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E-mail China.org.cn, October 11, 2024
Xing Huina:
One last question, please.
Economic Daily:
Based on the national economic performance over the past eight months this year, what are the predictions and prospects of the NBS for the future economic outlook? Thank you.
Liu Aihua:
According to the economic performance over the past eight months, despite facing complex and volatile situations at home and abroad, China's economy has overall performed stably and high-quality development has continued to advance under the influence of factors such as the effective macro policies, accelerated development of new growth drivers, and the sustained growth of external demand. From January to August, the growth rates of industry, service industry, investment and consumption remained relatively stable, while the growth rate of exports has accelerated. The general principle of pursuing stable economic development has remained unchanged. Looking forward, these positive factors supporting steady and healthy economic development will continue to exist and new favorable conditions will also come into play. This year, the development trend of ensuring stability while making progress is expected to continue. Specifically, there are three supporting factors:
First, new growth drivers are rapidly emerging. China is at a crucial stage of transformation and upgrading. The leading and driving role of innovation has continued to be strengthened. The accelerated cultivation of new quality productive forces and strong potential and vitality of new forms of business and new models have gradually become new economic growth drivers. For instance, from January to August, the value added of high-tech manufacturing industry rose 8.9% year on year. The production of new energy vehicles and service robots grew by 31.3% and 25.4%, respectively. New forms and models of consumer spending such as instant retail have developed rapidly, driving the online retail sales of physical goods to maintain relatively fast growth. As emerging sectors continue to unlock their potential and foster new strengths, economic development prospects will be further extended and expanded.
Second, domestic demand is poised for sustained growth. Investment has been expanding steadily this year, with manufacturing investment growing significantly faster than the total investment. The investment in high-tech fields has demonstrated a sound momentum of growth. From January to August, investment in high-tech manufacturing and high-tech services industries increased by 9.6% and 11.7%, respectively. At the same time, driven by the policy for large-scale equipment renewal, investment in purchases of equipment and instruments contributed over 60% to the total investment growth, for the growth of investment, providing important support for investment growth. Since the beginning of the third quarter, the central government has provided stronger support for large-scale equipment renewal and has expedited the process for the issuance and use of special treasury bonds and local government special bonds. With the gradual allocation of these funds to specific projects and the formation of physical workload, as well as the weakening of the impact of high temperatures on project construction, the volume of investment will continue to expand. Consumption has continued to recover since the beginning of this year. Development- oriented and leisure-based consumption, such as services and upgraded products, have grown quickly. Holiday travel has played a significant role in driving consumption and cultural and tourism consumption has been active. Meanwhile, the effects of trading-in consumer goods have continued to manifest. Looking forward, with the arrival of the Mid-Autumn Festival and National Day holidays, residents' consumption demand for travel is expected to be further stimulated, coupled with the further effectiveness of the trade-in policy of consumer goods, and the continuous implementation of policies to stabilize employment and promote income increases, consumption is poised to expand and upgrade.
Third, macro policies will continue to be strengthened. Since the beginning of this year, all regions and departments have been fully implementing the decisions and plans of the Party Central Committee and the State Council and taken effective measures to implement macro policies, providing strong support for promoting stable economic growth. The Political Bureau of the CPC Central Committee has made systematic arrangements for the follow-up economic work and all regions and departments are currently working harder to advance and implement these. For example, many regions recently introduced policies for expanding domestic demand and promoting consumption. These policies are expected to further optimize the consumption environment, create new consumption scenarios, and unleash the full potential of policies, thereby fostering synergy for advancing economic development, and promoting development of the real economy. At the same time, a series of reform measures outlined at the third plenary session of the 20th Party Central Committee are gradually being implemented, which is conducive to boosting confidence, building consensus and stimulating impetus for development.
In general, despite a complex and severe external environment and persistent challenges of inadequate domestic demand, China's economy has maintained overall stability. Factors of production underpinning high-quality development have continued to accumulate and increase, providing strong support for us to deal with all kinds of risks and challenges. Economic performance is expected to sustain the development trend of ensuring progress while maintaining stability. Thank you.
Xing Huina:
That concludes our press conference today. Thank you to Ms. Liu and all our media friends for your participation. Goodbye.
Translated and edited by Yan Bin, Wang Qian, Zhang Lulu, Zhang Junmian, Yang Chuanli, Wang Wei, Gong Yingchun, Yuan Fang, Li Xiao, Ma Yujia, Zhang Tingting, Liu Sitong, Xu Kailin, Li Huiru, Zhang Rui, David Ball, Rochelle Beiersdorfer, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.
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