SCIO press conference on China's economic performance in the first quarter of 2022
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E-mail China.org.cn, April 21, 2022
Fu Linghui:
Friends from the media, good morning. As usual, I will start by briefing you on the economic performance in the first quarter of this year and then take your questions.
In short, China's national economy got off to a generally stable start in the first quarter.
In the first quarter, faced with the multiple tests of an increasingly grave and complex international environment and frequent outbreaks of COVID-19 at home, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments have strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, coordinated COVID-19 prevention and control efforts and economic and social development in a reasonable way, made economic stability the top priority, and pursued progress while ensuring stability. As a result, the nation's economic recovery was sustained and the operation of the economy was generally stable.
According to preliminary estimates, gross domestic product (GDP) in the first quarter reached 27.02 trillion yuan, up by 4.8% year on year at constant prices, or up by 1.3% compared with the fourth quarter of 2021. By industry, the value added of the primary industry was 1.1 trillion yuan, up by 6% year on year; that of the secondary industry was 10.62 trillion yuan, up by 5.8%; and that of the tertiary industry was 15.3 trillion yuan, up by 4%.
First, agricultural production was stable and animal husbandry grew steadily.
In the first quarter, the value added of agriculture (crop farming) witnessed a year-on-year increase of 4.8%. With generally favorable weather conditions and stronger agricultural production services, spring farming and preparation were carried out in a steady and orderly manner. According to the year-round planting intentions survey, the nationwide planting area intended for wheat and rice was generally stable and that for soy beans increased considerably. In the first quarter, the output of pork, beef, mutton and poultry was 23.95 million metric tons, up by 8.8% year on year. Of this total, the outputs of pork, beef and mutton were up by 14%, 3.6% and 1.4%, respectively. The output of milk increased by 8.3% and that of eggs went up by 2.5%. At the end of the first quarter, the number of pigs registered in stock was 422.53 million, up by 1.6% year on year, of which 41.85 million were breeding sows.
Second, industrial production grew quickly and the mid-to-high end manufacturing industry enjoyed sound growth.
The total value added of industrial enterprises above designated size grew by 6.5% year on year in the first quarter. In terms of sectors, the value added of mining increased by 10.7% year on year, that of manufacturing increased by 6.2%, and that of the production and supply of electricity, thermal power, gas and water increased by 6.1%. The value added of high-tech manufacturing and equipment manufacturing increased by 14.2% and 8.1%, respectively, which were 7.7 percentage points and 1.6 percentage points faster than that of industrial enterprises above designated size. An analysis by types of ownership showed that the value added of state holding enterprises was up by 5% year on year; that of share-holding enterprises was up by 7.8%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 2.1%; and that of private enterprises was up by 7.6%. In terms of products, the production of new-energy vehicles, solar cells and industrial robots rose by 140.8%, 24.3% and 10.2%, respectively. In March, the value added of industrial enterprises above designated size grew by 5% year on year, or 0.39% month on month. In March, the Manufacturing Purchasing Managers' Index stood at 49.5%, and the Production and Operation Activity Expectation Index was 55.7%. In the first two months, the total profits by industrial enterprises above designated size reached 1.16 trillion yuan, up by 5% year on year.
Third, the service sector continued to grow and modern services registered a solid growth momentum.
In the first quarter, the service sector continued to recover. Specifically, the value added of information transmission, software and information technology services and financial intermediation grew by 10.8% and 5.1% year on year, respectively. The Index of Services Production increased by 2.5% year on year in the first quarter and decreased by 0.9% year on year in March. In the first two months, the business revenue of service enterprises above designated size grew by 13.6% year on year. In March, the Business Activity Index for Services stood at 46.7%, and the Business Activity Expectation Index was 53.6%. Industries involving the close contact and gathering of people, such as railway transportation, air transportation, lodging and catering, were greatly impacted by the pandemic. The Business Activity Index for industries including telecommunication, broadcast, television and satellite transmission services, monetary and financial services, and insurance services stayed within the high expansion range of 55% and above.
Fourth, market sales maintained growth and online retail sales were active.
In the first quarter, the total retail sales of consumer goods reached 10.87 trillion yuan, up by 3.3% year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 9.43 trillion yuan, up by 3.2%, and that in rural areas reached 1.44 trillion yuan, up by 3.5%. Grouped by consumption patterns, the retail sales of goods were 9.8 trillion yuan, up by 3.6%; the income of catering was 1.07 trillion yuan, up by 0.5%. Goods related to people's basic living enjoyed good sales, with the retail sales of grain, oil and food, and daily necessities by enterprises above designated size up by 9.3% and 6.6%, respectively. The sales of upgraded consumer goods grew fast. The retail sales of cultural and office supplies, and gold, silver and jewelry by enterprises above designated size grew by 10.6% and 7.6%, respectively. Online retail sales reached 3.01 trillion yuan, up by 6.6%. Specifically, the online retail sales of physical goods were 2.53 trillion yuan, up by 8.8%, accounting for 23.2% of the total retail sales of consumer goods. In March, the total retail sales of consumer goods reached 3.42 trillion yuan, down by 3.5% year on year and 1.93% month on month.
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