterprises increased by 5.2%. In terms of products, the output of new energy vehicles, integrated circuits, and 3D printing equipment products increased by 27.8%, 26.9%, and 25.3% year-on-year respectively. From January to July, the added value of industrial enterprises above designated size increased by 5.9% year-on-year. In July, the manufacturing purchasing managers' index was 49.4%, and the enterprise production and operation activity expectation index was 53.1%. From January to June, the total profits of industrial enterprises above designated size nationwide reached 3.511 trillion yuan, a year-on-year increase of 3.5%.
2. The service industry continued to recover, and modern service industry developed well.
In July, the national service industry production index increased by 4.8% year-on-year, 0.1 percentage point faster than the previous month. In terms of industries, the production index of information transmission, software and information technology services, leasing and business services, transportation, warehousing and postal services, and financial services increased by 12.6%, 9.0%, 5.3%, and 5.1% year-on-year, respectively, 7.8, 4.2, 0.5, and 0.3 percentage points faster than the service industry production index. From January to July, the national service industry production index increased by 4.9% year-on-year. From January to June, the operating income of service enterprises above designated size increased by 7.2% year-on-year. In July, the business activity index of the service industry was 50.0%; the business activity expectation index of the service industry was 56.6%. Among them, the business activity index of railway transportation, air transportation, postal services, telecommunications, radio and television, and satellite transmission services, culture, sports and entertainment industries was in a high prosperity range above 55.0%.
3. Market sales growth rebounded, with sales of upgraded products growing faster
In July, the total retail sales of consumer goods reached 3775.7 billion yuan, a year-on-year increase of 2.7%, 0.7 percentage points faster than the previous month; a month-on-month increase of 0.35%. By location of business units, the retail sales of consumer goods in urban areas reached 3269.1 billion yuan, a year-on-year increase of 2.4%; the retail sales of consumer goods in rural areas reached 506.6 billion yuan, an increase of 4.6%. By consumption type, the retail sales of goods reached 3335.4 billion yuan, an increase of 2.7%; the catering revenue reached 440.3 billion yuan, an increase of 3.0%. The sales of basic living goods were good, and the retail sales of grain, oil, food, and beverages in units above the designated size increased by 9.9% and 6.1% respectively. The sales of some upgraded goods increased rapidly, and the retail sales of communication equipment, sports and entertainment products in units above the designated size increased by 12.7% and 10.7% respectively. From January to July, the total retail sales of consumer goods reached 27372.6 billion yuan, a year-on-year increase of 3.5%. The national online retail sales reached 8378.4 billion yuan, a year-on-year increase of 9.5%. Among them, the online retail sales of physical goods reached 7009.3 billion yuan, an increase of 8.7%, accounting for 25.6% of the total retail sales of consumer goods. From January to July, the retail sales of services increased by 7.2% year-on-year.
IV. The scale of fixed asset investment expanded, and investment in high-tech industries grew rapidly.
From January to July, the national fixed asset investment (excluding farmers) was 28,761.1 billion yuan, a year-on-year increase of 3.6%, down 0.3 percentage points from January to June; excluding real estate development investment, the national fixed asset investment increased by 8.0%. In terms of different sectors, infrastructure investment increased by 4.9% year-on-year, manufacturing investment increased by 9.3%, and real estate development investment decreased by 10.2%. The sales area of new commercial housing in the country was 541.49 million square meters, a year-on-year decrease of 18.6%; the sales volume of new commercial housing was 5,333 billion yuan, a decrease of 24.3%. In terms of different industries, investment in the primary industry increased by 3.3% year-on-year, investment in the secondary industry increased by 12.5%, and investment in the tertiary industry decreased by 0.7%. Private investment remained the same year-on-year; excluding real estate development investment, private investment increased by 6.5%. Investment in high-tech industries increased by 10.4% year-on-year, of which investment in high-tech manufacturing and high-tech services increased by 9.7% and 11.9% respectively. In the high-tech manufacturing industry, investment in aviation, spacecraft and equipment manufacturing, and computer and office equipment manufacturing increased by 37.7% and 10.8% respectively; in the high-tech service industry, investment in professional technical services and e-commerce services increased by 25.4% and 17.9% respectively. In July, fixed asset investment (excluding farmers) decreased by 0.17% month-on-month.
5. Imports and exports of goods grew rapidly, and the trade structure continued to improve.
In July, the total import and export of goods was 3675.8 billion yuan, up 6.5% year-on-year, 0.7 percentage points faster than the previous month. Among them, exports were 2138.9 billion yuan, up 6.5%; imports were 1536.9 billion yuan, up 6.6%. After deducting imports and exports, the trade surplus was 601.9 billion yuan. From January to July, the total import and export of goods was 24833.5 billion yuan, up 6.2%. Among them, exports were 14257.3 billion yuan, up 6.7%; imports were 10576.2 billion yuan, up 5.4%. From January to July, general trade imports and exports increased by 4.9%, accounting for 64.7% of the total import and export volume. Imports and exports of private enterprises increased by 10.9%, accounting for 55.1% of the total import and export volume, 2.3 percentage points higher than the same period last year. The export of mechanical and electrical products increased by 8.3%, accounting for 59.0% of the total export volume.
VI. The employment situation was generally stable, and the urban surveyed unemployment rate rose seasonally.
From January to July, the national urban survey unemployment rate averaged 5.1%, down 0.2 percentage points from the same period last year. In July, the national urban survey unemployment rate was 5.2%, up 0.2 percentage points from the previous month and down 0.1 percentage points from the same month last year. The survey unemployment rate of local registered labor force was 5.2%; the survey unemployment rate of migrant registered labor force was 5.1%, of which the survey unemployment rate of migrant agricultural registered labor force was 4.9%. The urban survey unemployment rate of 31 major cities was 5.3%, up 0.4 percentage points from the previous month and down 0.1 percentage points from the same month last year. The average weekly working hours of employees in enterprises nationwide was 48.7 hours.
VII. Consumer prices rebounded moderately, while industrial producer prices continued to decline
In July, the national consumer price index (CPI) rose by 0.5% year-on-year, an increase of 0.3 percentage points from the previous month; it rose by 0.5% month-on-month. By category, the prices of food, tobacco and alcohol rose by 0.2% year-on-year, clothing prices rose by 1.5%, housing prices rose by 0.1%, daily necessities and services prices rose by 0.7%, transportation and communication prices fell by 0.6%, education, culture and entertainment prices rose by 1.7%, medical care prices rose by 1.4%, and other goods and services prices rose by 4.0%. Among the prices of food, tobacco and alcohol, the price of fresh fruit fell by 4.2%, the price of grain rose by 0.1%, the price of fresh vegetables rose by 3.3%, and the price of pork rose by 20.4%. The core CPI, excluding food and energy prices, rose by 0.4% year-on-year. From January to July, the national consumer price index rose by 0.2% year-on-year.
In July, the national industrial producer prices fell by 0.8% year-on-year and 0.2% month-on-month; the national industrial producer purchase prices fell by 0.1% year-on-year and month-on-month. From January to July, the national industrial producer prices and purchase prices fell by 2.0% and 2.2% year-on-year respectively.
In general, in July, the economy was generally stable, with steady progress, and high-quality development was steadily promoted. However, we should also see that the adverse effects of the current changes in the external environment have increased, domestic effective demand is still insufficient, there are pains in the transformation of new and old drivers, and the continued recovery of the economy still faces many difficulties and challenges. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee, adhere to the general tone of work of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, develop new quality productivity according to local conditions, focus on promoting high-quality development, further comprehensively deepen reform around promoting Chinese-style modernization, increase macro-control efforts, implement various policy measures in detail, and consolidate the foundation for the continued recovery of the economy.
Notes
(1) The growth rates of value added of industrial enterprises above designated size and its sub-items are calculated at comparable prices, which are real growth rates. Other indicators are calculated at current prices, which are nominal growth rates unless otherwise specified.
(2) The statistical scope of industrial enterprises above designated size refers to industrial enterprises with annual principal business revenue of RMB 20 million and above.
Since the scope of industrial enterprises above designated size changes every year, in order to ensure that the data of this year is comparable with that of the previous year, the same period used to calculate the year-on-year growth rate of various indicators such as product output is as consistent as possible with the statistical scope of enterprises in this period, and there are differences in caliber from the data published last year. The main reasons are: First, the scope of statistical units has changed. Every year, some enterprises have reached the scale to be included in the survey scope, and some enterprises have withdrawn from the survey scope due to their smaller scale. There are also new and put into production enterprises, bankruptcies, and enterprises with cancellation (registration) and other influences. Second, there is a phenomenon of cross-regional duplication of product output data of some enterprise groups (companies). According to the special survey, the cross-regional duplicate output of enterprise groups (companies) has been eliminated.
(3) The service industry production index refers to the output change of the service industry in the reporting period relative to the base period after excluding price factors.
(4) The statistical scope of total retail sales of consumer goods is legal entities, industrial activity units and self-employed individuals engaged in commodity retail activities or providing catering services. Among them, units above designated size refer to wholesale enterprises (units, self-employed individuals) with annual principal business revenue of RMB 20 million and above, retail enterprises (units, self-employed individuals) with annual principal business revenue of RMB 5 million and above, and accommodation and catering enterprises (units, self-employed individuals) with annual principal business revenue of RMB 2 million and above.
As the scope of enterprises (units, self-employed households) above the designated size in wholesale and retail, accommodation and catering industries changes every year, in order to ensure that the data of this year is comparable with that of the previous year, the same period of the data used to calculate the year-on-year growth rate of various indicators such as the retail sales of consumer goods above the designated size is consistent with the statistical scope of enterprises (units, self-employed households) in this period, and there is a difference in caliber from the data published last year. The main reason is that every year some enterprises (units, self-employed households) meet the designated size standards and are included in the survey scope, while some enterprises (units, self-employed households) withdraw from the survey scope due to their smaller scale and failure to meet the designated size standards, as well as the impact of newly opened enterprises, bankruptcies, and deregistered (revoked) enterprises (units, self-employed households).
Online retail sales refer to the sum of the retail sales of goods and services achieved through public online trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (such as virtual goods, service goods, etc.).
The total retail sales of consumer goods include online retail sales of physical goods, but exclude online retail sales of non-physical goods.
(5) Retail sales of services refers to the total value of services provided directly by enterprises (industrial units and self-employed individuals) to individuals and other units for non-production and non-business purposes in the form of transactions. It aims to reflect the value of services sold by service providers in monetary form for consumption, including the retail sales of service activities in the fields of transportation, accommodation, catering, education, health, sports, and entertainment.
(6) The growth rate of fixed asset investment is calculated on a comparable basis.
(7) Import and export data are from the General Administration of Customs.
(8) Employed persons refer to persons aged 16 or above, who have the ability to work and are engaged in certain social labor in order to obtain labor remuneration or business income.
(9) Due to rounding, the total of some data may not be equal to the total of sub-items.
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Source: National Bureau of Statistics website
