National Bureau of Statistics of China
17 July 2017
In the first half year of 2017, under the strong leadership of the Central Committee of the Communist Party of China with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and arrangements made by the Party Central Committee and the State Council, stuck to the general principle of seeking progress while maintaining performance stable, guided the new normal in China’s economic development using the new development philosophy, focused on supply-side structural reform, gave central importance to improving the quality and returns, deepened reform and innovation, and paid close attention to policy implementation. The national economy performed within an appropriate range with more visible good momentum and achieved steady growth, rise in employment, stable prices, income growth and optimizing structures. National economic development became more stable, coordinated and sustainable.
According to the preliminary estimation, the gross domestic product (GDP) of China was 38,149.0 billion yuan in the first half of 2017, a year-on-year increase of 6.9 percent at comparable prices. Specifically, the year-on-year growth was 6.9 percent for the first quarter, and 6.9 percent for the second quarter. The value added of the primary industry was 2,198.7 billion yuan, up by 3.5 percent year-on-year; the secondary industry 15,298.7 billion yuan, up by 6.4 percent; and the tertiary industry 20,651.6 billion yuan, up by 7.7 percent. The GDP of the second quarter of 2017 went up by 1.7 percent on a quarter-on-quarter basis.
1. Agricultural Production Showed Good Momentum and Summer Grain Harvested Again.
The total summer grain output in 2017 was 140.52 million tons, an increase of 1.31 million tons compared with last year, up by 0.9 percent. The output of pork, beef, mutton and poultry was 38.92 million tons, a year-on-year increase of 1.0 percent, 0.8 percentage point higher than that of the first quarter. In particular, the output of pork was 24.93 million tons, up by 0.8 percent, an increase of 0.6 percentage point. There were 403.50 million pigs registered, a year-on-year increase of 0.4 percent and 321.83 million pigs slaughtered, an increase of 0.7 percent.
2. Industrial Production Accelerated with Rapid Growth of Enterprise Profits.
In the first half year, the total value added of the industrial enterprises above the designated size was up by 6.9 percent year-on-year in real terms, 0.1 percentage point and 0.9 percentage point higher than that in the first quarter and the same period last year respectively. An analysis by types of ownership showed that the value added of the state holding enterprises went up by 6.2 percent; collective enterprises up by 1.9 percent; share-holding enterprises up by 7.1 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan up by 6.7 percent. In terms of sectors, the value added of the mining dropped by 1.0 percent on a year-on-year basis, the manufacturing grew by 7.4 percent and the production and supply of electricity, thermal power, gas and water grew by 8.1 percent. Manufacturing industry moved towards the medium-high end at a faster pace. In the first half year, the value added of high-tech industry and equipment manufacturing industry grew by 13.1 percent and 11.5 percent year-on-year respectively, 6.2 percentage points and 4.6 percentage points higher than that of the industrial enterprises above the designated size, accounting for 12.2 percent and 32.2 percent of the value added of the industrial enterprises above the designated size respectively. The sales-output ratio of the industrial enterprises above the designated size reached 97.5 percent. In June, the total value added of the industrial enterprises above the designated size was up by 7.6 percent year-on-year, 1.1 percentage points higher than May, or up by 0.81 percent month-on-month.
In the first five months of 2017, the profits made by industrial enterprises above the designated size stood at 2,904.8 billion yuan, up by 22.7 percent year-on-year, an increase of 16.3 percentage points compared with the same period last year. The profit rate from principal business of the industrial enterprises above the designated size reached 6.05 percent, 0.45 percentage point higher than that in the same period last year.
3. Service Sector Witnessed a Fast Growth and Became Increasingly Prosperous.
In the first half year, the Index of Services Production increased by 8.3 percent year-on-year, the same as that of the first quarter or 0.1 percentage point higher than the same period last year. Transport, storage and postal services, information transmission, software and information technology services, and rental and business services enjoyed a fast growth. In June, the Index of Services Production grew by 8.6 percent year-on-year, 0.5 percentage point higher than that in May or 0.6 percentage point higher that that in the same month last year.
In June, business activity index for services stood at 53.8 percent, 0.3 percentage point higher than May and 1.6 percentage points higher than June last year. Both the business activity index for producer services and for logistics rose to above 59.0 percent. Specifically, the business activity index for sectors such as air transport, postal services, telecommunications, broadcast, television and satellite transmission services, internet and software information technology services, monetary and financial services and insurance stayed within the prosperous range of 60 percent and above. From the perspective of market demand and prospect, the New Order Index for services and the Business Activities Expectation Index were 50.7 percent and 60.0 percent respectively, 0.4 percentage point and 0.8 percentage point higher respectively than last month.
4. The Growth of Investment Stabilized with a Slight Slowdown and the Growth of Manufacturing Investment and Private Investment Rebound.
In the first half year, the investment in fixed assets (excluding rural households) was 28,060.5 billion yuan, a year-on-year growth of 8.6 percent, 0.6 percentage point lower than that in the first quarter. Specifically, the investment by the state holding enterprises reached 10,202.2 billion yuan, a rise of 12.0 percent; private investment reached 17,023.9 billion yuan, up by 7.2 percent, 0.4 percentage point and 4.4 percentage points higher compared with the first five months and the same period last year respectively, accounting for 60.7 percent of the total investment. Specifically, the investment in the primary industry was 869.4 billion yuan, up by 16.5 percent; the secondary industry 10,580.7 billion yuan, up by 4.0 percent, of which, that in manufacturing was 8,680.9 billion yuan, up by 5.5 percent, 0.4 percentage point higher than that in the first five months, achieving growth for the second consecutive month, or 2.2 percentage points higher than the same period last year; and the tertiary industry 16,610.4 billion yuan, an increase of 11.3 percent. Specifically, the investment in infrastructure was 5,942.2 billion yuan, an increase of 21.1 percent, 0.2 percentage point higher than the first five months and the same period last year. The investment in high-tech industry grew rapidly and investment in high-tech manufacturing and hi-tech services increased by 21.5 percent and 22.3 percent respectively, 12.9 percentage points and 13.7 percentage points higher than the growth rate of the total investment. The funds in place for investment in fixed assets in the first half year were 28,627.5 billion yuan, up by 1.4 percent year-on-year, with growth rate shifting from negative to positive. The total planned investment in newly-started projects was 23,725.8 billion yuan, a decrease of 1.2 percent year-on-year, 4.4 percentage points lower than that in the first five months. In June, the investment in fixed assets (excluding rural households) increased by 0.73 percent month-on-month.
5. The Growth of Investment in Real Estate Development Slowed Down and the Floor Space of Commercial Buildings for Sale Continued to Decrease.
In the first half year, the total investment in real estate development in the first six months was 5,061.0 billion yuan, a year-on-year growth of 8.5 percent, 0.6 percentage point lower than that in the first quarter. In particular, the investment in residential buildings went up by 10.2 percent. The floor space of houses newly started in the first six months was 857.20 million square meters, up by 10.6 percent. Specifically, the floor space of residential buildings newly started went up by 14.9 percent. The floor space of commercial buildings sold was 746.62 million square meters, up by 16.1 percent, of which the floor space of residential buildings sold grew by 13.5 percent. The total sales of commercial buildings were 5,915.2 billion yuan, up by 21.5 percent. Specifically, the sales of residential buildings were up by 17.9 percent. The land space purchased by real estate development enterprises was 103.41 million square meters, up by 8.8 percent year-on-year. By the end of June, the floor space of commercial buildings for sale was 645.77 million square meters, 14.41 million square meters less than the end of May. The funds in place for real estate development enterprises in the first half year reached 7,576.5 billion yuan, up by 11.2 percent year-on-year.
6. The Growth of Market Sales Accelerated and Online Retailing Showed Strong Momentum.
In the first half year, the total retail sales of consumer goods reached 17,236.9 billion yuan, a year-on-year rise of 10.4 percent, 0.4 percentage point and 0.1 percentage point higher compared with that of the first quarter and the same period last year respectively. Specifically, the retail sales of consumer goods by units above the designated size stood at 7,695.3 billion yuan, up by 8.7 percent. Analyzed by different areas, the retail sales in urban areas reached 14,778.6 billion yuan, up by 10.1 percent, and the retail sales in rural areas stood at 2,458.3 billion yuan, up by 12.3 percent. Grouped by consumption patterns, the income of catering industry was 1,854.6 billion yuan, up by 11.2 percent; and the retail sales of goods were 15,382.2 billion yuan, up by 10.3 percent. In particular, the retail sales of units above the designated size reached 7,242.0 billion yuan, an increase of 8.8 percent. The sales of upgraded consumer goods witnessed a fast growth. Specifically, the sales of cultural goods and office supplies grew by 11.8 percent, sports and recreational articles up by 17.1 percent, furniture up by 13.4 percent and construction and decoration materials rose by 13.9 percent. In June, the total retail sales of consumer goods rose by 11.0 percent year-on-year, 0.3 percentage point higher than May, or up by 0.93 percent month-on-month.
In the first half year, the online retail sales reached 3,107.3 billion yuan, a year-on-year growth of 33.4 percent, or 1.3 percentage points higher than the first quarter. In particular, the online retail sales of physical goods were 2,374.7 billion yuan, an increase of 28.6 percent, accounting for 13.8 percent of the total retail sales of consumer goods, or 2.2 percentage points higher than the same period last year.
7. Imports and Exports Grew Rapidly with Improved Structure of Foreign Trade.
The total value of imports and exports in the first half of 2017 was 13,141.2 billion yuan, an increase of 19.6 percent year-on-year. Specifically, the total value of exports was 7,209.7 billion yuan, up by 15.0 percent; the total value of imports was 5,931.5 billion yuan, an increase of 25.7 percent. The trade balance was 1,278.2 billion yuan in surplus. The import and export of general trade occupied a larger proportion. In the first half year, the import and export of general trade grew by 20.5 percent, accounting for 56.7 percent of the total value, 0.4 percentage point higher than the same period last year. As the major exported goods, the export of mechanical and electrical products grew by 14.6 percent in the first half year, accounting for 57.2 percent of the total export value. The import and export to some countries along the “Belt and Road” increased. In the first half year, the import and export to Russia, Pakistan, Poland and Kazakhstan increased by 33.1 percent, 14.5 percent, 24.6 percent and 46.8 percent respectively. In June, the total value of imports and exports was 2,404.3 billion yuan, a year-on-year increase of 19.8 percent. Of this total, the value of exports was 1,349.3 billion yuan, up by 17.3 percent; and that of imports was 1,055.0 billion yuan, up by 23.1 percent.
In the first half year, the export delivery value of the industrial enterprises above the designated size reached 6,103.0 billion yuan, up by 10.9 percent year-on-year, 0.6 percentage point higher than that in the first quarter. In June, the export delivery value of the industrial enterprises above the designated size reached 1,172.3 billion yuan, up by 11.7 percent.
8. The Consumer Price Rose Mildly While the Increase of Industrial Product Prices Slowed Down.
In the first six months, the consumer price went up by 1.4 percent year-on-year, growing at the same speed as the first quarter. Specifically, the price went up by 1.5 percent in the urban areas and 1.0 percent in the rural areas. Grouped by commodity categories, prices for food, tobacco and alcohol were down by 0.8 percent year-on-year; clothing up by 1.3 percent; housing up by 2.4 percent; articles and services for daily use up by 0.8 percent; transportation and communication up by 1.5 percent; education, culture and recreation up by 2.5 percent; health care up by 5.4 percent; other articles and services up by 3.3 percent. In terms of food, tobacco and alcohol prices, prices for grain went up by 1.4 percent, pork down by 6.1 percent, fresh vegetables down by 14.7 percent. In June, the consumer price were up by 1.5 percent year-on-year, the same as that of last month and down by 0.2 percent month-on-month.
In the first half year, the producer prices for industrial products went up by 6.6 percent year-on-year, 0.8 percentage point lower than the first quarter. The prices in June grew by 5.5 percent year-on-year, the same as that of last month and down by 0.2 percent month-on-month. In the first half year, the purchasing prices for industrial producers grew by 8.7 percent year-on-year. In June, the prices went up by 7.3 percent year-on-year and down by 0.4 percent month-on-month.
9. The Income of Urban and Rural Residents Grew Rapidly and the Rural- Urban Income Gap Continued to be Narrowed.
In the first half year of 2017, the national per capita disposable income was 12,932 yuan, a nominal growth of 8.8 percent year-on-year or a real increase of 7.3 percent after deducting price factors, 0.3 percentage point and 0.8 percentage point higher compared with the first quarter and the same period last year respectively. In terms of permanent residence, the per capita disposable income of the urban residents was 18,322 yuan, a real growth of 6.5 percent after deducting price factors. The per capita disposable income of the rural residents was 6,562 yuan, a growth of 7.4 percent in real terms. The per capita income of the urban residents was 2.79 times of that of the rural residents, 0.01 less than the same period last year. The median of the national per capita disposable income was 11,238 yuan, a nominal increase of 7.0 percent year-on-year. The per capital consumption expenditure was 8,834 yuan, a nominal growth of 7.6 percent year-on-year or a real increase of 6.1 percent after deducting price factors. By the end of the second quarter, the number of rural migrant workers was 178.73 million, which was 3.64 million more than the same period last year, or up by 2.1 percent. In the second quarter, the average monthly income of migrant workers was 3,405 yuan, an increase of 6.3 percent.
10. The Work of Cutting Overcapacity, Reducing Excess Inventory, Deleveraging, Lowering Costs, and Strengthening Areas of Weakness was Advanced with Policy Effect Continuing to Manifest Itself.
Overcapacity was addressed in a well-ordered way. The industrial capacity utilization rate in the first half of 2017 reached 76.4 percent, 3.4 percentage points higher than the same period last year. Real estate inventory continued to be reduced. Till the end of June, the floor space of commercial building for sale dropped by 9.6 percent year-on-year, 3.2 percentage points higher than that at the end of March. Leverage of enterprises was brought down. The debt-to-asset ratio of industrial enterprises above the designated size at the end of May stood at 56.1 percent, 0.7 percentage point lower than that in the same period last year. Cost of enterprises continued to be reduced. In the first five months, the cost of per-hundred-yuan revenue from principle business of industrial enterprises above the designated size was 85.62 yuan, 0.04 yuan less on a year-on-year basis. Areas of weakness were strengthened. In the first half year, the investment in the management of ecological protection and treatment of environment pollution, management of water conservancy, transport, storage and postal services and education grew by 46.0 percent, 17.5 percent, 14.7 percent and 17.8 percent respectively, markedly higher than the growth rate of the investment in fixed asset in the same period.
Generally speaking, the national economy has maintained the momentum of steady and sound development in the first half of 2017, laying a solid foundation for achieving the annual target and better performance. However, we must be aware that there are still many unstable and uncertain factors abroad and long-term structural contradictions remain prominent at home. At the next step, united even closer around the Party Central Committee with Comrade Xi Jinping at its core, we will stick to the general principle of seeking progress while maintaining performance stable, focus on supply-side structural reform, give central importance to improving the quality and returns of development, expand aggregate demand as appropriate, guide the social expectations, strengthen the role of innovation in driving development, accelerate the replacement of old growth drivers with new ones, and promote economic transformation and upgrading, so as to cement the foundation for steady and sound development and better fulfill the goal of national economic development this year.
Notes:
1. The growth rate of gross domestic product, value added of industrial enterprises above the designated size and its sub-items are real growth by using comparable prices. The growth rates of other indicators are nominal growth by using current prices unless otherwise specified.
2. According to the auto-revision function of the seasonal adjustment model, GDP in each quarter and the month-on-month changes of the value added of industrial enterprises above the designated size, investment in fixed assets (excluding rural households), and total retail sales of consumer goods have been revised. The revised figures, quarter-on-quarter GDP data for the second quarter of 2017 and other indicators for June 2017 are as follows:
The quarter-on-quarter growth of GDP in 2016 and the first and second quarters of 2017 were 1.3 percent, 1.9 percent, 1.8 percent, 1.7 percent, 1.3 percent and 1.7 percent respectively.
Month-on-Month Changes
|
|
Value Added of Industrial Enterprises above the designated Size (%) |
Investment in Fixed Assets (Excluding Rural Households) (%) |
Total Retail Sales of Consumer Goods (%) |
|
June. 2016 |
0.50 |
0.69 |
0.91 |
|
July. 2016 |
0.51 |
0.57 |
0.79 |
|
August. 2016 |
0.53 |
0.70 |
0.93 |
|
September. 2016 |
0.46 |
0.64 |
0.85 |
|
October. 2016 |
0.50 |
0.70 |
0.73 |
|
November 2016 |
0.55 |
0.61 |
1.00 |
|
December 2016 |
0.50 |
0.67 |
0.88 |
|
January 2017 |
0.57 |
0.61 |
0.68 |
|
February 2017 |
0.60 |
0.77 |
1.05 |
|
March 2017 |
0.83 |
0.78 |
0.89 |
|
April 2017 |
0.55 |
0.74 |
0.82 |
|
May 2017 |
0.57 |
0.71 |
0.87 |
|
June 2017 |
0.81 |
0.73 |
0.93 |
3. Industrial enterprises above the designated size are industrial enterprises with annual revenue from principal business over 20 million yuan.
4. To reflect timely the monthly performance of economic activities in services sector, the National Bureau of Statistics of China compiled the Index of Services Production, and disseminated the information since March 2017. The Index of Services Production reflects the output changes between reporting period and base period after excluding price factors.
5. Units above the designated size in total retail sales of consumer goods include wholesale enterprises, retail enterprises and lodging and catering enterprises with annual revenue from principal business over 20 million yuan, 5 million yuan and 2 million yuan respectively.
Online retail sales refer to the retail sales of goods and services realized through internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (e.g. virtual goods and services).
6. The median of national per capita disposable income of urban and rural households refers to the per capita disposable income of households which lies in the middle of all surveyed households ranked from low to high on the basis of per capita disposable income level.
7. Migrant workers refer to the rural labor force who obtained employment outside their registered towns and townships at the reference time of the survey.
8. Data of imports and exports are from the General Administration of Customs.
9. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals.