National Economy Showed Good Momentum of Development in the First Three Quarters of 2010
Mr. Sheng Laiyun, Deputy Director-general of the Department of Comprehensive Statistics
October 21, 2010
In the first three quarters of 2010, faced with the complicated and volatiledomestic and international environment and various grand challenges, under the correct leadership of the Central Party Committee and the State Council, all regions and departments consistently carried out the packages of policies dealing with the impacts of international financial crisis and other policies and measures, and proactively pushed forward the transformation of economic development mode and the adjustment of economic structures. As a result, the good developing momentum of economy was further consolidated, and the national economy kept moving towards the expected direction of macroeconomic control.
According to the preliminary estimation, the gross domestic product (GDP) of China in the first three quarters of this year was 26,866.0 billion yuan, a year-on-year increase of 10.6 percent, which was 2.5 percentage points higher than that in the same period last year. In terms of growth by quarters, it was up 11.9 percent for the first quarter, 10.3 percent for the second and 9.6 percent for the third quarter. The value added of the primary industry was 2,560.0 billion yuan, up by 4.0 percent; that of the secondary industry was 12,932.5 billion yuan, up by 12.6 percent; and that of the tertiaryindustry was 11,373.5 billion yuan, up by 9.5 percent.
The situation of agricultural production was good and a dramatic increase is expected for the output of autumn grain. The output of grain for the whole year is expected to have another bumperharvest. In the first three quarters of this year, the total output of pork, beef and mutton reached 54.39 million tons, a year-on-year growth of 2.6 percent. The output of pork reached 35.89 million tons, up by 2.7 percent.
Industrial production picked up quickly with a substantial increase in economic efficiency of enterprises. In the first three quarters of this year, the total value added of the industrial enterprises above designated size was up by 16.3 percent year-on-year, or 7.6 percentage points higher than that in the first three quarters of 2009. In terms of growth by quarters, it was up 19.6 percent for the first quarter, 15.9 percent for the second and 13.5 percent for the third. An analysis on different types of enterprises showed that the value added growth of the state-owned and state holding enterprises went up by 15.1 percent; collective enterprises by 9.4 percent; share-holding enterprises by 17.3 percent; and 15.8 percent growth for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan provinces. The year-on-year growth of heavy industry was 17.5 percent, and 13.6 percent for the light industry. Among 39 industrial divisions, 38 of them registered year-on-year growth. In terms of different areas, the growth in eastern, central and western regions was 15.6 percent, 18.9 percent and 15.6 percent respectively. The production and sales of industrial products went on well. In the first three quarters of this year, the sales ratio of industrial products was 97.8 percent, or 0.4 percentage point higher than that in the previous year.
In the first eight months of this year, the profits made by industrial enterprises above designated size stood at 2,600.5 billion yuan, up by 55 percent year-on-year. Among the 39 industrial divisions, 36 divisions registered year-on-year increase in profits, 1 division reversed from loss-making to profits, and the rest 2 divisions witnessed reduction of profits.
Investment in fixed assets enjoyed fast growth with improved investment structure. In the first three quarters of this year, the investment in fixed assets of the country was 19,222.8 billion yuan, a year-on-year growth of 24.0 percent. Of this total, the investment in urban areas reached 16,587.0 billion yuan, up by 24.5 percent while that in rural areas was 2,635.8 billion yuan, up by 20.5 percent. Of the total investment in fixed assets in urban areas, that in the primary industry, the secondary industry and the tertiary industry went up by 17.7 percent, 22.0 percent and 26.7 percent respectively. The investment in eastern, central and western regions grew by 21.5 percent, 27.1 percent and 26.5 percent respectively. In the first three quarters of this year, the investment in real estate development was 3,351.1 billion yuan, up by 36.4 percent year-on-year.
Sales on domestic markets enjoyed steady and fast growth and the popular commodities maintained high sales. In the first three quarters of this year, the total retail sales of consumer goods reached 11,102.9 billion yuan, a year-on-year rise of 18.3 percent. The retail sales in cities reached 9,598.7 billion yuan, up by 18.7 percent, and the retail sales in rural areas stood at 1,504.1 billion yuan, up by 15.8 percent. Grouped by consumption patterns, the income of catering industry was 1,263.2 billion yuan, up by 17.6 percent; that of retail sales of commodities, 9,839.7 billion yuan, up by 18.4 percent. In particular, the retail sales by businesses above designated size reached 4,094.5 billion yuan, up by 29.3 percent. Rapid growth was registered in emerging areas for consumption: the sales of motor vehicles rose by 34.9 percent; that of furniture went up by 38.4 percent, and that of household appliances and audio-video equipment grew by 28.1 percent.
The consumer prices went up mildly and the increase of producer prices for manufactured goods became steady. In the first three quarters of this year, the consumer prices went up by 2.9 percent year-on-year. The price rose by 2.8 percent in cities and that in rural areas by 3.1 percent. Grouped by commodity categories, five out of the eight witnessed growth and the rest three saw drops in prices. The prices for food rose by 6.1 percent; prices for tobacco, liquorand articles up by 1.6 percent; health care and personal articles up by 2.9 percent; recreation, education, culture articles and services up by 0.6 percent; and housing up by 4.1 percent while prices for clothing down by 1.1 percent; household facilities, articles and maintenance services down by 0.3 percent; and transportation and communication down by 0.3 percent. In September this year, the consumer prices grew by 3.6 percent year-on-year and 0.6 percent month-on-month. In the first three quarters of this year, the producer prices for manufactured goods went up by 5.5 percent year-on-year. The year-on-year change in September was up by 4.3 percent and the month-on-month change was up by 0.6 percent. In the first three quarters of the year, the year-on-year growth of purchasing prices for raw materials, fuels and power was 9.8 percent.
Foreign trade grew rapidly and trade surpluswas reduced to some extent. The total value of imports and exports for the first three quarters of this year was US$ 2,148.7 billion, up by 37.9 percent year-on-year. The value of exports was US$ 1,134.6 billion, up by 34.0 percent, and the value of imports was US$ 1,014.0 billion, up by 42.4 percent. The trade surplus was US$ 120.6 billion, a decline of US$ 14.9 billion over the same period last year.
The urban and rural population's income continued to grow with higher growth for rural population than that for urban population. In the first three quarters of this year, the per capita total income of urban households was 15,756 yuan. Of this total, the per capita disposable income of urban population was 14,334 yuan, a year-on-year growth of 10.5 percent, or a real growth of 7.5 percent after deducting price factors. Of the per capita total income of urban households, the year-on-year growth of wage income was 10.1 percent; transferred income 12.5 percent; net income from business operation 9.9 percent; and 18.5 percent from property income. The per capita cash income of rural population was 4,869 yuan, up by 13.1 percent year-on-year, or 9.7 percent growth in real terms. Of this total, the growth of wage income was 18.7 percent; household business operating income 8.7 percent; property income 19.4 percent; and 17.2 percent from transferred income. In the first three quarters of this year, the per capita consumption expenditurefor urban population increased by 6.3 percent in real terms and the per capita consumption expenditure in cash for rural population grew by 7.3 percent after deducting the price factor.
The money supply was basically stable with the incrementaloutstanding loans and deposits declined slightly as compared with that a year ago. By the end of September, the balance of broad money (M2) was 69.6 trillion yuan, a year-on-year growth of 19.0 percent; the balance of narrow money (M1) was 24.4 trillion yuan, a rise of 20.9 percent; and the balance of cash in circulation (M0) was 4.2 trillion yuan, up by 13.8 percent. The amount of outstanding loans of all financial institutions was 46.3 trillion yuan, increased by 6.3 trillion yuan over that at the beginning of this year, or a drop of 2.4 trillion yuan as compared with the end of September last year. The amount of outstanding deposits of all financial institutions was increased by 10.3 trillion yuan over the beginning of the year, or 1.4 trillion yuan less than that a year ago.
In the coming period, we should be guided by the scientific outlook on development, implement various policies set by the Central Party Committee and the State Council, maintain the continuity and stability of macroeconomic policies, and improve the relevanceand flexibility of the policies. In implementing the policies, we should apply the proper strength, pace and focus on the priorities, vigorously promote the transformation of economic development mode and the adjustment of economic structures, make great efforts to intensify the reform and opening up, attach great importance to the improvement of people's livelihood and achieve a sound and fast economic and social development.
Let me just stop there and I'm happy to take questions.