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E-mail China.org.cn, October 11, 2024
Speaker:
Ms. Liu Aihua, spokesperson and chief economist of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS
Chairperson:
Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
Sept. 14, 2024
Xing Huina:
Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). This is a regular briefing on China's economic data. Today. We are joined by Ms. Liu Aihua, spokesperson and chief economist of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS. Ms. Liu will brief you on China's national economic performance in August 2024 and then take your questions.
Now, I'll give the floor to Ms. Liu for her introduction.
Liu Aihua:
Now, I'll brief you on the economic performance in August this year.
The national economy was generally stable in August this year. In August, 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 strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council. All regions and departments adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, strengthened macro-regulation, and strove to promote high-quality development. As a result, production and demand sustained a recovery, employment and prices were basically stable, and high-quality development continued to move ahead. The national economy maintained stability in general while making steady progress.
First, the industrial production increased steadily with fast growth in equipment manufacturing and high-tech manufacturing.
In August, the total value added of industrial enterprises above designated size grew by 4.5% year on year, or up by 0.32% month on month. In terms of sectors, the value added of mining went up by 3.7% year on year, manufacturing up by 4.3%, and the production and supply of electricity, thermal power, gas and water up by 6.8%. The value added of equipment manufacturing increased by 6.4% year on year, and that of high-tech manufacturing increased by 8.6%, 1.9 percentage points and 4.1 percentage points faster than that of the total value added by industrial enterprises above designated size. An analysis by types of ownership showed that the value added of state-holding enterprises was up by 3.6% year on year; that of share-holding enterprises was up by 5.0%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 2.8%; and that of private enterprises was up by 4.5%. In terms of products, the production of new-energy vehicles, service robots and integrated circuits grew by 30.5%, 20.1% and 17.8% year on year, respectively. In the first eight months, the total value added of industrial enterprises above designated size went up by 5.8% year on year. In August, the Manufacturing Purchasing Managers' Index stood at 49.1%, and the Production and Operation Expectation Index was 52.0%. In the first seven months, the total profits made by industrial enterprises above designated size were 4,099.2 billion yuan, up by 3.6% year on year.
Second, the service sector continued to recover and the modern services sector developed well.
In August, the Index of Services Production grew by 4.6% year on year. Specifically, that of information transmission, software and information technology services, leasing and business services, financial intermediation, transport, storage and postal services grew by 12.1%, 9.4%, 5.7% and 5.2% year on year, respectively, which was 7.5 percentage points, 4.8 percentage points, 1.1 percentage points and 0.6 percentage point faster than that of the Index of Services Production. In the first eight months, the Index of Services Production increased by 4.9% year on year. In the first seven months, the business revenue of service enterprises above designated size went up by 7.4% year on year. In August, the Business Activity Index for Services was 50.2% and the Business Activity Expectation Index for Services was 55.4%. Specifically, the Business Activity Index for railway transportation, air transportation, postal services, telecommunication, broadcast, television and satellite transmission services, and culture, sports and recreation stayed within the high expansion range of 55.0% and above.
Third, the market sales kept increasing and online retail sales grew rapidly.
In August, the total retail sales of consumer goods reached 3,872.6 billion yuan, up by 2.1% year on year, or down by 0.01% month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,357.5 billion yuan, up by 1.8% year on year; and that in rural areas reached 515.1 billion yuan, up by 3.9%. Grouped by types of consumption, the retail sales of goods were 3,437.5 billion yuan, up by 1.9%; the income of catering was 435.1 billion yuan, up by 3.3%. Certain basic living goods and upgraded goods sold well. The retail sales of grain, oil, and food and that of traditional Chinese and western medicines by enterprises above designated size went up by 10.1% and 4.3% respectively; the retail sales of telecommunication equipment and that of household appliances and audio-video equipment went up by 14.8% and 3.4% respectively. In the first eight months, the total retail sales of consumer goods reached 31,245.2 billion yuan, up by 3.4% year on year. The online retail sales were 9,635.2 billion yuan, up by 8.9% year on year. Specifically, the online retail sales of physical goods were 8,014.3 billion yuan, up by 8.1%, accounting for 25.6% of the total retail sales of consumer goods. In the first eight months, the retail sales of services grew by 6.9% year on year.
Fourth, the investment in fixed assets scaled up and investment in high-tech industries grew quickly.
In the first eight months, the investment in fixed assets (excluding rural households) reached 32,938.5 billion yuan, up by 3.4% year on year; the investment in fixed assets was up by 7.7% with the investment in real estate development deducted. Specifically, the investment in infrastructure grew by 4.4% year on year, that in manufacturing grew by 9.1%, and that in real estate development declined by 10.2%. The floor space of new commercial buildings sold was 606.02 million square meters, down by 18.0% year on year; the total sales of new commercial buildings were 5,972.3 billion yuan, down by 23.6%. By industry, the investment in the primary industry went up by 2.9% year on year, that in the secondary industry up by 12.1%, and that in the tertiary industry down by 0.8%. The private investment declined by 0.2% year on year, and increased by 6.3% with the investment in real estate development deducted. The investment in high-tech industries grew by 10.2% year on year, of which the investment in high-tech manufacturing and high-tech services grew by 9.6% and 11.7%, respectively. In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicle and equipment and in manufacturing of electronic and communication equipment grew by 34.4% and 10.0%, respectively. In terms of high-tech services, the investment in professional technical services and in e-commerce services grew by 27.7% and 16.8%, respectively. In August, the investment in fixed assets (excluding rural households) increased by 0.16% month on month.
Fifth, imports and exports of goods grew quickly and trade structure continued to optimize.
In August, the total value of imports and exports of goods was 3,752.3 billion yuan, up by 4.8% year on year. The value of exports was 2,200.8 billion yuan, up by 8.4%, and the value of imports was 1,551.5 billion yuan, maintaining the same level year on year. The trade balance was 649.3 billion yuan in surplus. In the first eight months, the total value of imports and exports of goods was 28,583.8 billion yuan, up by 6.0%. The total value of exports was 16,455.2 billion yuan, up by 6.9%. The total value of imports was 12,128.6 billion yuan, up by 4.7%. In the first eight months, the imports and exports of general trade went up by 4.6%, accounting for 64.6% of the total value of imports and exports. The imports and exports by private enterprises went up by 10.5%, accounting for 55.1% of the total value of imports and exports, 2.3 percentage points higher than that of the same period last year. The exports of mechanical and electrical products went up by 8.8%, accounting for 59.1% of the total value of exports.
Sixth, employment was generally stable and urban surveyed unemployment rate increased slightly.
In the first eight months, the urban surveyed unemployment rate averaged 5.2%, 0.1 percentage point lower than that of the same period last year. In August, the urban surveyed unemployment rate was 5.3%, 0.1 percentage point higher than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.4% and that of population with non-local household registration was 4.9%, among which, the rate of the population with non-local agricultural household registration was 4.6%. The urban surveyed unemployment rate in 31 major cities was 5.4%. The employees of enterprises worked 48.7 hours per week on average.
Seventh, increase of consumer prices expanded and producer prices for industrial products declined.
In August, the consumer price index (CPI) went up by 0.6% year on year, 0.1 percentage point faster than that in July, or up by 0.4% month on month. Grouped by commodity categories, prices for food, tobacco and alcohol were up by 2.1% year on year; clothing up by 1.4%; housing maintaining the same level year on year; articles and services for daily use up by 0.2%; transportation and communication down by 2.7%; education, culture, and entertainment up by 1.3%; medical services and health care up by 1.3%; and other articles and services up by 3.4%. Among the prices for food, tobacco and alcohol, the price for grain went down by 0.1%, fresh fruits up by 4.1%, pork up by 16.1%, and fresh vegetables up by 21.8%. The core CPI excluding the prices of food and energy went up by 0.3% year on year. In the first eight months, the CPI went up by 0.2% year on year.
In August, the producer prices for industrial products went down by 1.8% year on year, or down by 0.7% month on month. The purchasing prices for industrial producers went down by 0.8% year on year, or down by 0.6% month on month. In the first eight months, the producer prices and the purchasing prices for industrial products dropped by 1.9% and 2.1% year on year, respectively.
Generally speaking, the national economy was generally stable in August with steady progress in pursuing high-quality development. However, we should be aware that adverse impacts arising from the changes in the external environment are increasing, effective demand remains insufficient at home, and the sustained economic recovery is still facing multiple difficulties and challenges. At the next stage, we must follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the guiding principles of the 20th CPC National Congress and the second and third plenary sessions of the 20th CPC Central Committee, adhere to the principle of pursuing progress while ensuring stability, and fully and faithfully apply the new development philosophy on all fronts. We must accelerate efforts to create a new pattern of development, take reform as the driving force in promoting steady growth, making structural adjustments and guarding against risks, strive to promote high-quality development, and speed up the implementation of the reform tasks and policy measures so as to consolidate the foundation for sustained economic recovery and growth.
That is all for my introduction for the national economic performance in August this year.
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