The Zhitong Finance App learned that on October 19, data from the National Bureau of Statistics showed that according to preliminary accounting, the gross domestic product for the first three quarters was 107.07.1 billion yuan, an increase of 4.6% over the previous year at constant prices. By industry, the primary sector added value of 589.4 billion yuan, an increase of 3.7% over the previous year; the secondary sector added value of 38382.2 billion yuan, an increase of 3.8%; and the tertiary sector added value of 62825.5 billion yuan, an increase of 5.2%. On a quarterly basis, GDP grew 5.0% year on year in the first quarter, 4.3% in the second quarter, and 4.5% in the third quarter. On a month-on-month basis, the gross domestic product grew by 1.2% in the third quarter.
The full text is as follows:
The economy was generally running smoothly and high-quality development achieved new results in the first three quarters
In the first three quarters, 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, stepped up macroeconomic policy adjustments, focused on deepening reform and opening-up, cultivating and expanding new productivity according to local conditions, effectively mitigating hidden risks, and maintained a steady operation in the national economy despite pressure, showing a trend of rapid growth in production and supply, good growth in foreign trade, good growth in foreign trade, and overall stable employment prices. Development resilience and vitality continue to be demonstrated.
According to preliminary accounting, the gross domestic product for the first three quarters was 107107.1 billion yuan, an increase of 4.6% over the previous year at constant prices. By industry, the primary sector added value of 589.4 billion yuan, an increase of 3.7% over the previous year; the secondary sector added value of 38382.2 billion yuan, an increase of 3.8%; and the tertiary sector added value of 62825.5 billion yuan, an increase of 5.2%. On a quarterly basis, GDP grew 5.0% year on year in the first quarter, 4.3% in the second quarter, and 4.5% in the third quarter. On a month-on-month basis, the gross domestic product grew by 1.2% in the third quarter.
1. The agricultural production situation is relatively good, and the animal husbandry industry is growing steadily
In the first three quarters, agricultural (planting) value added increased by 3.6% year-on-year. The total production of summer grains and early rice in the country was 179.04 million tons, an increase of 780,000 tons over the previous year, an increase of 0.4%. The production situation of autumn grains is good, and it is expected that there will be another good harvest throughout the year. In the first three quarters, pork, beef, lamb and poultry production was 76.27 million tons, up 4.3% year on year. Among them, pork and poultry production increased by 3.2% and 9.3% respectively, beef and lamb production decreased by 0.7% and 3.7% respectively; milk production increased by 2.4%, and egg production decreased by 1.7%. At the end of the third quarter, 425.33 million pigs were kept, a year-on-year decrease of 2.6%; in the first three quarters, 537.39 million pigs were released, an increase of 1.4%.
2. Industrial production is growing rapidly, with obvious support from the equipment manufacturing industry and the high-tech manufacturing industry
In the first three quarters, the value added of industries above the national scale increased by 5.3% year-on-year. Looking at the three major categories, the value added of the mining industry increased 2.0% year on year, the manufacturing industry grew 5.7%, and the production and supply of electricity, heat, gas and water increased 5.4%. The value added of the equipment manufacturing industry increased by 10.2% year on year, and the value added of the high-tech manufacturing industry increased by 14.3%, which was 4.9 and 9.0 percentage points faster than the value added of industries above all sizes, respectively. By economic type, the value added of state-owned enterprises increased by 3.8% year on year; joint-stock enterprises increased 5.8%; foreign-invested enterprises, Hong Kong, Macao and Taiwan grew by 3.2%; and private enterprises increased by 4.3%. By product, production of 3D printing equipment, lithium-ion batteries, and industrial robot products increased by 62.5%, 39.5%, and 29.1%, respectively, year-on-year. In September, the value added of large-scale industries increased by 5.5% year-on-year, 0.3 percentage points faster than the previous month; the month-on-month increase was 0.61%. In September, the manufacturing purchasing managers' index was 50.1%, up 0.3 percentage points from the previous month; the expected index of enterprise production and operation activity was 53.8%, the same as last month. From January to August, industrial enterprises above the national scale achieved a total profit of 5272 billion yuan, an increase of 15.7% over the previous year.
3. The service industry is growing steadily, and the modern service industry is growing well
The value added of the service sector increased by 5.2% year-on-year in the first three quarters. Among them, the value added of leasing and business services, information transmission, software and information technology services, finance, and lodging and catering increased by 12.3%, 10.4%, 5.8%, and 5.5%, respectively. In September, the national service industry production index increased 4.8% year on year, 0.7 percentage points faster than the previous month. Among them, production indices for information transmission, software and information technology services, leasing and business services, transportation, warehousing and postal services, and accommodation and catering increased by 9.8%, 9.5%, 5.4%, and 5.3%, respectively. In September, the index of business activity in the service sector was 50.2%, up 0.9 percentage points from the previous month; the expected index of business activity in the service sector was 55.5%, the same as last month. Among them, the index of business activity in telecommunications, radio, television and satellite transmission services, monetary and financial services, insurance and other industries is in a high boom range of 55.0% or more. From January to August, the revenue of large-scale service enterprises increased 6.0% year on year.
4. The consumer market continues to expand, and service retail and online retail are growing rapidly
In the first three quarters, total retail sales of consumer goods and services increased 2.6% year-on-year, with retail sales of services increasing by 5.0% and retail sales of goods increasing by 1.0%. Among retail sales of services, retail sales of communication and information services, travel consulting and rental services, and cultural, sports and leisure services are growing rapidly. In the first three quarters, total retail sales of consumer goods amounted to 370.1 billion yuan, an increase of 1.1% over the previous year. According to the location of the business unit, retail sales of urban consumer goods amounted to 3,182 billion yuan, an increase of 0.9% over the previous year; retail sales of rural consumer goods amounted to 5018.1 billion yuan, an increase of 2.3%. By type of consumption, retail sales of goods were 32803.2 billion yuan, up 1.0% year on year; food and beverage revenue was 419.9 billion yuan, an increase of 2.4%. Sales of basic lifestyle products and some upgraded products grew rapidly. Retail sales of food products, communications equipment, and cultural and office supplies per unit above the limit increased by 6.8%, 18.1%, and 6.2%, respectively. In the first three quarters, retail sales of online goods and services nationwide reached 15147.1 billion yuan, an increase of 4.4% over the previous year. Among them, retail sales of online goods amounted to 950.6 billion yuan, an increase of 3.8%; retail sales of online services amounted to 5641.1 billion yuan, an increase of 5.3%. In September, total retail sales of consumer goods amounted to 4243.3 billion yuan, up 1.1% year on year, 0.7 percentage points faster than the previous month; up 0.35% month on month.
5. Investment in fixed assets declined, and investment in intellectual property products grew rapidly
In the first three quarters, the country's fixed asset investment (excluding rural households) was 33411.5 billion yuan, down 7.2% year on year, the same as in January-August; fixed asset investment after deducting real estate development fell 4.2%. Among them, investment in intellectual property products increased 9.3% year over year. Investment in high-tech industries increased 4.9% year-on-year. Among them, investment in information services, aviation, spacecraft and equipment manufacturing, and electronics and communication equipment manufacturing increased by 20.2%, 12.5%, and 7.6%, respectively. By industry, investment in the primary sector decreased by 3.9% year on year, investment in the secondary sector decreased by 2.7%, and investment in the tertiary sector decreased by 10.0%. By sector, investment in infrastructure fell 4.2% year on year, investment in manufacturing fell 2.1%, and investment in real estate development fell 20.6%. Private investment declined 10.4% year over year; private investment after deducting real estate development fell 6.7%. The sales area of newly built commercial housing nationwide was 564.83 million square meters, a year-on-year decrease of 13.2%; sales of newly built commercial housing amounted to 537.99 billion yuan, a decrease of 13.9%. The national second-hand housing transaction network has an area of 617.46 million square meters, an increase of 10.7% over the previous year. In September, fixed asset investment (excluding rural households) increased 0.07% month-on-month.
6. Import and export of goods are growing rapidly, and the trade structure continues to be optimized
In the first three quarters, the total import and export volume of goods was 399.9 billion yuan, an increase of 18.8% over the previous year. Among them, exports amounted to 231979 billion yuan, an increase of 16.4%; imports amounted to 16742 billion yuan, an increase of 22.3%. Imports and exports to the joint “Belt and Road” countries increased by 17.1%. Private enterprise imports and exports increased by 19.1%, accounting for 56.9% of total imports and exports. Exports of mechanical and electrical products increased by 23.7%, accounting for 64.3% of total exports. In September, the total import and export volume was 5162.8 billion yuan, up 27.5% year on year, 7.7 percentage points faster than the previous month. Among them, exports amounted to 3034.4 billion yuan, an increase of 29.6%; imports amounted to 2128.4 billion yuan, an increase of 24.6%.
7. Consumer prices rose moderately, while industrial producer prices increased
In the first three quarters, the national consumer price (CPI) rose 0.9% year on year. By category, prices of food, tobacco, and food and drink fell 0.4% year on year, clothing prices rose 1.5%, housing prices fell 0.2%, household goods and services prices rose 1.4%, transportation and communication prices rose 2.0%, education, culture and entertainment prices rose 1.2%, healthcare prices rose 2.3%, and prices of other goods and services rose 9.8%. Among food, tobacco, alcohol and food and beverage prices, pork prices fell by 12.9%, food prices decreased by 0.4%, fresh fruit prices increased by 0.7%, and fresh vegetables increased by 1.4%. In September, consumer prices across the country rose 0.9% year on year and 0.2% month on month. Core CPI, after deducting food and energy prices, rose 1.1% year over year in the first three quarters. Among them, the core CPI rose 1.0% year on year in September.
In the first three quarters, the ex-factory prices of industrial producers across the country rose 2.3% year on year. Among them, the year-on-year increase in September was 5.0%, an increase of 1.2 percentage points over the previous month; the increase was 1.2% month-on-month. In the first three quarters, the purchase price of industrial producers across the country rose 3.6% year on year. Among them, the year-on-year increase in September was 6.9%, and the month-on-month increase was 1.2%.
8. The employment situation is generally stable, and the urban survey unemployment rate has declined
In the first three quarters, the average unemployment rate in the national urban survey was 5.2%, the same as the same period last year. In September, the unemployment rate in the national urban survey was 5.2 percent, down 0.1 percentage points from the previous month. The unemployment rate in the local household registration labor force survey was 5.2%; the unemployment rate in the foreign household registration labor survey was 5.1%, of which the unemployment rate in the foreign agricultural household registration labor survey was 5.0%. The unemployment rate in the urban survey of 31 major cities was 5.2 percent, down 0.1 percentage points from the previous month. The average weekly working time of employees in enterprises across the country is 48.3 hours. At the end of the third quarter, the total number of rural laborers working outside the home was 192.7 million, an increase of 0.4% over the previous year.
9. The income of residents is growing steadily, and the income of rural residents is growing faster than that of urban residents
In the first three quarters, the country's per capita disposable income was 34,230 yuan, a year-on-year increase of 5.3% in nominal terms. Excluding price factors, the actual increase was 4.4%. According to the place of permanent residence, the per capita disposable income of urban residents was 44,945 yuan, a nominal increase of 4.5% over the previous year, and an actual increase of 3.6%; the per capita disposable income of rural residents was 18,809 yuan, a nominal increase of 6.3% over the previous year, and an actual increase of 5.6%. In terms of revenue sources, per capita wage income, net operating income, net property income, and net transfer income of the country's residents increased nominally by 5.3%, 6.6%, 1.6%, and 5.7%, respectively. In the first three quarters, the ratio of the per capita disposable income of urban and rural residents (with rural residents as 1) was 2.39, down 0.04 from the previous year.
Overall, in the first three quarters, the national economy was under pressure and moving forward, positive changes and increases in major indicators, and new results were achieved in high-quality development. It should also be noted that the international environment is complex and changing, the problem of insufficient domestic demand is still prominent, and the foundation for a stable, moderate and positive economy still needs to be consolidated. In the next stage, we must adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, adhere to the general tone of steady progress, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, insist on deepening reform and opening-up, strengthen innovation drive, focus on leveraging the effectiveness of macroeconomic policies, increase efforts to expand domestic demand, optimize supply, effectively guarantee and improve people's livelihood, and promote new and better economic development.
Source of this article: National Bureau of Statistics; Zhitong Finance Editor: Huang Xiaodong.