SCIO briefing on China's economic growth in the first three quarters of 2020
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E-mail China.org.cn, October 20, 2020
Eighth, the surveyed unemployment rate in urban areas dropped, and the employment situation is generally stable.
The first three quarters saw the addition of 8.98 million new urban jobs, meeting 99.8% of the annual target. In September, the surveyed unemployment rate in urban areas was 5.4%, or 0.2 percentage points lower than that of August; the surveyed unemployment rate of the population in the 25-59 age range was 4.8%, lower than that of the surveyed unemployment rate in urban areas by 0.6 percentage points, the same as August. The surveyed unemployment rate in 31 major cities was 5.5%, down 0.2 percentage points from August. The average weekly working hours of employees in enterprises across the country stood at 46.8 hours. At the end of the third quarter, the total number of rural migrant workers stood at 179.52 million, a decrease of 3.84 million compared with the same period of last year, with a year-on-year decrease of 2.1%.
Ninth, the real growth rate of residents' income turned from negative to positive, and the ratio of per capita income of urban and rural residents decreased.
In the first three quarters, the per capita disposable income of all residents reached 23,781 yuan, a nominal increase of 3.9% over the same period of the previous year. Deducting the price factor, the actual increase being 0.6%. It was the first time to turn positive this year, with a decrease of 1.3% in the first half of the year. In terms of permanent residents, the per capita disposable income of urban residents was 32,821 yuan, with a nominal increase of 2.8% and an actual decrease of 0.3%; the per capita disposable income of rural residents was 12,297 yuan, with a nominal increase of 5.8% and an actual increase of 1.6%. The per capita disposable income ratio of urban and rural residents was 2.67, or 0.08 less than that of the same period last year. The median per capita disposable income of all residents was 20,512 yuan, a nominal increase of 3.2% year-on-year.
On the whole, the economic operation in the first three quarters continued a steady recovery, and the overall epidemic prevention and development achieved remarkable results. However, it should also be noted that the international environment is still complicated and with lots of instability and uncertainty; the pressure of preventing both inbound cases and domestic resurgence is huge. The economy is still in the recovery mode, and the foundations for sustainable recovery and improvement still need to be consolidated. The work in the next stage should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. We will conscientiously implement the instructions and deployment of the CPC Central Committee and the State Council, sticking to the general line of maintaining steady progress in line with the requirements of promoting high quality development and building a new development pattern, firmly grasp the strategic basis for expanding domestic demand, and do a solid job in ensuring stability on six fronts and maintaining security in six areas while maintaining vigilance against the virus. We will vigorously seek deeper reform and opening up, help enterprises to solve difficulties, strive to smooth over the economic cycle, build a solid foundation for people's livelihood, and strive to complete the annual economic and social development goals and tasks.
Shou Xiaoli:
Thank you. The floor is open for questions. Please state the news outlet you represent first.
CCTV:
In the first three quarters, China's economic growth has turned positive. How do you evaluate the overall economic performance? The growth rate in the third quarter rebounded steadily, and the main indicators improved significantly in September. What do you think of this performance? Thank you.
Liu Aihua:
Thanks for your question. Facing the COVID-19 pandemic and especially complicated and severe environment both at home and abroad in the first three quarters, all areas and departments have made comprehensive arrangements for epidemic prevention and control, as well as promotion of economic and social development. Production and normal life have been restored effectively. On the whole, the economic growth rate in the first three quarters turned from decline to increase, and the economic operation continued to recover steadily. The main characteristics can be seen from three aspects:
First, the growth rate of the main indicators has turned from negative to positive. From the cumulative point of view, GDP in the first three quarters increased by 0.7% year-on-year. Considering the GDP had decreased by 1.6% in the first half of the year, we can say that the decline has been reversed. The added value of the three industrial categories rebounded in an all-round way. The added value of the primary industry increased by 2.3%, that of the secondary industry increased by 0.9%, and that of the tertiary industry increased by 0.4%, all of which were positive. Investment in fixed assets increased by 0.8%, the total import and export of goods increased by 0.7%, and per capita real disposable income increased by 0.6%. From the perspective of the current quarter, GDP in the third quarter increased by 4.9%, 1.7 percentage points faster than that in the second quarter; the added value of industries above designated size increased by 5.8%, 1.4 percentage points faster than the second quarter; the added value of the service industry increased by 4.3%, 2.4 percentage points faster than the second quarter. There are also two indicators turning from negative to positive: first, the total retail sales of consumer goods, which fell 3.9% in the second quarter, but increased by 0.9% in the current quarter; the total import and export of goods, which declined 0.2% in the second quarter, increased by 7.5% in the current quarter. In September, the added value of industries above designated size increased by 6.9%, maintaining positive growth for six consecutive months; the production index of the service sector increased by 5.4%, meaning positive growth for five consecutive months; total retail sales of consumer goods increased by 3.3%, meaning positive growth for two consecutive months; and the total import and export of goods increased by 10%, positive growth for four consecutive months. With the change of these main indicators, we can say that China's epidemic prevention and control and economic recovery are leading the world, demonstrating the strong resilience and vitality of China's economy.
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