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
Fifth, investment in fixed assets increased, and investment in high-tech industries and social sectors grew fast.
In the first quarter, the investment in fixed assets (excluding rural households) reached 10,487.2 billion yuan, up by 9.3% over that of the previous year. Specifically, the investment in infrastructure was up by 8.5% year on year; that in manufacturing was up by 15.6%; and that in real estate development was up by 0.7%. The floor space of commercial buildings sold stood at 310.46 million square meters, down by 13.8%. The total sales of commercial buildings were 2,965.5 billion yuan, down by 22.7%. By industry, the investment in the primary industry went up by 6.8%, that in the secondary industry up by 16.1%, and that in the tertiary industry up by 6.4%. Private investment totaled 5,962.2 billion yuan, up by 8.4%. The investment in high-tech industries grew by 27.0%. Specifically, the investment in high-tech manufacturing and high-tech services grew by 32.7% and 14.5%, respectively. In terms of high-tech manufacturing, the investment in the manufacturing of electronic and communication equipment and in the manufacturing of medical equipment, measuring instruments, and meters grew by 37.5% and 35.4%, respectively. Regarding high-tech services, investment in information services and services for the transformation of scientific and technological achievements went up by 21.3% and 19.0%, respectively. Investment in social sectors increased by 16.2%. Specifically, the investment in the health sector and education sector increased by 23.8% and 17.2%, respectively. In March, the investment in fixed assets (excluding rural households) went up by 0.61% month on month.
Sixth, imports and exports of goods witnessed rapid growth, and the trade structure continued to optimize.
In the first quarter, the total value of imports and exports of goods was 9,415.1 billion yuan, an increase of 10.7% over that of the previous year. The total value of exports was 5,226.0 billion yuan, up by 13.4%, while that of imports was 4,189.1 billion yuan, up by 7.5%. The trade balance was 1,036.9 billion yuan in surplus. The imports and exports of general trade increased by 13.9%, accounting for 63.2% of the total value of imports and exports, 1.8 percentage points higher than that of the same period of the previous year. Imports and exports by private enterprises accounted for 48% of the total value of imports and exports, 1.4 percentage points higher than the same period of the previous year. In March, the total value of imports and exports was 3,206.5 billion yuan, up by 5.8% year on year. The total value of exports was 1,753.5 billion yuan, up by 12.9%, and that of imports was 1,453 billion yuan, down by 1.7%.
Seventh, consumer price experienced mild growth, and the year-on-year growth of producer prices for industrial products slowed down.
In the first quarter, the consumer price index (CPI) grew by 1.1% over that of the previous year. Specifically, the CPI in urban areas went up by 1.2%, and that in rural areas went up by 0.7%. Grouped by commodity categories, prices for food, tobacco, and alcohol went down by 1.3% year on year; clothing up by 0.5%; housing up by 1.4%; articles and services for daily use up by 0.6%; transportation and communication up by 5.5%; education, culture, and recreation up by 2.6%; medical services and health care up by 0.6%; and other articles and services up by 0.7%. In terms of food, tobacco, and alcohol prices, the price of grain went up by 1.7%, fresh fruit up by 6.9%, fresh vegetables up by 3.7%, and pork down by 41.8%. The core CPI, excluding the price of food and energy, grew by 1.2% over that of the previous year. In March, the consumer price index went up by 1.5% year on year, 0.6 percentage points faster than that of February, and maintained the same level month on month.
In the first quarter, producer prices for industrial products went up by 8.7% year on year. Specifically, the prices in March went up by 8.3% year on year, 0.5 percentage points lower than the growth in February, or up by 1.1% month on month. In the first quarter, the purchasing prices for industrial producers went up by 11.3%. Specifically, the prices in March went up by 10.7% year on year, 0.5 percentage points lower compared with the growth in February, or up by 1.3% month on month.
Eighth, newly increased employment in urban areas expanded, and surveyed unemployment rate increased.
In the first quarter, the newly increased employed people in urban areas numbered 2.85 million, and the urban surveyed unemployment rate averaged 5.5%. In March, the urban surveyed unemployment rate was 5.8%, 0.3 percentage points higher compared with that in February. The surveyed unemployment rate of the population with local household registration was 5.6%, and that of the population with non-local household registration was 6.3%, among which the rate of the population with non-local agricultural household registration was 5.9%. Specifically, the surveyed unemployment rates of the population aged from 16 to 24 and from 25 to 59 were 16.0% and 5.2%, respectively. The urban surveyed unemployment rate in 31 major cities was 6%. The employees of enterprises worked 47.3 hours per week on average. At the end of the first quarter, the number of migrant workers who left their hometowns and worked in other places totaled 177.8million.
Ninth, residents' income increased stably and urban-rural per capita income ratio narrowed.
In the first quarter, the nationwide per capita disposable income of residents was 10,345 yuan with nominal growth of 6.3% year on year, or a real growth of 5.1% after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 13,832 yuan with nominal growth of 5.4% year on year and real growth of 4.2%; the per capita disposable income of rural households was 5,778 yuan with nominal growth of 7.0% year on year and real growth of 6.3%. In terms of income source, the nationwide per capita salary income, net operative income, net property income, and net income from transfers saw a growth of 6.6%, 5.4%, 6.1%, and 6.3% in nominal terms, respectively. The per capita disposable income of urban households was 2.39 times that of rural households, 0.04 less than the ratio of the same period last year. The median of nationwide per capita disposable income of residents was 8,504 yuan with nominal growth of 6.1% year on year.
Generally speaking, the national economy in the first quarter continued the momentum of recovery, performing within the reasonable range. However, we must be aware that with the domestic and international environment becoming increasingly complicated and uncertain, economic development is facing significant difficulties and challenges. In the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and fully implement the guiding principles of the Central Economic Work Conference and the arrangements made by the government work report. We must coordinate the COVID-19 response and economic and social development, make economic stability our top priority, and pursue progress while maintaining stability, ensuring stable growth in an even more prominent position. We must further strengthen the implementation of macro policies, take solid steps to ensure stability on six key fronts (employment, the financial sector, foreign trade, foreign investment, domestic investment, and expectations) and security in six key areas (job security, basic living needs, operations of market entities, food, and energy security, stable industrial and supply chains, and the normal functioning of primary level governments), focus on maintaining stable macroeconomic performance, continue to stabilize employment and prices, ensure basic living needs are met, and keep the economy performing within an appropriate range.
Thank you.
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