SCIO briefing on China's economy in the first three quarters

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

Chairperson:
Hu Kaihong, vice director-general of the Press Bureau, State Council Information Office

Date:
Oct 19, 2016

Chairperson Hu Kaihong:

Ladies, gentlemen, friends from the media: Good morning! Welcome to this press conference of the State Council Information Office (SCIO). Today we are very pleased to have Mr. Sheng Laiyun, spokesperson of the National Bureau of Statistics (NBS) and director-general of Comprehensive Statistics of National Economy Office of the NBS, to brief you on China's economy in the first three quarters of 2016 and take your questions. First, let's welcome Mr. Sheng to give a briefing.

Sheng Laiyun:

Thank you. Friends from the media, good morning! Due to the national holiday, our briefing on China's economy in the first three quarters of the year is taking place a few days later than normal. According to tradition, I'd like to brief you on the main indices of the Chinese economy before taking your questions.

China's economy has been generally stable with some progress in the first three quarters of 2016.

Since the beginning of 2016, despite the complicated domestic and international situations, all regions and departments, under the resolute leadership of the CPC Central Committee and the State Council, have seriously implemented the ideas put forward to produce new developments, actively led development of the new normal economy, adhered to the overall tone of developing while maintaining stability, increased general demand by an appropriate degree, steadfastly advanced supply-side structural reform, led to the expected good developments and accelerated the production of new forces for our economy. As a result, we have managed to sustain steady economic development with progress and improvement.

According to preliminary estimates, the gross domestic product (GDP) in the first three quarters totaled 52.99 trillion yuan, a year-on-year increase of 6.7 percent calculated in comparable prices. In the first quarter, the GDP grew by 6.7 percent year-on-year, and the second and third quarters followed the same trend. The added value of the primary industry was 4.06 trillion yuan, up 3.5 percent year-on-year; secondary industry 20.94 trillion yuan (up 6.1 percent); and tertiary industry 27.98 trillion yuan (up 7.6 percent). Third quarter GDP grew by 1.8 percent compared to the previous quarter.

1. The situation of agricultural production was basically stable, with a good prospect inautumn grain output.

The total output of summer grain reached 139.26 million tons, a decrease of 1.62 million tons compared to the previous year or 1.2 percent. This year saw the second highest output in history. Total output of early rice was 32.78 million tons, a drop of 910,000 tons, or 2.7 percent. A good harvest is expected for autumn grain. In the first three quarters, total output of pork, beef, mutton and poultry reached 58.33 million tons, a year-on-year fall of 1.1 percent. The output of pork was 36.9 million tons, down 3.6 percent. The total number of live pigs reached 431.63 million, down 3.4 percent while pigs slaughtered stood at 479.24 million, down 3.7 percent, both year-on-year.

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

In the first three quarters, the added value at comparable prices of industrial enterprises above designated size rose 6 percent year-on-year. The growth speed was the same over the first half of this year. An analysis of the different types of enterprises showed the value added growth of State-holding enterprises rose 1 percent, collective enterprises 0.7 percent and share-holding enterprises 6.9 percent. Meanwhile, there was a 4.2 percent growth among enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan. The value added growth of the mining industry dropped 0.4 percent year-on-year; manufacturing rose 6.9 percent and production and supply of electricity, heating, gas and water rose 4.3 percent. While the industrial structure continues to be optimized, during the first three quarters, the added value of high-tech industries and equipment manufacturing grew by 10.6 percent and 9.1 percent, respectively, and their growth rates were respectively 4.6 percentage points and 3.1 percentage points faster than that of industrial enterprises with an annual sales revenue of 20 million yuan or more. Their proportion among such industrial enterprises stood at 12.2 percent and 32.6 percent respectively, 0.6 percentage points and 1.2 percentage points higher year-on-year. In the first three quarters, the sales rate for such industrial enterprises reached 97.5 percent. They registered a total export delivery value of 8.595 trillion yuan, down 0.1 percent year on year. In September alone, the added value of such industrial enterprises grew by 6.1 percent year-on-year and 0.47 percent from the previous month.

From January to August, industrial enterprises with an annual sales revenue of 20 million yuan or more generated total revenues of 4.0584 trillion yuan, up 8.4 percent year on year; the figure is 2.2 percent higher than that of the first half of 2016. In August, their total revenue rose 19.5 percent, which is 8.5 percentage points higher than the previous month. For every 100 yuan of revenue from main businesses, the cost was 85.87 yuan, and the profitability rate was 5.66 percent.

3. The growth of fixed-asset investment has become stable, and the floor space for commercial housing on sale fell.

In the first three quarters of 2016, investment in fixed assets (excluding rural households) was 42.69 trillion yuan, year-on-year nominal growth of 8.2 percent, or 9.5 percent adjusted for inflation. The growth speed dropped by 0.8 percentage points over the first half of this year. The growth rates in July, August and September reached 3.9 percent, 8.2 percent and 9 percent respectively. Fixed-asset investment of State-holding enterprises reached 15.16 trillion yuan, an increase of 21.1 percent; private investment reached 26.19 trillion yuan, up 2.5 percent, 0.4 percent higher in September compared to that from January to August and accounting for 61.4 percent of total investment. Investment in the primary industry reached 1.34 trillion yuan, a rise of 21.8 percent year-on-year; secondary industry 16.74 trillion yuan (up 3.3 percent) and tertiary industry 24.6 trillion yuan (up 11.1 percent). The investment for infrastructure was 8.3245 trillion yuan, up 19.4 percent. The amount of in-place investment in fixed assets in the first three quarters was 44.22 trillion yuan, up 5.9 percent. In the period, total planned investment in newly-started projects was 36.76 trillion yuan, a year-on-year increase of 22.6 percent. In September, investment in fixed assets (excluding rural households) went up by 0.52 percent month-on-month.

In the first three quarters, total investment in real estate development was 7.45 trillion yuan, year-on-year nominal growth of 5.8 percent, or 7.1 percent adjusted for inflation. The growth speed dropped by 0.3 percentage points over the first half of this year, but increased by 0.4 percentage points from January to August. Of this total, investment in residential buildings went up by 5.1 percent. The total floor space of houses newly started was 1.23 billion square meters, up 6.8 percent year on year. Specifically, the floor space of new starts in residential buildings rose by 6.7 percent. The floor space of commercial buildings sold reached 1051.85 million square meters, up 26.9 percent year on year. Of this total, that of residential buildings rose 27.1 percent. The sales of commercial buildings were 8.02 trillion yuan, up 41.3 percent year on year. Of this total, that of residential buildings rose 43.2 percent. The land space purchased by real estate development enterprises was 149.17 million square meters, down 6.1 percent year on year. By the end of September, the floor space of commercial buildings for sale reached 696.12 million square meters, down 18.04 million square meters compared to that figure of the end of June. The actual funds for real estate development enterprises in the first three quarters reached 10.47 trillion yuan, up 15.5 percent year on year.

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