Indicators such as industry, services, consumption, and exports continue to improve——
The expected development goals for the whole year are expected to be well achieved (Rui Finance)
The country’s total grain output has stabilized at more than 1.3 trillion jins; the national industrial added value above designated size, the national service industry production index, and the total retail sales of consumer goods have accelerated year-on-year growth compared with the previous month; the export of goods has increased from a decrease… On December 15, The National Bureau of Statistics released the performance of the national economy in November.
Liu Aihua, spokesperson, chief economist and director of the National Economic Comprehensive Statistics Department of the National Bureau of Statistics, said at a press conference held by the State Council Information Office that day that the national economy rebounded for the better in November, with indicators such as industry, service industry, consumption, and exports. All are continuing to improve, high-quality development is solidly advanced, and the main expected development goals for the whole year are expected to be well achieved.
Production demand indicators are rising steadily
“As the effectiveness of macroeconomic policies continues to show, the main production demand indicators showed a steady and rising trend in November.” Liu Aihua introduced at the meeting.
——Production and supply have recovered steadily.
From an industrial perspective, the equipment manufacturing industry has strengthened its support and the growth rate of most industries has picked up. In November, the added value of industrial enterprises above designated size increased by 6.6% year-on-year, 2 percentage points faster than the previous month. Among them, the equipment manufacturing industry grew by 9.8%, driving the industry to accelerate by more than 1 percentage point. From the perspective of growth, the growth rate of more than 60% of industries and nearly half of products rebounded from the previous month.
From the perspective of the service industry, the contact service industry maintained recovery, the modern service industry grew steadily, and the service industry maintained rapid growth. In November, the service industry production index increased by 9.3% year-on-year, 1.6 percentage points faster than the previous month. Among them, the production index growth rate of wholesale and retail industry, accommodation and catering industry, information transmission software and information technology service industry all accelerated compared with the previous month.
——Domestic demand continues to recover.
From the perspective of consumption, sales of travel products have improved, service consumption potential has continued to be released, and market sales have shown good growth momentum. In November, the total retail sales of consumer goods increased by 10.1% year-on-year, 2.5 percentage points faster than the previous month. Among them, the retail sales of automobile products of units above designated size increased by 14.7%, which had an obvious driving effect. From January to November, service retail sales increased by 19.5% year-on-year, 0.5 percentage points faster than from January to October.
From the perspective of investment, manufacturing investment has increased steadily, investment in high-tech industries has grown rapidly, and the scale of fixed asset investment continues to expand. From January to November, fixed asset investment increased by 2.9% year-on-year, the same as from January to October. Among them, manufacturing investment increased by 6.3% from January to November, 0.1 percentage point faster than that from January to October. From January to November, investment in high-tech industries increased by 10.5% year-on-year, maintaining rapid growth.
The results of innovation leadership continue to show
While production demand indicators are improving, high-quality economic development is also solidly advancing.
On the one hand, employment prices are generally stable. In November, the national urban surveyed unemployment rate was 5%, the same as last month, and has generally declined this year. From the perspective of key employment groups, the employment of migrant workers has improved. The surveyed urban unemployment rate of migrant agricultural registered laborers in November was 4.4%, which is at a low level in recent years.
Looking at prices, core CPI remains stable. In November, core CPI excluding food and energy rose 0.6% year-on-year, the same increase as last month. The supply of key people’s livelihood commodities is sufficient, and prices are generally stable but declining.
“The overall recovery of economic operations, especially the continued recovery of demand, will help improve the operating conditions of low prices.” Liu Aihua said that with the implementation of policies to expand domestic demand, consumption will gradually shift from post-epidemic recovery to continued expansion. There are effective problems in the current economic operation. The problem of insufficient demand is expected to be gradually alleviated, the operating conditions of low prices will also be improved, and deflation will not occur.
On the other hand, the results of innovation leadership continue to show. In November, the added value of high-tech manufacturing above designated size increased by 6.2% year-on-year, 4.4 percentage points faster than last month; the output of new energy vehicles, solar cells and other new energy products increased by 35.6% and 44.5% year-on-year respectively; ultra-white for solar industry The output of green material products such as glass and monocrystalline silicon increased by more than 30% respectively.
In addition, new consumption formats are active. From January to November, online retail sales of physical goods increased by 8.3% year-on-year, accounting for 27.5% of the total retail sales of consumer goods. According to statistics from relevant departments, express delivery business volume exceeded 120 billion items for the first time in early December, setting another record high.
“The national economy as a whole has continued to recover and improve, laying a very solid foundation for achieving the full-year development goals.” Liu Aihua said.
Favorable conditions outweigh disadvantages
Recently, many international organizations and financial institutions have raised their economic forecasts for China. The OECD raised its forecast for China’s economic growth this year to 5.2%, and the International Monetary Fund raised it to 5.4%. The International Monetary Fund predicts that China’s contribution to global economic growth will exceed 30% this year and will remain an important engine for stable growth of the world economy.
“Since the beginning of this year, against the background of slow global economic recovery and weakened development momentum, our country has overcome various internal and external difficulties and challenges, and the economic performance has rebounded for the better.” Liu Aihua said that judging from the situation in the first 11 months, the expected development target for the whole year is expected to be relatively high. Easy to implement.
Looking at the main macro indicators, the GDP in the first three quarters increased by 5.2% year-on-year, and the growth rate remains the leading among the world’s major economies. From January to November, consumer prices rose by 0.3% year-on-year, and the average urban surveyed unemployment rate remained generally stable at 5.2%, demonstrating the resilience and potential of China’s economic development.
Liu Aihua said that looking into the future, the internal and external environment facing my country’s development is still complex and severe, and some difficulties and challenges need to be overcome to further promote economic recovery. However, China’s economic development still has good support and favorable conditions: a vast market space, a complete industrial system, a solid material and technological foundation, a continuously increasing talent dividend, continuous advancement of transformation and upgrading, continuous deepening of reform and opening up, large macro policy space, and long-term positive trends. The basic trend has not changed.
“Taken together, the favorable conditions facing my country’s economic development are stronger than the unfavorable factors, and the economic rebound will continue to be consolidated and strengthened.” Liu Aihua said. (People’s Daily Overseas Edition)
2023-12-17 20:39:31
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