The driving force of the national economy is moving towards a new structure and optimization
The National Bureau of Statistics recently released data showing that in the first seven months, production and supply have steadily increased, employment and prices have remained stable overall, foreign trade resilience has continued to be demonstrated, new driving forces have grown and strengthened, and the overall operation of the national economy has remained stable, continuing the trend of new driving forces and structural optimization.
Show resilience and vitality in multiple aspects
In the face of external shocks and internal difficulties, various regions and departments have adhered to the general tone of seeking progress while maintaining stability, and focused on implementing more proactive macro policies. Overall, the economic operation in July was stable, and there were no major changes in the supply and demand situation, "said Fu Linghui, spokesperson and chief economist of the National Bureau of Statistics, at a press conference held by the State Council Information Office on the 17th.
Stable economic growth. In the first seven months, the main production indicators remained overall stable, with the added value of industrial enterprises above designated size increasing by 5.3% year-on-year, and the production index of the service industry increasing by 4.7% year-on-year. The trend of stable production growth has not changed.
Consumption continues to expand. In the first seven months, the total retail sales of consumer goods and services increased by 2.6% year-on-year, while the retail sales of services increased by 5%, significantly faster than the growth rate of commodity retail sales. The total retail sales of consumer goods, mainly based on commodity retail, have remained stable, with a growth rate of 1.2% in the first seven months.
The development vitality is demonstrated in areas such as industrial upgrading, digital transformation, and foreign trade growth. The trend of industrial upgrading is obvious, with the added value of high-tech industries and digital product manufacturing industries above designated size increasing by 16.9% and 17.3% respectively year-on-year in July. The vitality of openness continues to strengthen, and the total import and export volume of goods in July increased by 19.2% year-on-year; In the first seven months, China's imports and exports to ASEAN and countries jointly building the "the Belt and Road" have maintained double-digit growth.
We will focus on stabilizing employment, stabilizing prices, and ensuring the production and livelihood of residents. From the perspective of energy supply, the crude oil production of industrial enterprises above designated size in July increased by 0.8% year-on-year, reaching a new historical high for the same period; Both natural gas production and power generation have maintained a high level of output, effectively ensuring the energy needs for production and daily life. In terms of prices, the consumer price index for residents in July increased by 0.5% year-on-year, maintaining a moderate increase. The core CPI excluding food and energy increased by 0.9%, maintaining basic stability; Food prices closely related to residents' daily lives have decreased by 1.5% year-on-year, while prices of grains, meat, poultry, eggs, and milk have remained relatively stable. In terms of employment, the national urban survey unemployment rate in July was 5.2%, unchanged from the same period last year.
The trend of structural optimization and upgrading is obvious
Based on the comprehensive economic operation data of the past seven months, China's economy has maintained steady growth while the trend of structural optimization and upgrading continues.
The demand structure is continuously optimized. In terms of consumption, in the first half of the year, the proportion of per capita service consumption expenditure by residents to total consumption expenditure increased by 0.2 percentage points year-on-year. In terms of investment, in the first seven months, manufacturing investment accounted for 26.6% of total investment, an increase of 1.4 percentage points year-on-year; The proportion of investment in high-tech industries and intellectual property products in total investment increased by 1.2 percentage points and 2.1 percentage points respectively year-on-year. This indicates that various high-quality resources in China are gathering in the manufacturing industry, and the proportion of manufacturing investment in total investment is increasing; At the same time, the key role of investment in optimizing the supply structure is increasing, and the proportion of investment in innovative development and the cultivation of new quality productivity is also increasing.
The industrial structure continues to upgrade. From an agricultural perspective, the proportion of facility agriculture and large-scale aquaculture in production in China has continued to increase in recent years. From an industrial perspective, the pace of high-end industrialization is steady. In the first seven months, the proportion of added value of high-tech manufacturing and equipment manufacturing industries to the total added value of industries above designated size increased by 1.5 percentage points and 1.7 percentage points year-on-year. From the perspective of the service industry, in the first half of the year, the added value of information transmission, software and information technology services, leasing and business services accounted for 0.3 percentage points higher than the same period last year in the gross domestic product.
Improvement of urban and rural regional development. Based on urban and rural areas, the comprehensive revitalization of rural areas has been solidly promoted, and multiple measures have been taken to strengthen and enrich agriculture. The income ratio of urban and rural residents has decreased. In the first seven months, the proportion of rural consumer goods retail sales to the total social consumer goods retail sales was 13.4%, an increase of 0.2 percentage points from the same period last year. Based on the region, the eastern region is accelerating the development of innovation sources, and the advantages of latecomers in the central and western regions continue to emerge.
Wang Guanhua, spokesman of the National Bureau of Statistics and deputy director of the Department of Comprehensive Statistics of the National Economy, said that China's economic development mode is shifting from the traditional factor driven to the innovation driven. It needs a long time and sustained efforts to comprehensively promote the upgrading of traditional industries, the growth of emerging industries and the cultivation of future industries, and to promote the smooth transition of new and old driving forces.
Macro policies exert efforts to improve efficiency
Since the beginning of this year, fiscal policy and monetary policy have been coordinated and coordinated, the "dual" construction and "two new" work have been vigorously promoted, and policies such as expanding capacity and improving the quality of the service industry have been introduced and implemented, effectively ensuring the smooth operation of the economy.
At the end of July, the stock of social financing scale increased by 7.4% year-on-year. The continuous effectiveness of exchanging old for new consumer goods has been evident. In the first seven months, the retail sales of cultural office supplies and communication equipment for units above designated size increased by 6% and 15.1% year-on-year, respectively; The demand for equipment updates continues to be released. In the first seven months, the investment in equipment and tool purchases increased by 9% year-on-year, driving a 1.5 percentage point increase in total investment.
The "dual" construction is being solidly promoted, and the modern infrastructure system is gradually improving. The construction of communication network expanded in depth. In the first seven months, the investment in optical fiber manufacturing, Internet and related services increased by 29.9% and 41.3% respectively year on year. The construction of logistics transportation and basic energy expansion is steadily advancing. In the first seven months, investment in the water transportation and air transportation industries increased by 16.2% and 15.7% respectively, and investment in the power supply industry increased by 16%.
Fu Linghui stated that the main tone of "stability" in the Chinese economy has not changed. With the growth and expansion of new driving forces, the deepening of reform and opening up, and the effectiveness of macroeconomic policies, it is expected to continue to maintain an overall stable and optimized development trend, providing strong support for the achievement of the expected annual economic growth target.