SCIO press conference on China's economic performance in H1 2022
0 Comment(s)
Print
E-mail China.org.cn, July 20, 2022
6. Investment in fixed assets continued to grow and investment in high-tech industries and social sectors grew fast.
In the first half of this year, the investment in fixed assets (excluding rural households) reached 27.14 trillion yuan, up by 6.1% year on year. Specifically, in the first half of this year, the investment in infrastructure was up by 7.1%, manufacturing up by 10.4%, and real estate development down by 5.4%. The floor space of commercial buildings sold reached 689.23 million square meters, down by 22.2%; the total sales of commercial buildings was 6.61 trillion yuan, down by 28.9%. By industry, investment in the primary industry went up by 4%, the secondary industry up by 10.9%, and the tertiary industry up by 4%. Private investment was up by 3.5%. The investment in high-tech industries grew by 20.2%, of which the investment in high-tech manufacturing and high-tech services increased by 23.8% and 12.6%, respectively. In terms of high-tech manufacturing, the investment in the manufacturing of electronic and communications equipment and in the manufacturing of medical equipment, measuring instruments and meters grew by 28.8% and 28%, respectively. In terms of high-tech services, the investment in services for transformation of scientific and technological achievements and in research, development and design services went up by 13.6% and 12.4%, respectively. The investment in social sectors went up by 14.9%, among which, investment in health and education went up by 34.5% and 10%, respectively. In the second quarter, the investment in fixed assets (excluding rural households) witnessed a year-on-year increase of 4.2%. Specifically, the growth rate was 1.8% in April, accelerated to 4.6% in May and rebounded further to 5.6% in June. In June, investment in fixed assets (excluding rural households) went up by 0.95% month on month.
7. Imports and exports of goods grew fast and the trade structure continued to be optimized.
In the first half of this year, the total value of imports and exports of goods was 19.8 trillion yuan, an increase of 9.4% year on year. The total value of exports was 11.14 trillion yuan, up by 13.2%. The total value of imports was 8.66 trillion yuan, up by 4.8%. The trade balance was 2.48 trillion yuan in surplus. The imports and exports of general trade increased by 13.1%, accounting for 64.2% of the total value of the imports and exports, 2.1 percentage points higher than that of the same period last year. The imports and exports by private enterprises increased by 13.6%, accounting for 49.6% of the total value of imports and exports, 1.9 percentage points higher than that of the same period last year. The imports and exports of mechanical and electronic products increased by 4.2%, accounting for 49.1% of the total value of the imports and exports. In June, the total value of imports and exports was 3.77 trillion yuan, an increase of 14.3% year on year. The total value of exports was 2.21 trillion yuan, up by 22%. The total value of imports was 1.56 trillion yuan, up by 4.8%.
8. Consumer price saw mild growth and growth of producer prices for industrial products continued to decline.
The consumer price index (CPI) went up by 1.7% year on year in the first half of this year. Grouped by commodity categories, prices for food, tobacco and alcohol were up by 0.4% year on year; clothing up by 0.5%; housing up by 1.2%; articles and services for daily use up by 1%; transportation and communication up by 6.3%; education, culture and recreation up by 2.3%; medical services and health care up by 0.7%; and other articles and services up by 1.2%. In terms of food, tobacco and alcohol prices, prices for pork went down by 33.2%, grain up by 2.4%, fresh fruit up by 12% and fresh vegetables up by 8%. Core CPI excluding the prices of food and energy went up by 1%. In the second quarter, the CPI went up by 2.3% year on year. Specifically, it increased by 2.1% year on year in both April and May, rose by 2.5% year on year, and maintained the same level of growth month on month in June.
In the first half of this year, the producer prices for industrial products went up by 7.7% year on year, with year-on-year growth of 6.8% in the second quarter. Specifically, prices grew by 8% in April and 6.4% in May year on year; up by 6.1% year on year and maintained the same level of growth month on month in June. The purchasing prices for industrial producers went up by 10.4% year on year in the first half of this year, and up by 9.5% year on year in the second quarter. Specifically, prices grew by 10.8% in April and 9.1% in May year on year; up by 8.5% year on year and 0.2% month on month in June.
9. Employment trends improved and the surveyed unemployment rate in urban areas fell.
In the first half of this year, the newly increased employed people in urban areas totaled 6.54 million. The surveyed unemployment rate in urban areas averaged 5.7% in the first half of this year and 5.8% in the second quarter. In April, the surveyed unemployment rate in urban areas was 6.1%, with consecutive declines of 5.9% in May and 5.5% in June. In June, the surveyed unemployment rate of population with local household registration was 5.3% and that of population with non-local household registration was 5.8%, of which that of population with non-local agricultural household registration stood at 5.3%. Specifically, the surveyed unemployment rates of the population aged from 16-24 and from 25-59 were 19.3% and 4.5%, respectively. The urban surveyed unemployment rate across 31 major cities was 5.8%, 1.1 percentage points lower than May. Employees of enterprises worked on average 47.7 hours per week. By the end of the second quarter, the number of rural migrant workers totaled 181.24 million.
10. Residents' incomes steadily increased and the urban-rural per capita income ratio narrowed.
In the first half of this year, the nationwide per capita disposable income of residents was 18,463 yuan, a nominal increase of 4.7% year on year. Real growth was 3% after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 25,003 yuan, a nominal growth of 3.6% and a real growth of 1.9% year on year. The per capita disposable income of rural households was 9,787 yuan, a nominal growth of 5.8% and real growth of 4.2% year on year. By sources of income, nationwide per capita salary income, net business income, net property income and net income from transfers witnessed nominal growths of 4.7%, 3.2%, 5.2% and 5.6%, respectively. The per capita income of urban households was 2.55 times that of rural households, 0.06 less than the same period last year. Median nationwide per capita disposable income was 15,560 yuan, a nominal increase of 4.5% year on year.
Generally speaking, with a series of policies to solidly stabilize the economy achieving notable results, the national economy has overcome the adverse impact of unexpected factors, demonstrating stable recovery momentum. The second quarter, in particular, witnessed positive economic growth and stable macroeconomic performance was maintained, which are hard-earned achievements. However, we should be aware that the foundation for the sustainable and steady recovery of the economy is yet to be consolidated. Externally, this is due to the rising risk of stagflation in the world economy, a trend toward the tightening of policies by major economies, and an obvious increase in instabilities and uncertainties. Meanwhile, domestically, the impact of the epidemic is lingering, shrinking demand is intertwined with disrupted supply, structural problems are combined with cyclical problems, and market entities still face difficulties operating. In the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, apply the new development philosophy in full, in the right manner and in all fields, follow the requirements for containing the epidemic, stabilizing the economy and keeping development secure, respond to COVID-19 and pursue economic and social development in a coordinated manner, take advantage of the critical period of economic recovery, adopt strong measures to promote the implementation of a package of policy measures to maintain a stable economy, continue to ensure stability on six fronts and maintain security in six key areas, continue to enhance efficiency, stimulate vitality and add impetus, and constantly consolidate the foundation for a steady economic recovery to keep major economic indicators within the appropriate ranges.
Go to Forum >>0 Comment(s)