Original title: The overall national economy continued to recover in the first three quarters
On October 18, the National Bureau of Statistics introduced the performance of the national economy in the first three quarters of 2023 and reported major economic indicators. Looking at the macroeconomic performance report card for the first three quarters, many indicators are remarkable and show positive changes. China’s economic recovery has become more obvious.
In the first three quarters, the national economy withstood the downward pressure brought about by the combination of multiple factors and continued to recover overall. Looking at the growth rate, the gross domestic product (GDP) in the first three quarters was 91.3027 billion yuan, a year-on-year increase of 5.2%. On a quarter-on-quarter basis, GDP grew by 1.3% quarter-on-quarter in the third quarter, 0.8 percentage points faster than the second quarter. Whether it is the year-on-year GDP growth rate in the third quarter or the cumulative growth rate in the first three quarters, my country ranks among the best among major economies. Looking at foreign trade, against the background of the downturn in world economic fluctuations and the overall contraction of external demand, the total import and export volume in the first three quarters was basically the same as the same period last year, and foreign trade was better than expected. Consumption vitality and potential have been demonstrated. During the Mid-Autumn Festival and National Day holidays that just passed, the number of travelers, tourism consumption, and accommodation and catering income all maintained strong growth momentum. In the first three quarters, the total retail sales of consumer goods and service consumption data have improved, showing that the market vitality and activity have increased. These remarkable data allow us to see that China’s economy is highly resilient, dynamic and has great potential. It not only lays a solid foundation for achieving the expected target of 5% for the whole year, but also provides strong confidence and confidence for the long-term development of our economy.
In the first three quarters, China’s economy not only achieved reasonable growth in quantity, but also continued to show effective improvement in quality. Exports of the “three new items” of new energy vehicles, lithium batteries, and photovoltaic cells continued to maintain a rapid growth momentum; investment in high-tech industries increased by 11.4%; PMI returned to the expansion range, corporate profit growth improved, and the industrial economy stabilized and rebounded; the income of national residents was stable Growth and higher than GDP growth… data after data and curve after curve show that striving to achieve high-quality development is a distinctive feature of economic operation in the first three quarters.
To judge whether the endogenous kinetic energy for development is strong, we must also observe whether the business entities are vigorous or not. The private economy is a new force in promoting Chinese-style modernization, and private enterprises account for more than 90% of the total number of enterprises. Since the beginning of this year, many policies to promote the development of the private economy have been introduced from the central to local governments. The development of the private economy in the first three quarters has shown positive changes. In terms of import and export, the import and export of private enterprises increased by 6.1% in the first three quarters, accounting for 53.1% of the total import and export volume. In terms of investment, although private investment fell by 0.6% year-on-year in the first three quarters, the decline was 0.1 percentage points narrower than that from January to August; if real estate investment is excluded, private investment grew by 9.1%. A survey conducted by the National Bureau of Statistics of 59,000 small and micro enterprises showed that the production orders and operating conditions of enterprises have generally improved, and the prosperity index increased by 1.5 percentage points month-on-month. With the continued effectiveness of relevant policies, the private economy has generally maintained a good recovery trend.
The strong wind knows the strong grass, and the fierce fire knows the true gold. In the first three quarters, China’s economy continued to recover and high-quality development was solidly advanced. It should also be noted that the external environment is becoming more complex and severe, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated. Economic recovery has always been a process of wave-like development and tortuous progress. The positive changes in the economic field also require us to continue to observe, continue to pay close attention to policy implementation, and follow up in a timely manner to further solidify the foundation for a stable economic recovery. Looking forward to the fourth quarter, we are confident that the expected goals for economic and social development this year will be achieved. (Zhao Jing)
2023-10-20 07:00:00
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