China's economy showed moderate but stable growth
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E-mail China.org.cn, July 16, 2014
4. Sales on Domestic Markets Enjoyed a Steady Growth.
In the first half year, the total retail sales of consumer goods reached 12,419.9 billion yuan, a nominal annual rise of 12.1 percent (a real growth of 10.8 percent after deducting price factors), 0.1 percentage point faster than that in the first quarter. Specifically, the retail sales of the enterprises (units) above designated size stood at 6,210.2 billion yuan, up by 9.8 percent. Analyzed by different areas, the retail sales in urban areas reached 10,725.3 billion yuan, up by 12.0 percent, and the retail sales in rural areas stood at 1,694.6 billion yuan, up by 13.2 percent. Grouped by consumption patterns, the income of catering industry was 1,298.9 billion yuan, up by 10.1 percent; and the retail sales of goods were 11,121.0 billion yuan, up by 12.4 percent. In particular, the retail sales of the enterprises (units) above designated size reached 5,832.9 billion yuan, an annual growth of 10.2 percent. In June, the total retail sales of consumer goods rose by 12.4 percent year-on-year (a real growth of 10.7 percent after deducting price factors), or 0.96 percent growth month-on-month.
In the first half year, the online retail sales reached 1,137.5 billion yuan, a year-on-year growth of 48.3 percent and the online retail sales of the enterprises (units) above designated size stood at 181.9 billion yuan, up by 56.3 percent.
5. Imports and Exports Reversed to Positive Growth.
The total value of imports and exports in the first half year was 12,391.9 billion yuan or 2,020.9 billion US dollars, an increase of 1.2 percent (that in the first quarter was down by 1.0 percent year-on-year). The total value of exports was 6,511.3 billion yuan, or 1,061.9 billion dollars, up by 0.9 percent; the total value of imports was 5,880.7 billion yuan, or 959.0 billion dollars, an increase of 1.5 percent. The trade balance was 630.6 billion yuan or 102.9 billion dollars. In June, the total value of imports and exports was 2,108.6 billion yuan or 342.0 billion US dollars, up by 6.4 percent. The total value of exports was 1,151.3 billion yuan or 186.8 billion US dollars, up by 7.2 percent; and that of imports was 957.3 billion yuan or 155.2 billion US dollars, up by 5.5 percent.
6. The Growth of Consumer Price Remained Stable.
In the first six months, the consumer price went up by 2.3 percent year-on-year, maintaining the same level as that in the first quarter. Specifically, the price went up by 2.3 percent in urban areas and 2.0 percent in rural areas. Grouped by commodity categories, prices for food rose by 3.4 percent; tobacco, liquor and articles decreased by 0.6 percent; clothing up by 2.3 percent; household facilities, articles and maintenance services up by 1.3 percent; health care and personal articles grew by 1.2 percent; transportation and communication up by 0.1 percent; recreation, education, culture articles and services grew by 2.3 percent and housing went up by 2.5 percent. In terms of food prices, grain grew up by 2.9 percent, oil or fat down by 5.3 percent, pork down by 5.1 percent, fresh vegetables up by 1.0 percent. In June, the consumer prices went up by 2.3 percent year-on-year, or 0.1 percent down month-on-month. In the first half year, the producer prices for industrial products went down by 1.8 percent year on year, while the price in June dropped by 1.1 percent year-on-year and 0.2 percent month-on-month. The purchasing price for industrial producers was down by 2.0 percent year-on-year. In June, the price was down by 1.5 percent year-on-year and 0.1 percent month-on-month.
7. Residents' Income Continued to Increase.
In the first half year, the per capita cash income of rural residents was 5,396 yuan, up by 12.0 percent nominally, or 9.8 percent in real terms. The per capita disposable income of urban households was 14,959 yuan, a nominal growth of 9.6 percent, or a real growth of 7.1 percent after deducting price factors. Based on the integrated household survey, in the first half year of 2014, the national per capita disposable income was 10,025 yuan, a nominal growth of 10.8 percent or a real increase of 8.3 percent. The median of the national disposal income was 8,780 yuan, a nominal increase of 13.7 percent. By the end of June, the number of rural migrant workers was 174.18 million, which was 3.07 million more than the same period last year, or up by 1.8 percent. The monthly income of migrant workers was 2,733 yuan, up by 10.3 percent.
8. Structural Adjustment Achieved Stable Progress.
The industrial structure continued to be optimized. In the first half year, the value of the tertiary industry accounted for 46.6 percent of GDP, 1.3 percentage points higher than the same period last year, 0.6 percentage point higher than that of the secondary industry. The structure of domestic demand was further improved. In the first half year, the final consumption expenditure accounted for 52.4 percent of GDP, 0.2 percent point higher than the same period last year. The income gap between urban and rural households was further narrowed. In the first half year, the real growth of the per capita cash income of rural households was 2.7 percentage points faster than the per capita disposable income of urban households. The per capita income of urban households was 2.77 times of the rural households, 0.06 less than that of the same period last year. Energy conservation and consumption reduction continued to make new achievements. In the first half year, the energy consumption per 10,000 yuan of GDP decreased by 4.2 percent.
9. Money Supply Maintained a Steady Growth.
By the end of June, the balance of broad money (M2) was 120.96 trillion yuan, a year-on-year growth of 14.7 percent; the balance of narrow money (M1) was 34.15 trillion yuan, up by 8.9 percent; and the balance of cash in circulation (M0) was 5.70 trillion yuan, a rise of 5.3 percent. At the end of June, the amount of outstanding loans was 77.63 trillion yuan, while the amount of outstanding deposits was 113.61 trillion yuan. In the first half year, the newly increased loans reached 5.74 trillion yuan, an increase of 659.0 billion yuan; the newly increased deposits were 9.23 trillion yuan, or 135.4 billion yuan more than last year. The social financing reached 10.57 trillion yuan, an increase of 414.6 billion yuan.
Generally speaking, China's economy showed good momentum of stable and moderate growth in the first half year. However, we should keep in mind that the domestic and international economic environment is still complicated and the national economy still faces many challenges. In the next stage, we should raise our spirits, focus on the implementation and abide by the decisions of the Central Party Committee and the State Council. We should make unwavering efforts to deepen reform, promote innovation, adjust economic structure and transform development patterns. We should also strive to consolidate the momentum of steadily progressing economic development and endeavor to promote a sustainable and sound development of the national economy.
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