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National Economy Showed Good Momentum of Development
National Bureau of Statistics of China
2010/07/15

Sheng Laiyun

Spokesman

National Bureau of Statistics of China

15 July 2010

In the first half of 2010, all regions and departments effectively implemented the policies and measures set by the Central Party Committee and the State Council, consistently carried out the packages of policies on dealing with the international financial crisis, and proactively pushed forward the transformation of economic development mode and the adjustment of economic structures. As a result, the national economy showed good momentum of development, and kept moving towards the expected direction of macro economic control.

According to the preliminary estimation, the gross domestic product (GDP) of China in the first half of this year was 17,284.0 billion yuan, a year-on-year increase of 11.1 percent, which was 3.7 percentage points higher than that in the same period last year. The value added of the primary industry was 1,336.7 billion yuan, up by 3.6 percent; that of the secondary industry was 8,583.0 billion yuan, up by 13.2 percent; and that of the tertiary industry was 7,364.3 billion yuan, up by 9.6 percent.

1. The agricultural production kept a steady growth and the output of summer grain maintained the same level. The total output of summer grain was 123.10 million tons, a decrease of 390 thousand tons, down by 0.3 percent, and this is the third best harvest since the foundation the People's Republic of China. In the first half of this year, the total output of pork, beef and mutton reached 37.13 million tons, a year-on-year growth of 3.5 percent. The output of pork reached 24.55 million tons, up by 3.6 percent.

2. Industrial production picked up quickly with a substantial increase in economic efficiency of enterprises. In the first half of this year, the total value added of the industrial enterprises above designated size was up by 17.6 percent year-on-year, or 10.6 percentage points higher than that in the first half of 2009. An analysis on different types of enterprises showed that the value added growth of the state-owned and state holding enterprises went up by 17.7 percent; collective enterprises by 10.2 percent; share-holding enterprises by 18.8 percent; and 17.0 percent growth for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan provinces. The year-on-year growth of heavy industry was 19.4 percent, and 13.6 percent for the light industry. Among 39 industrial divisions, 38 of them registered year-on-year growth. In terms of different areas, the growth in eastern, central and western regions was 16.7 percent, 20.7 percent and 17.6 percent respectively. The production and sales of industrial products went on well. In the first half of this year, the sales ratio of industrial products was 97.6 percent, or 0.4 percentage point higher than that in the previous year.

In the first five months of this year, the profits made by industrial enterprises above designated size stood at 1,539.7 billion yuan, up by 81.6 percent year-on-year. Among the 39 industrial divisions, 36 divisions registered year-on-year increase in profits, 1 division reversed from loss-making to profits, and the rest 2 divisions witnessed reduction of profits.

3. The growth rate of investment in fixed assets came down from a high level while the investment in real estate experienced accelerated growth. In the first half of this year, the investment in fixed assets of the country was 11,418.7 billion yuan, a year-on-year growth of 25.0 percent. Of this total, the investment in urban areas reached 9,804.7 billion yuan, up by 25.5 percent while that in rural areas was 1,614.0 billion yuan, up by 22.1 percent. Of the total investment in fixed assets in urban areas, that in the primary industry, the secondary industry and the tertiary industry went up by 17.8 percent, 22.3 percent and 28.4 percent respectively. The investment in eastern, central and western regions grew by 22.4 percent, 28.0 percent and 27.3 percent respectively. In the first half of this year, the investment in real estate development was 1,974.7 billion yuan, up by 38.1 percent year-on-year.

4. Sales on domestic markets enjoyed fast growth and the popular commodities maintained high sales. In the first half of this year, the total retail sales of consumer goods reached 7,266.9 billion yuan, a year-on-year rise of 18.2 percent. The retail sales in cities reached 6,265.9 billion yuan, up by 18.6 percent, and the retail sales in rural areas stood at 1,001.0 billion yuan, up by 15.6 percent. Grouped by consumption patterns, the income of catering industry was 818.1 billion yuan, up by 16.9 percent; that of retail sales of commodities, 6,448.8 billion yuan, up by 18.4 percent. In particular, the retail sales by businesses above designated size reached 2,646.5 billion yuan, up by 30.0 percent. Rapid growth was registered in emerging areas for consumption: the sales of motor vehicles rose by 37.1 percent; that of furniture went up by 38.5 percent, and that of household appliances and audio-video equipment grew by 28.8 percent.

5. The year-on-year growth of consumer prices went up mildly while producer prices for manufactured goods increased sharply. In the first half of this year, the consumer prices went up by 2.6 percent. The price rose by 2.5 percent in cities and that in rural areas by 2.8 percent. Grouped by commodity categories, five out of the eight witnessed growth and the rest three saw drops in prices. The prices for food rose by 5.5 percent; prices for tobacco, liquor and articles up by 1.7 percent; health care and personal articles up by 2.7 percent; recreation, education, culture articles and services up by 0.3 percent; and housing up by 3.9 percent while prices for clothing down by 1.1 percent; household facilities, articles and maintenance services down by 0.6 percent; and transportation and communication down by 0.1 percent. In terms of month-on-month change, in June this year, the consumer prices dropped by 0.6 percent. In the first half of this year, the producer prices for manufactured goods went up by 6.0 percent year-on-year; the month-on-month change in June was down by 0.3 percent. In the first half of the year, the year-on-year growth of purchasing prices for raw materials, fuels and power was 10.8 percent.

6. Foreign trade recovered rapidly and trade surplus was reduced markedly. The total value of imports and exports for the first half of this year was US$ 1,354.9 billion, up by 43.1 percent year-on-year. The value of exports was US$ 705.1 billion, up by 35.2 percent, and the value of imports was US$ 649.8 billion, up by 52.7 percent. The trade surplus was US$ 55.3 billion.

7. The urban and rural population's income continued to grow with steady increase in living expenditure for consumption. In the first half of this year, the per capita total income of urban households was 10,699 yuan. Of this total, the per capita disposable income of urban population was 9,757 yuan, a year-on-year growth of 10.2 percent, or a real growth of 7.5 after deducting price factors. Of the per capita total income of urban households, the year-on-year growth of wage income was 9.7 percent; transferred income 13.2 percent; net income from business operation 8.6 percent; and 20.7 percent from property income. The per capita cash income of rural population was 3,078 yuan, up by 12.6 percent year-on-year, or 9.5 percent growth in real terms. Of this total, the growth of wage income was 18.0 percent; household business operating income 8.0 percent; property income 21.3 percent; and 18.6 percent from transferred income. In the first half of this year, the per capita consumption expenditure for urban population increased by 7.2 percent in real terms and the per capita consumption expenditure in cash for rural population grew by 8.5 percent after deducting the price factor.

8. The growth rate of money supply dropped from the high level while the incremental outstanding loans and deposits declined as compared with that a year ago. By the end of June, the balance of broad money (M2) was 67.4 trillion yuan, a year-on-year growth of 18.5 percent; the balance of narrow money (M1) was 24.1 trillion yuan, a rise of 24.6 percent; and the balance of cash in circulation (M0) was 3.9 trillion yuan, up by 15.7 percent. The amount of outstanding loans of all financial institutions was 44.6 trillion yuan, increased by 4.6 trillion yuan over that at the beginning of this year, or a drop of 2.7 trillion yuan as compared with the end of June last year. The amount of outstanding deposits of all financial institutions was 67.4 trillion yuan, an increase of 7.6 trillion yuan over the beginning of the year, or 2.3 trillion yuan less than that a year ago.

The domestic and international environment for national economic development is still fairly complicated, and there are still a lot of difficulties and problems in the course of economic recovery. We should be guided by the scientific outlook on development, implement various policies set by the Central Party Committee and the State Council, continue to carry out the pro-active fiscal policy and moderately easy monetary policy, maintain the continuity and stability of macro economic policies, and improve the relevance and flexibility of the policies. In implementing the policies, we should apply the proper strength, pace and focus on the priorities, vigorously promote the adjustment of economic structures and the transformation of economic development mode, and make great efforts to intensify the economic reform and achieve a sound and fast economic and social development.

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