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E-mail China.org.cn, December 3, 2024
Speaker:
Mr. Sheng Laiyun, deputy commissioner of the National Bureau of Statistics (NBS)
Chairperson:
Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
Oct. 18, 2024
Shou Xiaoli:
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 have invited Mr. Sheng Laiyun, deputy commissioner of the National Bureau of Statistics (NBS), to brief you on China's national economic performance in the first three quarters of 2024 as well as to take your questions.
I'll now give the floor to Mr. Sheng for his briefing.
Sheng Laiyun:
Ladies and gentlemen, good morning. I am delighted to be here once again to prove an update on China's economic performance.
As usual, I will brief you on the first three quarters of 2024’s economic performance and then answer your questions.
In the first three quarters, the national economy was generally stable, with steady growth and positive factors promoting the recovery of economy were accumulated.
In the first three quarters, in face of a complicated and severe external environment and new situations, new problems of domestic economic development and 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 plans made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, strengthened macro regulations, deepened reform and opening-up, expanded domestic demand, optimized economic structure, effectively implemented existing policies and accelerated the introduction of incremental policies. As a result, the national economy was generally stable with steady progress, featuring steady increases with production and demand, generally stable employment and pricing, effectively promoted people’s well-being, steady growth of new quality productive forces and solid progress with high-quality development. In September, most of the indicators of production and demand improved, market expectations were boosted and positive factors promoting the economy’s recovery were accumulated.
According to preliminary estimates, the gross domestic product (GDP) in the first three quarters of 2024 reached 94,974.6 billion yuan, up by 4.8% year on year at constant price. By industry, the value added of the primary industry was 5,773.3 billion yuan, up by 3.4% year on year; that of the secondary industry was 36,136.2 billion yuan, up by 5.4%; and that of the tertiary industry was 53,065.1 billion yuan, up by 4.7%. By quarter, the GDP grew by 5.3% year on year in the first quarter, 4.7% in the second quarter and 4.6% in the third quarter. The GDP for the third quarter increased by 0.9% quarter on quarter.
First, agricultural production witnessed good momentum and animal husbandry was generally stable.
In the first three quarters, the value added of agriculture (crop farming) went up by 3.7% year on year. The total output of summer grain and early rice was 177.95 million tons, 3.46 million tons more than that of last year, an increase of 2.0%. The autumn harvest went smoothly and another bumper harvest is to be expected for the year. In the first three quarters, the output of pork, beef, mutton and poultry was 70.44 million tons, up by 1.0% year on year. Of this total, the output of beef and poultry grew by 4.6% and 6.4%, respectively, while that of pork and mutton dropped by 1.4% and 2.2%, respectively. The output of milk dropped by 0.1% and that of eggs went up by 3.5%. At the end of the third quarter, the number of pigs registered in stock was 426.94 million, down by 3.5% year on year. In the first three quarters, 520.30 million pigs were slaughtered, down by 3.2%.
Second, industrial production registered stable growth and equipment manufacturing and high-tech manufacturing grew fast.
In the first three quarters, the total value added of industrial enterprises above the designated size grew by 5.8% year on year. In terms of sectors, the value added of mining increased by 2.9% year on year, that of manufacturing increased by 6.0%, and that of electricity, thermal power, gas and water’s production and supply increased by 6.3%. The value added of equipment manufacturing grew by 7.5% year on year while that of high-tech manufacturing was up by 9.1%, making their growth rates faster than that of all industries above designated size by 1.7 and 3.3 percentage points, respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 4.3% year on year; that of share-holding enterprises was up by 6.1%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.9%; and that of private enterprises was up by 5.5%. In terms of products, the production of new energy vehicles, integrated circuits and 3D printing devices went up by 33.8%, 26.0% and 25.4% year on year. In September, the total value added of industrial enterprises above the designated size went up by 5.4% year on year, 0.9 percentage point faster than that of the previous month, or up by 0.59% month on month. In September, the Manufacturing Purchasing Managers' Index stood at 49.8%, 0.7 percentage point higher than that of the previous month. The Production and Operation Expectation Index was 52.0%. In the first eight months, the total profits made by industrial enterprises above the designated size were 4,652.7 billion yuan, up by 0.5% year on year.
Third, the service sector continued to recover and modern services enjoyed sound development.
In the first three quarters, the value added of services went up by 4.7% year on year. Specifically, the value added of information transmission, software and information technology services, leasing and business services, transport, storage and postal services, accommodation and catering, and wholesale and retail grew by 11.3%, 10.1%, 6.8%, 6.3% and 5.4%, respectively. In September, the Index of Services Production increased by 5.1% year on year, 0.5 percentage point faster than that of the previous month. Among them, the Index of Services Production of information transmission, software and information technology services, leasing and business services, and financial intermediation went up by 11.4%, 9.7% and 6.5%, respectively. In the first eight months, the business revenue of service enterprises above the designated size grew by 7.7% year on year. In September, the Business Activity Index for Services stood at 49.9%. The Business Activity Expectation Index for Services was 54.6%. Among which, the Business Activity Index for industries like postal services, telecommunication, broadcast, television and satellite transmission services, internet software and information technology services as well as monetary and financial services were within the high expansion range of 55.0% and above.
Fourth, market sales kept growing and sales of upgraded goods witnessed good momentum.
In the first three quarters, the total retail sales of consumer goods reached 35,356.4 billion yuan, up by 3.3% year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 30,586.9 billion yuan, up by 3.2% year on year, and that in rural areas stood at 4,769.5 billion yuan, up by 4.4%. Grouped by consumption patterns, the retail sales of goods were 31,414.9 billion yuan, up by 3.0%, while the income of catering was 3,941.5 billion yuan, up by 6.2%. Certain basic living goods and upgraded goods enjoyed favorable sales. Retail sales for grain, oil and food as well as of beverages by enterprises above the designated size went up by 9.9% and 4.5%, respectively, and that of communication equipment and of sports and recreational articles grew by 11.9% and 9.7%, respectively. Online retail sales reached 10,893.0 billion yuan, up by 8.6% year on year. Specifically, the online retail sales of physical goods were 9,072.1 billion yuan, up by 7.9%, accounting for 25.7% of the total retail sales of consumer goods. In September, the total retail sales of consumer goods went up by 3.2% year on year, 1.1 percentage points faster than that of the previous month, or up by 0.39% month on month. The sales of automobiles and household appliances witnessed good momentum. In September, the retail sales of household appliances and audio-visual equipment, communication equipment, and cultural and office supplies by enterprises above the designated size increased by 20.5%, 12.3% and 10.0%, respectively. The retail sales of automobiles and furniture both increased by 0.4%, with the growth rate shifting from negative to positive. In the first three quarters, the retail sales of services went up by 6.7% year on year.
Fifth, investment in fixed assets continued to expand and investment in high-tech industries grew fast.
In the first three quarters, investments in fixed assets (excluding rural households) reached 37,897.8 billion yuan, up by 3.4% year on year. Investments in fixed assets was up by 7.7%, with investments in real estate development deducted. Specifically, the investment in infrastructure grew by 4.1%; that in manufacturing grew by 9.2%; and that in real estate development dropped by 10.1%. The floor space of newly-built commercial buildings sold was 702.84 million square meters, down by 17.1% year on year, a decline narrowed by 1.9 percentage points and 0.9 percentage point, respectively, compared with that in the first half of the year and in the first eight months. The total sales of newly-built commercial buildings was 6,888.0 billion yuan, down by 22.7%, a decline narrowed by 2.3 percentage points and 0.9 percentage point, respectively, compared with that in the first half of the year and in the first eight months. In terms of industry, investment in the primary industry went up by 2.3% year on year, that in the secondary industry increased by 12.3% and that in the tertiary industry decreased by 0.7%. Private investment declined by 0.2%, or up by 6.4% with the investment in real estate development deducted. The investment in high-tech industries grew by 10.0% year on year, of which the investment in high-tech manufacturing and high-tech services grew by 9.4% and 11.4%, respectively. In terms of high-tech manufacturing, investment in the manufacturing of aerospace vehicles and equipment as well as in the manufacturing of electronic and communication equipment grew by 34.1% and 10.3%, respectively. In terms of high-tech services, the investment in professional technical services, e-commerce services and services for transformation of scientific and technological achievements grew by 31.8%, 14.8% and 14.8%, respectively. In September, the investment in fixed assets (excluding rural households) increased by 0.65% month on month.
Sixth, imports and exports of goods grew fast and trade structures continued to optimize.
In the first three quarters, the total value of imports and exports of goods was 32,325.2 billion yuan, an increase of 5.3% year on year. The total value of exports was 18,614.7 billion yuan, up by 6.2%. The total value of imports was 13,710.4 billion yuan, up by 4.1%. The trade balance was 4,904.3 billion yuan in surplus. Private enterprises’ imports and exports grew by 9.4%, accounting for 55.0% of the total value of imports and exports, 2.1 percentage points higher than that of the same period last year. The imports and exports with Belt and Road partner countries grew by 6.3%, accounting for 47.1% of the total value of imports and exports. The exports of mechanical and electrical products grew by 8.0%, accounting for 59.3% of the total value of exports. In September, the total value of imports and exports was 3,748.0 billion yuan, up by 0.7% year on year. Specifically, the total value of exports was 2,165.3 billion yuan, up by 1.6%. The total value of imports was 1,582.7 billion yuan, down by 0.5%.
Seventh, consumer prices grew mildly and producer prices for industrial products declined.
In the first three quarters, the consumer price index (CPI) rose by 0.3% year on year, 0.2 percentage point higher than that of the first half of the year. Grouped by commodity categories, pricing for food, tobacco and alcohol went down by 0.4%; clothing up by 1.5%; housing up by 0.1%; articles and services for daily use up by 0.7%; transportation and communication down by 1.3%; education, culture and recreation up by 1.7%; medical services and health care up by 1.4%; and other articles and services up by 3.4%. In terms of pricing of food, tobacco and alcohol, the price for fresh fruits went down by 4.7%, grain up by 0.2%, fresh vegetables up by 3.3% and pork up by 5.8%. The core CPI, excluding the prices of food and energy, grew by 0.5% year on year. In September, the CPI went up by 0.4% year on year, or maintained the same level month on month.
In the first three quarters, producer prices for industrial products went down by 2.0% year on year, with the decline narrowed by 0.1 percentage point compared with that of the first half of the year. Specifically, prices in September dropped by 2.8% year on year, or down by 0.6% month on month. In the first three quarters, purchasing prices for industrial producers went down by 2.1% year on year. Specifically in September, prices dropped by 2.2% year on year, or down by 0.8% month on month.
Eighth, employment was generally stable and the urban surveyed unemployment rate declined slightly.
In the first three quarters, the urban surveyed unemployment rate averaged 5.1%, down by 0.2 percentage point over that of the same period last year. In September, the urban surveyed unemployment rate was 5.1%, 0.2 percentage point lower than that of the previous month. The surveyed unemployment rate of the population with local household registration was 5.2% and that of the population with non-local household registration was 4.8%, of which, the rate of the population with non-local agricultural household registration stood at 4.6%. The urban surveyed unemployment rate in 31 major cities was 5.1%, 0.3 percentage point lower than that of the previous month. The average weekly working hours of workers employed in the country's enterprises was 48.8 hours. By the end of the third quarter, the number of rural migrant workers totaled 190.14 million, up by 1.3% year on year.
Ninth, household incomes continued to grow and income growth of rural households outpaced that of urban households.
In the first three quarters, the nationwide per capita disposable income of households was 30,941 yuan, a nominal growth of 5.2% year on year, with real growth being 4.9% after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 41,183 yuan, a nominal growth of 4.5% year on year and a real growth of 4.2%. The per capita disposable income of rural households was 16,740 yuan, a nominal growth of 6.6% year on year and a real growth of 6.3%. In terms of income sources, the nationwide per capita salary income, net business income, net property income and net income from transfers grew in nominal terms by 5.7%, 6.4%, 1.2% and 4.9%, respectively. The median of the nationwide per capita disposable income of households was 25,978 yuan with a nominal growth of 5.9% year on year.
Generally speaking, the national economy was largely stable with steady progress in the first three quarters, and the effects of policies continued to manifest with major indicators recently showing positive changes. However, we should be aware that the external environment is increasingly complicated and severe, and the foundation for sound economic recovery and growth still needs to be strengthened. Next, 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, strictly implement the decisions and plans of the CPC Central Committee and the State Council, adhere to the general principle of pursuing progress while ensuring stability, fully and faithfully apply the new development philosophy on all fronts, and accelerate the efforts to create a new pattern of development. We must intensify the synergy of existing and incremental policies, advance the implementation and delivery of policies as well as consolidate and enhance the momentum for economic recovery and growth, so as to achieve the annual targets of economic and social development.
That's all I have to say about the main indicators of the national economy in the first three quarters of 2024. Next, I am happy to answer your questions.
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