China's economy showed moderate but stable growth
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E-mail China.org.cn, July 16, 2014
National Bureau of Statistics of China
16 July 2014
Since the beginning of 2014, faced with the complicated external and internal conditions, the Central Party Committee and the State Council have taken the initiative of economic development and adopted scientific measures to stabilize economic growth, promote reforms, enhance restructuring and benefit people. The general economic situation has been steady, the structural adjustment achieved stable progress and the transformation and upgrading gained momentum with reform and innovation as the engine and the restructuring as the booster during which the power of the market has been made full use of and more attention paid to targeted regulation.
According to the preliminary estimation, the gross domestic product (GDP) of China was 26,904.4 billion yuan in 2014, a year-on-year increase of 7.4 percent at comparable prices. Specifically, the year-on-year growth of the first quarter was 7.4 percent and 7.5 percent for the second quarter. The value added of the primary industry was 1,981.2 billion yuan, up by 3.9 percent; the secondary industry 12,387.1 billion yuan, up by 7.4 percent; and the tertiary industry12,536.1 billion yuan, up by 8.0 percent. The gross domestic product of the second quarter of 2014 went up by 2.0 percent.
1. Agricultural Production Showed Good Momentum.
The total grain output in 2014 was 136.60 million tons, an increase of 4.75 million tons, up by 3.6 percent. The total output of oil-bearing crops 13.76 million tons, an increase of 340,000 tons, or 2.5 percent. The output of pork, beef, mutton and poultry was 40.03 million tons, a year-on-year increase of 1.7 percent, among which the output of pork was 27.05 million tons, up by 3.0 percent.
2. Industrial Production Grew Steadily.
The total value added of the industrial enterprises above designated size in the first half year was up by 8.8 percent at comparable prices, 0.1 percentage point faster than the first quarter. An analysis by types of ownership showed that the value added growth of the state-owned and state holding enterprises went up by 5.5 percent; collective enterprises by 3.2 percent; share-holding enterprises by 10.2 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan by 7.4 percent. In terms of sectors, the value added of the mining grew by 4.6 percent on a year-on-year base, the manufacturing by 9.9 percent and the electricity, thermal power, gas and the production and supply of water by 4.4 percent. The growth rates in eastern, central and western regions were up by 8.4 percent, 8.8 percent and 10.8 percent respectively. Out of the 464 kinds of industrial products, 346 kinds realized a year-on-year increase. In the first half year, the sales-output ratio of industrial enterprises above designated size reached 97.5 percent, remaining flat as the same period last year. The export delivery value reached 5,614.3 billion yuan, up by 5.3 percent. In June, the total value added of the industrial enterprises above designated size was up by 9.2 percent year-on-year, faster than the previous two months, or up by 0.77 percent month-on-month.
In the first five months of this year, the profits made by industrial enterprises above designated size stood at 2,276.4 billion yuan, up by 9.8 percent year-on-year. Of this total, the profit from primary activities was 2,138.8 billion yuan, up by 9.1 percent. The costs for per-hundred-yuan turnover of primary activities of the industrial enterprises above designated size reached 85.9 yuan and the profit rate of the primary activities was 5.47 percent.
3. Investment in Fixed Assets Slowed Down at a High Level.
In the first six months, the investment in fixed assets (excluding rural households) was 21,277.0 billion yuan, a growth of 17.3 percent (a real growth of 16.3 percent after deducting price factors), 0.3 percentage point slower than the first quarter. Specifically, the investment in the state-owned and state holding enterprises reached 6,566.7 billion yuan, a rise of 14.8 percent; private investment reached 13,860.7 billion yuan, up by 20.1 percent, accounting for 65.1 percent of the total investment. In terms of different areas, the growth in eastern, central and western regions was 16.3 percent, 19.2 percent and 18.6 percent respectively. The investment in the primary industry was 482.0 billion yuan, up by 24.1 percent; the secondary industry 8,918.6 billion yuan, up by 14.3 percent; and the tertiary industry 11,876.4 billion yuan, an increase of 19.5 percent. The funds in place for investment in the first half year were 24,605.1 billion yuan, up by 13.2 percent. Specifically, the state budget went up by 15.5 percent, domestic loans up by 12.9 percent, self-raising funds up by 16.7 percent, foreign investment down by 8.3 percent. The total investment in newly-started projects in the first six months was 19,684.3 billion yuan, an increase of 13.6 percent. In June, investment in fixed assets (excluding rural households) grew by 1.45 percent month-on-month.
The total investment in real estate development in the first six months was 4,201.9 billion yuan, a nominal annual growth of 14.1 percent (a real growth of 13.1 percent after deducting price factors), 2.7 percentage points slower than the first quarter. In particular, the investment in residential buildings went up by 13.7 percent. The floor space started in the first six months was 801.26 million square meters, down by 16.4 percent. Specifically, the floor space of residential buildings went down by 19.8 percent. The floor space of commercial buildings sold was 483.65 million square meters, down by 6.0 percent. Specifically, the floor space of residential buildings sold was down by 7.8 percent. The total sales of commercial buildings were 3,113.3 billion yuan, down by 6.7 percent. Specifically, the sales of residential buildings were down by 9.2 percent. The land space purchased for real estate development was 148.07 million square meters, down by 5.8 percent. By the end of June, the floor space of commercial buildings for sale was 544.28 million square meters, up by 24.5 percent. The funds in place for real estate development enterprises in the first half year reached 5,891.3 billion yuan, up by 3.0 percent.
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