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Financial commentary
Posted on 2017-10-19 10:00:19 Share it on the web version
                        GDP in the third quarter increased by 6.8% from a year earlier September industrial increase above designated size increased by 6.6%
Source: National Bureau of Statistics Editor: Oriental Wealth

Click to view GDP data (Source: Oriental Wealth Network)

China's GDP in the third quarter increased by 6.8% year-on-year, after the IMF announced that the global economy continued to improve, raising China's GDP growth rate for the fourth time this year.

  List of economic data:

China's GDP in the third quarter increased by 6.8% year-on-year, and is expected to be 6.8% from the previous value of 6.9%. China's GDP in the third quarter increased by 1.7% from the previous month, and it was expected to be 1.7% from the previous value of 1.7%. China's GDP in the first three quarters increased by 6.9% year-on-year, and is expected to be 6.8%, compared with 6.9% in the first half of the year.

China's industrial added value above designated size increased by 6.6% year-on-year in September, which is expected to be 6.5%, and the previous value was 6%. From January to September, China’s industrial added value above designated size increased by 6.7% year-on-year, and is expected to be 6.7% from the previous value of 6.7%.

Click to view industrial value added data(Source: Oriental Wealth Network)

China’s total retail sales of consumer goods in September rose 10.3% year-on-year, and it was expected to be 10.2%, the previous value being 10.1%. The total retail sales of consumer goods in China from January to September increased by 10.4% year-on-year, with expectations of 10.3% and the previous value of 10.4%.

Click to check total retail sales of consumer goods(Source: Oriental Wealth Network)

From January to September, China's urban fixed asset investment increased by 7.5% year-on-year, and is expected to be 7.7%, the previous value was 7.8%. From January to September, private investment in fixed assets was 277,520 billion yuan, a nominal increase of 6% year-on-year, and the growth rate was down 0.4 percentage points from January to August. The proportion of private investment in fixed assets in the national fixed asset investment (excluding rural households) is 60.5%.

Click to view urban fixed assets investment data(Source: Oriental Wealth Network)

From January to September, China’s investment in real estate development reached 8,044.4 billion yuan, an increase of 8.1% over the previous year, and the growth rate was 0.2 percentage points higher than that in the first eight months. From January to September, the area of ​​new housing starts was 131.03 million square meters, an increase of 6.8%, and the growth rate dropped by 0.8 percentage points. From January to September, the sales area of ​​commercial housing was 11,066,000 square meters, a year-on-year increase of 10.3%, and the growth rate dropped by 2.4 percentage points. From January to September, the sales of commercial housing reached 91.9 billion yuan, an increase of 14.6%, and the growth rate fell 2.6 percentage points. At the end of September, the area for sale of commercial housing was 61.14 million square meters, a decrease of 12.12 million square meters from the end of August.

Click to view real estate development data(Source: Oriental Wealth Network)

 [Statistical Bureau Interpretation]

  The first three quarters of the national economy continued to develop steadily

Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, all localities and departments have thoroughly implemented the new development concept, adhered to the principle of stability and progress in the overall work, and made supply-side structural reform the main line to appropriately expand aggregate demand. Deepen reform and innovation, revitalize the real economy, prevent and resolve risks, and strengthen expected guidance. In the first three quarters, the national economy was generally stable, the structure was constantly optimized, the emerging kinetic energy was accelerating, the quality benefit was significantly improved, and the steady and positive trend continued to develop.

According to the preliminary calculations, the gross domestic product in the first three quarters was 5932.8 trillion yuan, which was calculated at a comparable price and grew by 6.9% year-on-year. The growth rate was the same as that in the first half of the year, which was 0.2 percentage point higher than the same period of the previous year. In terms of sub-sectors, the value-added of primary industry was 4,122.9 billion yuan, up 3.7% year-on-year; the secondary industry was 2,389.1 billion yuan, up 6.3%; the tertiary industry was 3,135.1 million yuan, up 7.8%. In the third quarter, GDP grew by 6.8% year-on-year, and the economy continued to operate in the 6.7-6.9% range for nine consecutive quarters, maintaining medium- and high-speed growth.

  I. The situation of grain production is good, and livestock husbandry has grown steadily  

The total output of summer grain in China was 1,405,2 million tons, an increase of 1.31 million tons over the previous year, an increase of 0.9%; the total output of early rice was 31.74 million tons, a decrease of 1.04 million tons from the previous year, a decrease of 3.2%; the autumn grain is expected to achieve a good harvest. In the first three quarters, the output of pork, sheep, and poultry was 58.77 million tons, an increase of 0.8% year-on-year, of which pork production was 37.17 million tons, an increase of 0.7%. The number of live pigs totaled 427.97 million heads, a year-on-year decrease of 0.8%; the number of live pigs was 48.24 million heads, an increase of 0.6%.

  II. Accelerating the development of industrial production and improving the efficiency of structural optimization  

In the first three quarters, the added value of industries above designated size increased by 6.7% year-on-year, an acceleration of 0.7% over the same period of last year. In terms of different types of economy, the value-added of state-controlled enterprises increased by 6.8%, that of collective enterprises by 0.3%, that of joint-stock companies by 6.8%, and that of foreign-invested companies and Hong Kong-Macao, Taiwan-invested companies by 7.1%. Looking at the three categories, the value added of the mining industry decreased by 1.6% year-on-year, that of the manufacturing industry by 7.3%, and that of the electricity, heat, gas, and water production and supply sectors by 8.4%. The industry moved toward the mid-to-high end. In the first three quarters, the added value of high-tech manufacturing and equipment manufacturing increased by 13.4% and 11.6% year-on-year, respectively, faster than the 6.7 and 4.9 percentage points of industries above designated size. In the first three quarters, the rate of production and sales of industrial enterprises above designated size reached 97.8%. In September, the value-added of industrial enterprises above designated size increased by 6.6% year-on-year, 0.6 percentage points higher than that of the previous month and a month-on-month increase of 0.56%. In September, the manufacturing purchasing managers index was 52.4. %, an increase of 0.7 percentage points from the previous month, reaching the highest point since May 2012.

From January to August, the gross profit of industrial enterprises above designated size reached 4921.4 billion yuan, up 21.6 percent year-on-year; the profit margin of main business income of industrial enterprises above designated size was 6.13 percent, up 0.45 percentage points from the same period of last year. In August, the total profit realized by industrial enterprises above designated size increased by 24% year-on-year, an acceleration of 7.5 percentage points from the previous month.

  Third, the service industry maintained rapid development, and the business activity index continued to increase  

In the first three quarters, the national production index for the service industry increased by 8.3% year-on-year, which was a 0.2% increase over the same period of last year. Among them, the transportation, warehousing and postal services, information transmission, software and information technology service industries, leasing and business service industries have grown rapidly. In September, the national production index for the service industry increased by 8.3% year-on-year, which was the same as that of the previous month and an acceleration of 0.2% over the same month of last year. From January to August, operating income of enterprises above designated size increased by 13.5% year-on-year, 3.4 percentage points higher than the same period of the previous year; operating profits of enterprises above designated size increased by 22.8% year-on-year, which was a 22.4 percentage point year-on-year increase.

In September, the service business activity index for the service industry was 54.4%, an increase of 1.8 percentage points from the previous month and an increase of 2.1 percentage points from the same month of last year. The business activity indices of wholesale, telecommunication, broadcast, television and satellite transmission services, Internet and software and information technology services, monetary and financial services, capital market services and insurance industry are all located at a high level of over 60.0%. The new order index for the service industry was 51.5%, and the business activity expectation index was 60.8%, which was an increase of 1.2 and 0.7 percentage points respectively from the previous month.

  Fourth, investment in fixed assets has stabilized slightly, and investment structure has been adjusted and optimized.  

In the first three quarters, the country’s investment in fixed assets (excluding rural households) was 458.478 billion yuan, a year-on-year increase of 7.5%, and the growth rate was 0.7 percentage points lower than the same period of last year. Among them, the state-controlled investment was 168,164 million yuan, an increase of 11.0%; private investment was 277,520 billion yuan, an increase of 6.0%, accounting for 60.5% of the total investment. In terms of sub-industries, the primary industry investment was 1.4973 trillion yuan, an increase of 11.8%; the secondary industry investment was 1718.7 billion yuan, an increase of 2.6%, of which the manufacturing investment was 1,408.1 billion yuan, an increase of 4.2%; the tertiary industry was 27,7118 billion yuan, an increase of 10.5 %. Infrastructure investment was 9,956.5 billion yuan, an increase of 19.8%, which was 0.4 percentage points higher than the same period of the previous year. Investment in technological transformation of high-end manufacturing and enterprises has grown rapidly, and investment growth in high-energy-consuming industries has slowed. In the first three quarters, investment in technological transformation in high-tech manufacturing, equipment manufacturing, and manufacturing increased by 18.4%, 8.3%, and 12.1% year-on-year, respectively, while investment in high-energy-consuming manufacturing fell by 1.9% year-on-year. The capital for fixed assets investment was 4570.7 billion yuan, an increase of 3.3% year-on-year, and the growth rate was 1.9 percentage points higher than that in the first half of the year. The total planned investment for new projects started was 376,347 billion yuan, a year-on-year increase of 2.4%. From a month-on-month basis, fixed-asset investment (excluding rural households) increased by 0.56% in September from the previous month.

  V. The investment in real estate development has grown steadily, and the area for sale of commercial housing continued to decrease  

In the first three quarters of the year, the national investment in real estate development reached 8,044.4 billion yuan, an increase of 8.1% year-on-year, and the growth rate was 2.3 percentage points higher than the same period of last year. Among them, residential investment increased by 10.4%. The area of ​​new housing starts was 1,13.33 million square meters, which was a year-on-year increase of 6.8%, of which the newly-started residential area increased by 11.1%. The total sales area of ​​commercial housing in China reached 11.006 million square meters, an increase of 10.3%, of which the sales area of ​​residential buildings increased by 7.6%. National commercial housing sales reached 9190 million yuan, an increase of 14.6%, of which residential sales rose by 11.4%. The land acquisition area of ​​real estate development companies was 167.33 million square meters, a year-on-year increase of 12.2%. At the end of September, the area of ​​commercial housing sold nationwide was 61.14 million square meters, a decrease of 12.12 million square meters from the end of last month. In the first three quarters, the funds for real estate development enterprises reached 1,139.5 billion yuan, a year-on-year increase of 8.0%.

  6. Market sales continue to grow rapidly, and online retail growth is strong  

In the first three quarters, the total retail sales of social consumer goods was 2.6178 trillion yuan, a year-on-year increase of 10.4%, which was the same as the growth rate of the same period of the previous year. Among them, the retail sales of consumer goods above designated size was 1,175.1 billion yuan, an increase of 8.5%. According to the location of the business unit, the retail sales of consumer goods in urban areas was 2,559.2 billion yuan, an increase of 10.1%; the retail sales of rural consumer goods was 3758.6 billion yuan, an increase of 12.1%. Divided by type of consumption, catering revenue was 2,842.7 billion yuan, an increase of 11.0%; retail sales of 2,245.7 billion yuan, an increase of 10.3%, of which retail sales of units above designated size were 1,107.7 billion yuan, an increase of 8.5%. Sales of consumer upgrade products grew rapidly, sports and entertainment products increased by 17.4%, cosmetics increased by 12.1%, and construction and decoration materials increased by 12.6%. In September, total retail sales of consumer goods increased by 10.3% year-on-year, 0.2% faster than the previous month. Percentage points, 0.90% increase over the previous quarter.

In the first three quarters, the nation’s online retail sales were 4.8787 trillion yuan, a year-on-year increase of 34.2%, which was 8.1 percentage points higher than the same period of the previous year. Among them, the online retail value of physical goods was 3682.6 billion yuan, an increase of 29.1%, accounting for 14.0% of the total retail sales of consumer goods, an increase of 2.3 percentage points year-on-year; online retail sales of non-physical goods was 1.1961 billion yuan, an increase of 52.8%.

  7. Rapid growth of import and export, foreign trade structure continues to improve  

In the first three quarters, the total volume of imports and exports was 2,299.3 billion yuan, a year-on-year increase of 16.6%. Among them, exports were 1116.3 billion yuan, an increase of 12.4%; imports were 9,209.95 billion yuan, an increase of 22.3%. The balance of imports and exports reached a surplus of 2.0331 trillion yuan. The proportion of imports and exports of general trade increased. In the first three quarters, general trade imports and exports increased by 18.1%, accounting for 56.6% of the total volume of imports and exports, an increase of 0.7 percentage points over the same period of the previous year. Electromechanical products continued to be the main exporters. The export of electromechanical products increased by 13.0% in the first three quarters and accounted for 57.5% of the total exports. The import and export of countries along the “Belt and Road” line has grown rapidly. In the first three quarters of the year, China’s imports and exports to Russia, Poland, and Kazakhstan increased by 27.7%, 24.8%, and 41.1%, respectively. In September, total imports and exports were 2,458.9 billion yuan, up year-on-year. Increased by 13.6%. Among them, exports reached 1.326 trillion yuan, an increase of 9.0%; imports 113.33 billion yuan, an increase of 19.5%.

In the first three quarters, the export value of industrial enterprises above designated size achieved 942.7 billion yuan, a year-on-year increase of 10.7%. In September, the export value of industrial enterprises above designated size reached 1.1906 trillion yuan, an increase of 9.8%.

  VIII. Consumer prices rose moderately, and industrial product prices rose.  

In the first three quarters, consumer prices in the country rose by 1.5% year-on-year. Among them, cities rose 1.6% and rural areas rose 1.1%. By category, food and tobacco price fell by 0.6% year-on-year, clothing rose by 1.3%, living rose by 2.5%, daily necessities and services rose by 0.9%, transportation and communications rose by 1.1%, education and entertainment rose by 2.5%, and healthcare rose 5.7 %, other supplies and services rose 2.6%. In food and tobacco prices, food prices rose by 1.5%, pork prices decreased by 8.7%, and fresh vegetable prices dropped by 8.8%. In September, consumer prices in the country rose by 1.6% year-on-year, or 0.2% from the previous month, and rose by 0.5% from the previous month. %.

In the first three quarters, the ex-factory prices of industrial producers nationwide increased by 6.5% year-on-year. In September, the ex-factory prices of industrial producers nationwide increased by 6.9% year-on-year, an increase of 0.6% from the previous month and an increase of 1.0% from the previous month. In the first three quarters, the purchase price of industrial producers nationwide rose by 8.4% year-on-year; it rose by 8.5% year-on-year in September and rose by 1.2% month-on-month.

  IX. The increase in residents’ income has accelerated, and the urban-rural income gap continues to narrow  

In the first three quarters, the per capita disposable income of the country’s residents was 19,342 yuan, a nominal increase of 9.1% year-on-year; the actual price increase after deducting price factors was 7.5%, an acceleration of 1.2 percentage points from the same period of the previous year. According to the place of usual residence, the per capita disposable income of urban residents was 27,430 yuan, which was a real increase of 6.6% after deducting price factors. The per capita disposable income of rural residents was 9,778 yuan, a real increase of 7.5% after deducting price factors. The per capita income of urban and rural residents was 2.81, which was a decrease of 0.01 from the same period of last year. The median disposable income per capita of the country's residents was 16,780 yuan, a year-on-year increase of 7.4%. The per capita consumer spending of the country was 13,162 yuan, a year-on-year growth of 7.5%, and an actual increase of 5.9% after deducting price factors. At the end of the third quarter, the total number of rural laborers working outside the country was 179.69 million, an increase of 3.2 million over the same period of the previous year, an increase of 1.8%. In the third quarter, the average monthly income of migrant rural laborers was 3459 yuan, an increase of 7.0%.

  X. New progress has been made in the structural reforms on the supply side, and new steps have been taken in transformation and upgrading  

"Three go, one drop and one make up" went smoothly. The acceleration of production capacity was accelerated. The utilization rate of industrial capacity in the first three quarters of the country was 76.6%, which was 3.5 percentage points higher than the same period of last year. De-stocking achieved remarkable results. At the end of September, the area of ​​commercial housing sold decreased by 12.2% year-on-year. The effect of de-leveraging and cost reduction continued to show. At the end of August, the asset-liability ratio of industrial enterprises above designated size was 55.7%, a decrease of 0.7 percentage points from the same period of the previous year; the cost of the main business income per 100 yuan of industrial enterprises above designated size during the period from January to August was 85.68 yuan, a decrease of 0.12 yuan over the same period last year. Investment in the short board area grew rapidly. The first three quarters of the year saw an increase of 25.0%, 23.7%, and 16.2% year-on-year in the areas of ecological protection and environmental management, public facilities management, and agricultural investment, which were faster than the total investment of 17.5, 16.2, and 8.7 percentage points, respectively.

The leading role of the service industry has increased. The ratio of the added value of the tertiary industry to the GDP in the first three quarters was 52.9%, which was 12.8 percentage points higher than that of the secondary industry. Consumption has become the main driving force for economic growth. The contribution rate of final consumption expenditure to GDP growth in the first three quarters was 64.5%, which was 2.8 percentage points higher than the same period of last year. The new momentum accelerated its growth. In the first three quarters, the added value of industrial strategic emerging industries increased by 11.3% year-on-year, 4.6 percentage points faster than that of industries above designated size. Green development steadily progressed. The energy consumption per unit of GDP in the first three quarters fell by 3.8% year-on-year.

In general, the national economy continued to develop steadily and steadily during the first three quarters of the year. Supporting the economy maintained the growth of medium-to-high-speed growth, and the favorable conditions for moving toward the mid-to-high-end level continued to increase and accumulate, and the development was inclusive and rewarding. Obviously enhanced, it laid a solid foundation for better achieving the expected goals of economic development throughout the year. However, we must also realize that the international environment is still complex and changeable, and the domestic economy is still in a period of structural adjustment. The continued improvement of the foundation is still needed. In the next stage, we must take the spirit of the party’s Nineteen National Congress as the guideline, thoroughly implement the decision-making arrangements of the party Central Committee and the State Council, pay close attention to the implementation of policy reforms, and fully implement stable growth, promote reform, adjust the structure, benefit the people, and prevent risks. Work to promote sustained and healthy economic development and social harmony and stability.

  Notes

(1) The growth rate of gross domestic product, industrial added value above designated size and the growth rate of classified items are calculated as comparable prices, which is the actual growth rate; other indicators, unless otherwise specified, are based on current prices and are nominal growth rates.

(2) According to the results of automatic adjustment of the seasonal adjustment model, the growth rates of the gross domestic product (GDP), industrial added value above designated size, investment in fixed assets (excluding rural households) and total retail sales of social consumer goods in each period were revised. The results of the revision and the quarterly ratio of GDP in the third quarter of 2017 and other indicators in September 2017 are as follows:

The quarterly GDP growth rate for each quarter since 2016 was 1.3%, 1.9%, 1.8%, 1.7%, 1.4%, 1.8%, and 1.7%, respectively.

Other indicators ring data table


Scale-on-scale industrial added value growth rate (%)Fixed assets investment (excluding farmers) MoM growth (%)Total retail sales of social consumer goods chain growth (%)
September 20160.450.580.81
October0.490.600.72
November0.550.570.97
December0.500.580.87
January 20170.570.560.57
February0.590.611.19
March0.800.600.68
April0.480.590.77
May0.510.580.83
June0.810.610.89
July0.410.570.75
August0.450.540.73
September0.560.560.90

(3) Industrial statistics above designated size range from industrial enterprises with an annual main business income of RMB 20 million and above.

(4) In order to reflect the monthly operation of the service industry in a timely manner, the National Bureau of Statistics has compiled the service industry production index, which will be released monthly from March 2017. The service industry production index refers to the output change of the service industry during the reporting period relative to the base period after the price factor was removed.

(5) The unit above the quota in the total retail sales of social consumer goods refers to the wholesale business enterprise (unit), the retail business enterprise (unit) with a principal business income of 20 million yuan and above, and 2 million yuan and above. Accommodation and catering industry companies (units).

Online retail sales refers to the sum of retail sales of goods and services realized through public internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (such as virtual goods, service goods, etc.).

(6) The median per capita disposable income of the country's residents refers to the per capita disposable income of all surveyed households ranked in the lowest order of per capita disposable income from the surveyed households.

(7) Out-of-town workers Rural labor refers to the rural laborers who work in areas outside the township where the household registration is located.

(8) Import and export data come from the General Administration of Customs.

(9) Part of the data may be due to rounding. The sum of total and sub-items may not be equal.

Posted on 2017-10-19 10:00:20
                            Saved
Posted on 2017-10-19 10:00:33
                            is that useful
Posted on 2017-10-19 10:00:34
                            Falling every day
Posted on 2017-10-19 10:00:38
                            Ha ha
Posted on 2017-10-19 10:00:41
                            Don't want to say anything more
Posted on 2017-10-19 10:00:42
                            The economy is improving
Posted on 2017-10-19 10:00:43
                            I just wanted to try and see if I can speak.
Posted on 2017-10-19 10:00:51
                            Only up not fall? Does the stock market just fall?
Posted on 2017-10-19 10:00:55
                            A stock situation?
Posted on 2017-10-19 10:01:00
                            Why is the stock market like this?
Posted on 2017-10-19 10:01:10
                            Exclusion
Posted on 2017-10-19 10:01:11
                            Cattle
Posted on 2017-10-19 10:01:14
                            Oh, thriving, apt
Posted on 2017-10-19 10:01:20
                            It's okay, okay, okay, okay! China is thriving! Perseverance Oriental Pearl! Pull up stocks? ? ?
Posted on 2017-10-19 10:01:22
                            it is good! China!
Posted on 2017-10-19 10:01:28
                            It is difficult to have a good market for 10% of listed companies that do not withdraw from the market every year. A stock is sick and needs to be cured.
Posted on 2017-10-19 10:01:32
                            Good, good, good,
Posted on 2017-10-19 10:01:35
                            Hahahaha...
Posted on 2017-10-19 10:01:49
                            Don't be honest about A shares is ours
Posted on 2017-10-19 10:02:51
                            Many real estate contributions
Posted on 2017-10-19 10:02:59
                            CITIC Bank 601998 is a high-quality bank stock that has not risen this year. Net assets per share of about 8 yuan, earnings per share of about 0.9 yuan, the stock price was more than 6 yuan, significantly lower than the net assets. Large shareholders and institutions hold 98% of their shares, and the actual market capitalization is less than all city commercial banks. Value investment can be bought boldly, there is no risk in the medium-to-long-term line, and there is no doubt that firm holding will occur.
Posted on 2017-10-19 10:03:13
                            Congratulations! ! ! China's strongest!
Posted on 2017-10-19 10:03:34
                            Cow, cow, cow, cow, cow, cow, cow, cow, cow, cow, cow
Posted on 2017-10-19 10:04:09
                            I only know that my stock fell badly.
Posted on 2017-10-19 10:04:31
                            When is the stock market bullied!
Posted on 2017-10-19 10:05:45
                            Said that the stock market is a barometer of the economy! But the stock market does not react!
Posted on 2017-10-19 10:06:00
                            At this critical moment, everyone was very careful and had to wait and see.
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Source: National Bureau of Statistics Editor: Oriental Wealth

Click to view GDP data (Source: Oriental Wealth Network)

China’s GDP in the third quarter increased by 6.8% year-on-year, after the IMF announced that the global economy continued to improve, raising China’s GDP growth rate for the fourth time this year.

  List of economic data:

China's GDP in the third quarter increased by 6.8% year-on-year, and is expected to be 6.8% from the previous value of 6.9%. China's GDP in the third quarter increased by 1.7% from the previous month, and it was expected to be 1.7% from the previous value of 1.7%. China's GDP in the first three quarters increased by 6.9% year-on-year, and is expected to be 6.8%, compared with 6.9% in the first half of the year.

China's industrial added value above designated size increased by 6.6% year-on-year in September, which is expected to be 6.5%, and the previous value was 6%. From January to September, China's industrial added value above designated size increased by 6.7% year-on-year, and is expected to be 6.7% from the previous value of 6.7%.

Click to view industrial value added data(Source: Oriental Wealth Network)

China’s total retail sales of consumer goods in September rose 10.3% year-on-year, and it was expected to be 10.2%, the previous value being 10.1%. The total retail sales of consumer goods in China from January to September increased by 10.4% year-on-year, with expectations of 10.3% and the previous value of 10.4%.

Click to check total retail sales of consumer goods(Source: Oriental Wealth Network)

From January to September, China's urban fixed asset investment increased by 7.5% year-on-year, and is expected to be 7.7%, the previous value was 7.8%. From January to September, private investment in fixed assets was 277,520 billion yuan, a nominal increase of 6% year-on-year, and the growth rate was down 0.4 percentage points from January to August. The proportion of private investment in fixed assets in the national fixed asset investment (excluding rural households) is 60.5%.

Click to view urban fixed assets investment data(Source: Oriental Wealth Network)

From January to September, China’s investment in real estate development reached 8,044.4 billion yuan, an increase of 8.1% over the previous year, and the growth rate was 0.2 percentage points higher than that in the first eight months. From January to September, the area of ​​new housing starts was 131.03 million square meters, an increase of 6.8%, and the growth rate dropped by 0.8 percentage points. From January to September, the sales area of ​​commercial housing was 11,066,000 square meters, a year-on-year increase of 10.3%, and the growth rate dropped by 2.4 percentage points. From January to September, the sales of commercial housing reached 91.9 billion yuan, an increase of 14.6%, and the growth rate fell 2.6 percentage points. At the end of September, the area for sale of commercial housing was 61.14 million square meters, a decrease of 12.12 million square meters from the end of August.

Click to view real estate development data(Source: Oriental Wealth Network)

 [Statistical Bureau Interpretation]

  The first three quarters of the national economy continued to develop steadily

Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, all localities and departments have thoroughly implemented the new development concept, adhered to the principle of stability and progress in the overall work, and made supply-side structural reform the main line to appropriately expand aggregate demand. Deepen reform and innovation, revitalize the real economy, prevent and resolve risks, and strengthen expected guidance. In the first three quarters, the national economy was generally stable, the structure was constantly optimized, the emerging kinetic energy was accelerating, the quality benefit was significantly improved, and the steady and positive trend continued to develop.

According to the preliminary calculations, the gross domestic product in the first three quarters was 5932.8 trillion yuan, which was calculated at a comparable price and grew by 6.9% year-on-year. The growth rate was the same as that in the first half of the year, which was 0.2 percentage point higher than the same period of the previous year. In terms of sub-industries, the primary industry's added value was 4,122.9 billion yuan, up 3.7% year-on-year; the secondary industry's added value was 238109 billion yuan, up 6.3%; the tertiary industry's added value was 313,951 million yuan, up 7.8%. In the third quarter, GDP grew by 6.8% year-on-year, and the economy continued to operate in the 6.7-6.9% range for nine consecutive quarters, maintaining medium- and high-speed growth.

  I. The situation of grain production is good, and livestock husbandry has grown steadily  

The total output of summer grain in China was 1,405,2 million tons, an increase of 1.31 million tons over the previous year, an increase of 0.9%; the total output of early rice was 31.74 million tons, a decrease of 1.04 million tons from the previous year, a decrease of 3.2%; the autumn grain is expected to achieve a good harvest. In the first three quarters, the output of pork, sheep, and poultry was 58.77 million tons, an increase of 0.8% year-on-year, of which pork production was 37.17 million tons, an increase of 0.7%. The number of live pigs totaled 427.97 million heads, a year-on-year decrease of 0.8%; the number of live pigs was 48.24 million heads, an increase of 0.6%.

  II. Accelerating the development of industrial production and improving the efficiency of structural optimization  

In the first three quarters, the added value of industries above designated size increased by 6.7% year-on-year, an acceleration of 0.7% over the same period of last year. In terms of different types of economy, the value-added of state-controlled enterprises increased by 6.8%, that of collective enterprises by 0.3%, that of joint-stock companies by 6.8%, and that of foreign-invested companies and Hong Kong-Macao, Taiwan-invested companies by 7.1%. Looking at the three categories, the value added of the mining industry decreased by 1.6% year-on-year, that of the manufacturing industry by 7.3%, and that of the electricity, heat, gas, and water production and supply sectors by 8.4%. The industry moved toward the mid-to-high end. In the first three quarters, the added value of high-tech manufacturing and equipment manufacturing increased by 13.4% and 11.6% year-on-year, respectively, faster than the 6.7 and 4.9 percentage points of industries above designated size. In the first three quarters, the rate of production and sales of industrial enterprises above designated size reached 97.8%. In September, the value-added of industrial enterprises above designated size increased by 6.6% year-on-year, 0.6 percentage points higher than that of the previous month and a month-on-month increase of 0.56%. In September, the manufacturing purchasing managers index was 52.4. %, an increase of 0.7 percentage points from the previous month, reaching the highest point since May 2012.

From January to August, the gross profit of industrial enterprises above designated size reached 4921.4 billion yuan, up 21.6 percent year-on-year; the profit margin of main business income of industrial enterprises above designated size was 6.13 percent, up 0.45 percentage points from the same period of last year. In August, the total profit realized by industrial enterprises above designated size increased by 24% year-on-year, an acceleration of 7.5 percentage points from the previous month.

  Third, the service industry maintained rapid development, and the business activity index continued to increase  

In the first three quarters, the national production index for the service industry increased by 8.3% year-on-year, which was a 0.2% increase over the same period of last year. Among them, the transportation, warehousing and postal services, information transmission, software and information technology service industries, leasing and business service industries have grown rapidly. In September, the national production index for the service industry increased by 8.3% year-on-year, which was the same as that of the previous month and an acceleration of 0.2% over the same month of last year. From January to August, operating income of enterprises above designated size increased by 13.5% year-on-year, 3.4 percentage points higher than the same period of the previous year; operating profits of enterprises above designated size increased by 22.8% year-on-year, which was a 22.4 percentage point year-on-year increase.

In September, the service business activity index for the service industry was 54.4%, an increase of 1.8 percentage points from the previous month and an increase of 2.1 percentage points from the same month of last year. The business activity indices of wholesale, telecommunication, broadcast, television and satellite transmission services, Internet and software and information technology services, monetary and financial services, capital market services and insurance industry are all located at a high level of over 60.0%. The new order index for the service industry was 51.5%, and the business activity expectation index was 60.8%, which was an increase of 1.2 and 0.7 percentage points respectively from the previous month.

  Fourth, investment in fixed assets has stabilized slightly, and investment structure has been adjusted and optimized.  

In the first three quarters, the country’s investment in fixed assets (excluding rural households) was 458.478 billion yuan, a year-on-year increase of 7.5%, and the growth rate was 0.7 percentage points lower than the same period of last year. Among them, the state-controlled investment was 168,164 million yuan, an increase of 11.0%; private investment was 277,520 billion yuan, an increase of 6.0%, accounting for 60.5% of the total investment. In terms of sub-industries, the primary industry investment was 1.4973 trillion yuan, an increase of 11.8%; the secondary industry investment was 1718.7 billion yuan, an increase of 2.6%, of which the manufacturing investment was 1,408.1 billion yuan, an increase of 4.2%; the tertiary industry was 27,7118 billion yuan, an increase of 10.5 %. Infrastructure investment was 9,956.5 billion yuan, an increase of 19.8%, which was 0.4 percentage points higher than the same period of the previous year. Investment in technological transformation of high-end manufacturing and enterprises has grown rapidly, and investment growth in high-energy-consuming industries has slowed. In the first three quarters, investment in technological transformation in high-tech manufacturing, equipment manufacturing, and manufacturing increased by 18.4%, 8.3%, and 12.1% year-on-year, respectively, while investment in high-energy-consuming manufacturing fell by 1.9% year-on-year. The capital for fixed assets investment was 4570.7 billion yuan, an increase of 3.3% year-on-year, and the growth rate was 1.9 percentage points higher than that in the first half of the year. The total planned investment for new projects started was 376,347 billion yuan, a year-on-year increase of 2.4%. From a month-on-month basis, fixed-asset investment (excluding rural households) increased by 0.56% in September from the previous month.

  V. The investment in real estate development has grown steadily, and the area for sale of commercial housing continued to decrease  

In the first three quarters of the year, the national investment in real estate development reached 8,044.4 billion yuan, an increase of 8.1% year-on-year, and the growth rate was 2.3 percentage points higher than the same period of last year. Among them, residential investment increased by 10.4%. The area of ​​new housing starts was 1,13.33 million square meters, which was a year-on-year increase of 6.8%, of which the newly-started residential area increased by 11.1%. The total sales area of ​​commercial housing in China reached 11.006 million square meters, an increase of 10.3%, of which the sales area of ​​residential buildings increased by 7.6%. National commercial housing sales reached 9190 million yuan, an increase of 14.6%, of which residential sales rose by 11.4%. The land acquisition area of ​​real estate development companies was 167.33 million square meters, a year-on-year increase of 12.2%. At the end of September, the area of ​​commercial housing sold nationwide was 61.14 million square meters, a decrease of 12.12 million square meters from the end of last month. In the first three quarters, the funds for real estate development enterprises reached 1,139.5 billion yuan, a year-on-year increase of 8.0%.

  6. Market sales continue to grow rapidly, and online retail growth is strong  

In the first three quarters, the total retail sales of social consumer goods was 2.6178 trillion yuan, a year-on-year increase of 10.4%, which was the same as the growth rate of the same period of the previous year. Among them, the retail sales of consumer goods above designated size was 1,175.1 billion yuan, an increase of 8.5%. According to the location of the business unit, the retail sales of consumer goods in urban areas was 2,559.2 billion yuan, an increase of 10.1%; the retail sales of rural consumer goods was 3758.6 billion yuan, an increase of 12.1%. Divided by type of consumption, catering revenue was 2,842.7 billion yuan, an increase of 11.0%; retail sales of 2,245.7 billion yuan, an increase of 10.3%, of which retail sales of units above designated size were 1,107.7 billion yuan, an increase of 8.5%. Sales of consumer upgrade products grew rapidly, sports and entertainment products increased by 17.4%, cosmetics increased by 12.1%, and construction and decoration materials increased by 12.6%. In September, total retail sales of consumer goods increased by 10.3% year-on-year, 0.2% faster than the previous month. Percentage points, 0.90% increase over the previous quarter.

In the first three quarters, the nation’s online retail sales were 4.8787 trillion yuan, a year-on-year increase of 34.2%, which was 8.1 percentage points higher than the same period of the previous year. Among them, the online retail value of physical goods was 3682.6 billion yuan, an increase of 29.1%, accounting for 14.0% of the total retail sales of consumer goods, an increase of 2.3 percentage points year-on-year; online retail sales of non-physical goods was 1.1961 billion yuan, an increase of 52.8%.

  7. Rapid growth of import and export, foreign trade structure continues to improve  

In the first three quarters, the total volume of imports and exports was 2,299.3 billion yuan, a year-on-year increase of 16.6%. Among them, exports were 1116.3 billion yuan, an increase of 12.4%; imports were 9,209.95 billion yuan, an increase of 22.3%. The balance of imports and exports reached a surplus of 2.0331 trillion yuan. The proportion of imports and exports of general trade increased. In the first three quarters, general trade imports and exports increased by 18.1%, accounting for 56.6% of the total volume of imports and exports, an increase of 0.7 percentage points over the same period of the previous year. Electromechanical products continued to be the main exporters. The export of electromechanical products increased by 13.0% in the first three quarters and accounted for 57.5% of the total exports. The import and export of countries along the “Belt and Road” line has grown rapidly. In the first three quarters of the year, China’s imports and exports to Russia, Poland, and Kazakhstan increased by 27.7%, 24.8%, and 41.1%, respectively. In September, total imports and exports were 2,458.9 billion yuan, up year-on-year. Increased by 13.6%. Among them, exports reached 1.326 trillion yuan, an increase of 9.0%; imports 113.33 billion yuan, an increase of 19.5%.

In the first three quarters, the export value of industrial enterprises above designated size achieved 942.7 billion yuan, a year-on-year increase of 10.7%. In September, the export value of industrial enterprises above designated size reached 1.1906 trillion yuan, an increase of 9.8%.

  VIII. Consumer prices rose moderately, and industrial product prices rose.  

In the first three quarters, consumer prices in the country rose by 1.5% year-on-year. Among them, cities rose 1.6% and rural areas rose 1.1%. By category, food and tobacco price fell by 0.6% year-on-year, clothing rose by 1.3%, living rose by 2.5%, daily necessities and services rose by 0.9%, transportation and communications rose by 1.1%, education and entertainment rose by 2.5%, and healthcare rose 5.7 %, other supplies and services rose 2.6%. In food and tobacco prices, food prices rose by 1.5%, pork prices decreased by 8.7%, and fresh vegetable prices dropped by 8.8%. In September, consumer prices in the country rose by 1.6% year-on-year, or 0.2% from the previous month, and rose by 0.5% from the previous month. %.

In the first three quarters, the ex-factory prices of industrial producers nationwide increased by 6.5% year-on-year. In September, the ex-factory prices of industrial producers nationwide increased by 6.9% year-on-year, an increase of 0.6% from the previous month and an increase of 1.0% from the previous month. In the first three quarters, the purchase price of industrial producers nationwide rose by 8.4% year-on-year; it rose by 8.5% year-on-year in September and rose by 1.2% month-on-month.

  IX. The increase in residents’ income has accelerated, and the urban-rural income gap continues to narrow  

In the first three quarters, the per capita disposable income of the country’s residents was 19,342 yuan, a nominal increase of 9.1% year-on-year; the actual price increase after deducting price factors was 7.5%, an acceleration of 1.2 percentage points from the same period of the previous year. According to the place of usual residence, the per capita disposable income of urban residents was 27,430 yuan, which was a real increase of 6.6% after deducting price factors. The per capita disposable income of rural residents was 9,778 yuan, a real increase of 7.5% after deducting price factors. The per capita income of urban and rural residents was 2.81, which was a decrease of 0.01 from the same period of last year. The median disposable income per capita of the country's residents was 16,780 yuan, a year-on-year increase of 7.4%. The per capita consumer spending of the country was 13,162 yuan, a year-on-year growth of 7.5%, and an actual increase of 5.9% after deducting price factors. At the end of the third quarter, the total number of rural laborers working outside the country was 179.69 million, an increase of 3.2 million over the same period of the previous year, an increase of 1.8%. In the third quarter, the average monthly income of migrant rural laborers was 3459 yuan, an increase of 7.0%.

  X. New progress has been made in the structural reforms on the supply side, and new steps have been taken in transformation and upgrading  

"Three go, one drop and one make up" went smoothly. The acceleration of production capacity was accelerated. The utilization rate of industrial capacity in the first three quarters of the country was 76.6%, which was 3.5 percentage points higher than the same period of last year. De-stocking achieved remarkable results. At the end of September, the area of ​​commercial housing sold decreased by 12.2% year-on-year. The effect of de-leveraging and cost reduction continued to show. At the end of August, the asset-liability ratio of industrial enterprises above designated size was 55.7%, a decrease of 0.7 percentage points from the same period of the previous year; the cost of the main business income per 100 yuan of industrial enterprises above designated size during the period from January to August was 85.68 yuan, a decrease of 0.12 yuan over the same period last year. Investment in the short board area grew rapidly. The first three quarters of the year saw an increase of 25.0%, 23.7%, and 16.2% year-on-year in the areas of ecological protection and environmental management, public facilities management, and agricultural investment, which were faster than the total investment of 17.5, 16.2, and 8.7 percentage points, respectively.

The leading role of the service industry has increased. The ratio of the added value of the tertiary industry to the GDP in the first three quarters was 52.9%, which was 12.8 percentage points higher than that of the secondary industry. Consumption has become the main driving force for economic growth. The contribution rate of final consumption expenditure to GDP growth in the first three quarters was 64.5%, which was 2.8 percentage points higher than the same period of last year. The new momentum accelerated its growth. In the first three quarters, the added value of industrial strategic emerging industries increased by 11.3% year-on-year, 4.6 percentage points faster than that of industries above designated size. Green development steadily progressed. The energy consumption per unit of GDP in the first three quarters fell by 3.8% year-on-year.

In general, the national economy continued to develop steadily and steadily during the first three quarters of the year. Supporting the economy maintained the growth of medium-to-high-speed growth, and the favorable conditions for moving toward the mid-to-high-end level continued to increase and accumulate, and the development was inclusive and rewarding. Obviously enhanced, it laid a solid foundation for better achieving the expected goals of economic development throughout the year. However, we must also realize that the international environment is still complex and changeable, and the domestic economy is still in a period of structural adjustment. The continued improvement of the foundation is still needed. In the next stage, we must take the spirit of the party’s Nineteen National Congress as the guideline, thoroughly implement the decision-making arrangements of the party Central Committee and the State Council, pay close attention to the implementation of policy reforms, and fully implement stable growth, promote reform, adjust the structure, benefit the people, and prevent risks. Work to promote sustained and healthy economic development and social harmony and stability.

  Notes

(1) The growth rate of gross domestic product, industrial added value above designated size and the growth rate of classified items are calculated as comparable prices, which is the actual growth rate; other indicators, unless otherwise specified, are based on current prices and are nominal growth rates.

(2) According to the results of automatic adjustment of the seasonal adjustment model, the growth rates of the gross domestic product (GDP), industrial added value above designated size, investment in fixed assets (excluding rural households) and total retail sales of social consumer goods in each period were revised. The results of the revision and the quarterly ratio of GDP in the third quarter of 2017 and other indicators in September 2017 are as follows:

The quarterly GDP growth rate for each quarter since 2016 was 1.3%, 1.9%, 1.8%, 1.7%, 1.4%, 1.8%, and 1.7%, respectively.

Other indicators ring data table


Scale-on-scale industrial added value growth rate (%)Fixed assets investment (excluding farmers) MoM growth (%)Total retail sales of social consumer goods chain growth (%)
September 20160.450.580.81
October0.490.600.72
November0.550.570.97
December0.500.580.87
January 20170.570.560.57
February0.590.611.19
March0.800.600.68
April0.480.590.77
May0.510.580.83
June0.810.610.89
July0.410.570.75
August0.450.540.73
September0.560.560.90

(3) Industrial statistics above designated size range from industrial enterprises with an annual main business income of RMB 20 million and above.

(4) In order to reflect the monthly operation of the service industry in a timely manner, the National Bureau of Statistics has compiled the service industry production index, which will be released monthly from March 2017. The service industry production index refers to the output change of the service industry during the reporting period relative to the base period after the price factor was removed.

(5) The unit above the quota in the total retail sales of social consumer goods refers to the wholesale business enterprise (unit), the retail business enterprise (unit) with a principal business income of 20 million yuan and above, and 2 million yuan and above. Accommodation and catering industry companies (units).

Online retail sales refers to the sum of retail sales of goods and services realized through public internet trading platforms (including self-built websites and third-party platforms). Goods and services include physical goods and non-physical goods (such as virtual goods, service goods, etc.).

(6) The median per capita disposable income of the country's residents refers to the per capita disposable income of all surveyed households ranked in the lowest order of per capita disposable income from the surveyed households.

(7) Out-of-town workers Rural labor refers to the rural laborers who work in areas outside the township where the household registration is located.

(8) Import and export data come from the General Administration of Customs.

(9) Part of the data may be due to rounding. The sum of total and sub-items may not be equal.