SCIO press briefing on H1 economic performance

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Speaker:
Sheng Laiyun, spokesperson of the National Bureau of Statistics (NBS)

Chairperson:
Xi Yanchun, vice director-general of the Press Bureau, State Council Information Office

Date:
July 15, 2016

Xi Yanchun:

Ladies and gentlemen, good morning! Welcome to the SCIO press conference. To help you understand the performance of the Chinese economy during the first half (H1) of the year, we are very pleased to have Mr. Sheng Laiyun, director-general of the Department of Comprehensive Statistics, and spokesperson of the National Bureau of Statistics (NBS), give you a briefing and take your questions. First, let's welcome Mr. Sheng to give us the briefing.

Sheng Laiyun:

Thank you, madam chairperson. Friends from the media, good morning! I am glad to meet you once again. As the tradition goes, I'd like to brief you on the main indices of the Chinese economy before taking your questions.

Stable in general with progress in H1

In H1, despite the complicated domestic and international situations and the continuous, great downward pressure, all regions and departments, under the resolute leadership of the CPC Central Committee and the State Council, seriously implemented the ideas for "innovative, coordinated, green, open and shared" development; while they moderately expanded the gross demand, they accelerated the supply-side structural reform and vigorously promoted the mass innovation and entrepreneurship. China's national economy was generally stable with advancements in stability.

Initial accounting shows that the GDP for H1 totaled 34.0637 trillion yuan (US$5.099 trillion), up by 6.7 percent on a constant price year on year.

As for the statistics for each quarter, Q1 registered a growth of 6.7 percent and Q2, 6.7 percent, both on a year-on-year basis. As for different industries, the value-added of the primary industry reached 2.2097 trillion yuan (US$330.79 billion), up by 3.1 percent year on year; the value-added of the secondary industry amounted to 13.425 trillion yuan (US$2.01 trillion), up by 6.1 percent year on year; and the value-added of the tertiary industry was 18.429 trillion yuan (US$2.76 billion), up by 7.5 percent year on year.

Compared with the precedent period, the GDP for H1 grew by 1.8 percent.

1. Agricultural production was basically stable, with a small decrease in the summer grain output.

The nationwide gross summer grain output was 139.26 million tons, which was 1.62 million tons less than that of last year, representing a 1.2-percent drop. The figure was slightly lower than the historical high of last year, but was still the second highest in history. During H1, the output of meat products (pork, beef, mutton and poultry) totaled 38.53 million tons, down by 1.3 percent year on year, in which the output of pork stood at 24.73 million tons, down by 3.9 percent. The total number of live pigs was 402.03 million, down by 3.7 percent while that of pigs slaughtered was 319.59 million, down by 4.4 percent, both year-on-year.

2. Industrial production remained stable with slight growth and improved profitability.

During H1, the value-added of industrial enterprises with annual revenue of 20 million yuan or more from their main business operations increased by 6.0 percent on a constant price year on year; the growth rate was 0.2 percentage points higher than it was during the first quarter (Q1). As for different types of economies, the added value of the state-owned enterprises dropped by 0.2 percent, that of collectively owned enterprises grew by 2.6 percent, that of joint ventures grew by 7.2 percent and that of foreign, Hong Kong, Macao and Taiwan-invested enterprises increased by 3.2 percent.

As for the three main sectors, the added value of the mining industry increased by 0.1 percent year on year, that of manufacturing grew by 6.9 percent, and that of electricity, heating, gas, and water grew by 2.6 percent. While the industrial structure continued to be optimized, during H1, the added value of high-tech industries and equipment manufacturing grew by 10.2 percent and 8.1 percent, respectively, and their growth rates were respectively 4.2 percentage points and 2.1 percentage points faster than that of industrial enterprises with annual revenue of 20 million yuan or more from their main business operations. Their proportions in such industrial enterprises stood at 12.1 percent and 32.6 percent respectively, 0.7 percentage points and 1.2 percentage points higher on a year-on-year basis.

In June alone, the added value of industrial enterprises with annual revenue of 20 million yuan or more from their main business operations grew by 6.2 percent year on year and 0.47 percent when compared with the precedent period. In H1, the sales rate for such industrial enterprises reached 97.3 percent. These industrial enterprises registered a total export delivery value of 5.5117 trillion yuan (US$825.10 billion), down by 0.7 percent year on year.

From January to May, industrial enterprises with annual revenue of 20 million yuan or more from their main business operations generated total revenues of 2.3816 trillion yuan (US$356.53 billion), up by 6.4 percent year on year; the figure for the same period last year was a year-on-year 0.8 decline. For these industrial enterprises, in every 100 yuan of the revenue from main businesses, the cost was 85.73 yuan, and the profitability rate for their main businesses was 5.59 percent.

3. The growth of fixed-asset investment slowed down, and the floor space for commercial housing on sale was reduced.

In H1, fixed-asset investment (excluding rural households) was 25.836 trillion yuan (US$3.87 trillion), which represented a nominal increase of 9.0 percent or an 11.0-percent rise deducting the price factor. The growth rate retreated 1.7 percentage points compared to that of Q1. In detail, the investments from state-owned holding entities stood at 9.1089 trillion yuan (US$1.36 trillion), up by 23.5 percent; private investment was 15.8797 trillion yuan (US$2.38), up by 2.8 percent, and it accounted for 61.5 percent in total investment.

As for different industries, the primary industry invested 746 billion yuan (US$111.68 billion), up by 21.1 percent year on year; the secondary industry invested 10.1702 trillion yuan (US$1.52 trillion), up by 4.4 percent; the tertiary industry invested 14.9198 trillion yuan (US$2.23 trillion), up by 11.7 percent year on year. The infrastructure investment (excluding electricity, heating, gas, and water) was 4.9085 trillion yuan (US$734.80 billion), increasing by 20.9 percent.

As for allocable funds, in H1, 28.2443 trillion yuan (US$4.23 billion) became available for allocation. This number is up by 8.0 percent year on year. In detail, the national budget rose by 21.8 percent, national loans grew 12.4 percent, the self-raised funds increased by 1.4 percent and the use of foreign capital reduced by 7.2 percent. Also in H1, the newly commenced projects had a total planned investment of 24.0202 trillion yuan (US$3.60 trillion), which represented a rise of 25.1 percent year on year. As for the change compared with the precedent period, fixed-asset investment (excluding rural households) expanded by 0.45 percent.

During H1, real estate investment nationwide reached 4.6631 trillion yuan (US$698.07 billion), which was a 6.1-percent nominal increase or 8.0-percent increase deducting the price factor. The growth rate retreated 0.1 percentage points than that of Q1. Among the growth, the investment for residential housing grew by 5.6 percent. The floor space for new housing construction area was 775.37 million square meters, up by 14.9 percent year on year and in this number, that of residential housing grew by 14.0 percent.

Real estate sales in terms of the floor space nationwide was 643.02 million square meters, growing by 27.9 percent year on year, of which residential housing grew by 28.6 percent. Also across the nation, the revenues from property sales reached 4.8682 trillion yuan (US$728.78 billion), up by 42.1 percent, of which the sales of residential housing grew by 44.4 percent. The land purchased by real estate developers totaled 95.02 million square meters, down by 3.0 percent. In June, the total floor space of property on sale was 714.16 million square meters, a reduction of 21 million square meters from that at the end of March and 7.53 million squares from that of the end of May. In H1, the real estate developers nationwide in total had allocable funds of 6.8135 trillion yuan (US$1.02 trillion), rising by 15.6 percent year on year.

4. Market sales grew steadily and online sales grew faster.

In H1, retail sales of consumer goods totaled 15.6138 trillion yuan (US$ 2.34 trillion), which represented a nominal rise of 10.3 percent or 9.7 percent after deducting the price factor. The growth rate stayed the same as that of Q1.

Retail sales of enterprises or units above a designated size totaled 7.1075 trillion yuan (US$1063.49 billion), up by 7.5 percent. In terms of different regions, retails sales of consumer goods in urban areas totaled 13.4249 trillion yuan (US$2009 billion), up by 10.2 percent, while the sales in rural areas totaled 2.1889 trillion yuan (US$327.52 billion), up by 11.0 percent. In terms of different consumption types, income from the catering industry registered 1.6683 trillion yuan (US$249.63 billion), up by 11.2 percent year-on-year; retail sales of consumer goods totaled 13.9455 trillion yuan (US$2087 billion), up by 10.2 percent year-on-year. Retail sales of consumer goods above a designated size totaled 6.6857 trillion yuan (US$1000.34 billion), up by 7.6 percent year-on-year. In June, retail sales of consumer goods rose by 10.6 percent in nominal terms (an increase of 10.3 percent in real terms after deducting price factors), up by 0.92 percent month-on-month.

In H1, online retail sales totaled 2.2367 trillion yuan (US$334.67 billion), up by 28.2 percent from the same period last year. Online retail sales of physical commodities totaled 1.8143 trillion yuan (US$271.46 billion), up by 26.6 percent, accounting for 11.6 percent of the total retail sales.

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