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Financial commentary
Posted 2018-04-17 10:01:02 Share it on the web version
                        GDP in the first quarter increased by 6.8% year-on-year Growth in real estate development investment reached a record high of three years
Source: National Bureau of Statistics Editor: Oriental Wealth

Click to check GDP data

China’s GDP data for the first quarter was announced, a year-on-year increase of 6.8%, an expected 6.8%, a 6.8% in the fourth quarter of last year, and a 6.9% in the previous year.

In March, the industrial added value above designated size increased by 6.0% year-on-year and is expected to be 6.3%.

The total retail sales of consumer goods in March rose by 10.1% year-on-year, and is expected to be 9.7%.

From January to March, the urban fixed assets investment increased by 7.5% year-on-year, and it is expected to be 7.7%, the former 7.9%.

Electricity generated in March was 528.3 billion kWh, an increase of 2.1% year-on-year, and a year-on-year increase of 11.0% in January-February.

The investment in real estate development in the first quarter was 2.13 trillion yuan, an increase of 10.4 percent year-on-year, a three-year high growth rate, and an increase of 0.5 percentage points from January to February. In the first quarter, sales of commercial housing were 2.56 trillion yuan, a year-on-year increase of 10.4%, and the growth rate was down by 4.9 percentage points. In the first quarter, the area of ​​commercial housing sold was 30.088 million square meters, an increase of 3.6% year-on-year, and the growth rate was down by 0.5%. In the first quarter, the area of ​​new housing starts was 34.615 million square meters, a year-on-year increase of 9.7%, and the growth rate was increased by 6.8 percentage points.

From January to March, the unemployment rate in cities and towns nationwide surveyed was 5.0%, 5.0%, and 5.1%, respectively, down 0.2, 0.4, and 0.1 percentage points from the same month of last year.

  National economy achieved a good start in the first quarter

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 persisted in striving for progress in the general tone of the work, adhered to the new development concept, focused on building a modern economic system, and paid close attention to After the implementation, the national economy continued to develop steadily and well, the transformation and upgrading progressed steadily, the quality and efficiency continued to increase, and the economic operation started well.

According to preliminary calculations, GDP in the first quarter was 19878.3 billion yuan, which was calculated at a comparable price and was up 6.8% year-on-year. In terms of sub-industries, the primary industry added value of 890.4 billion yuan, an increase of 3.2% year-on-year; the secondary industry added value of 7745.1 billion yuan, an increase of 6.3%; the tertiary industry added value of 112428 billion yuan, an increase of 7.5%.

  I. The situation of agricultural production is better

In the first quarter, the output of pork, cattle, and poultry meat was 23.16 million tons, an increase of 1.8% over the same period of the previous year; of which, pork production was 15,430,000 tons, an increase of 2.1%. The number of live pigs was 41.23 million heads, a year-on-year decrease of 1.2%; the number of pigs slaughtered was 19.93 million heads, an increase of 1.9%. In March, the climate conditions in the major agricultural areas of the country were generally favorable. Most of the agricultural areas were suitable for sunshine and lyrical conditions. The spring planting of spring plowing was progressing smoothly.

  Second, the overall stability of industrial production

In the first quarter, the industrial added value of industries above designated size increased by 6.8% year-on-year, and the growth rate fell by 0.4% from January to February, which was the same as the same period of last year. In terms of economic types, the value-added of state-controlled enterprises increased by 7.9%, that of collective enterprises by 0.1%, that of joint-stock enterprises by 7.0%, and that of foreign-invested companies and Hong Kong, Malay, and Taiwanese companies by 5.5%. In terms of three categories, the value added of the mining industry increased by 0.9% year-on-year, manufacturing industry increased by 7.0%, and the electricity, heat, gas and water production and supply industries increased by 10.8%. New products in the new industry have developed rapidly. The added value of high-tech and equipment manufacturing increased by 11.9% and 8.8% respectively year-on-year, which was faster than that of the industries above designated size by 5.1 and 2.0 percentage points respectively. IC production increased by 15.2% year-on-year, new energy vehicles increased by 139.4%, and industrial robots increased by 29.6%. The production and sales ratio of industrial enterprises above designated size reached 97.9%, which was 0.3% higher than the same period of last year. In March, the added value of industrial enterprises above designated size increased by 6.0% from the previous year, and increased by 0.33% compared with the previous period. In March, the manufacturing purchasing managers' index was 51.5%, up 1.2% from the previous month.

In January-February, national industrial enterprises above designated size achieved a total profit of RMB 968.9 billion, a year-on-year increase of 16.1%. The profit margin of main business income of industrial enterprises above designated size was 6.1%, an increase of 0.33 percentage points over the same period of the previous year.

  Third, the service industry has grown rapidly

In the first quarter, the national service industry's production index increased by 8.1% year-on-year, and the growth rate was 0.1 percentage point higher than that in January-February and 0.2 percentage point lower than the same period of last year. Among them, information transmission, software and information technology services, leasing and business services have maintained rapid growth. In March, the national production index for the service industry increased by 8.3% year-on-year, an acceleration of 0.3% from January to February, which was the same as the same period of last year. In January-February, the operating income of enterprises above designated size increased by 14.1% year-on-year, 0.7 percentage points higher than the same period of last year.

In March, the service business activity index for the service industry was 53.6%, a slight decrease of 0.2 percentage points from the previous month, but still higher than the average of the previous year. Indexes for business activities in the railway transportation industry, air transport industry, postal express delivery industry, telecommunication broadcasting and television and satellite transmission services, internet software information technology services, currency and financial services, capital market services and insurance industry are all higher than 55.0% and above. The boom period. From the market expectation, the expected business service activity index is 60.1%, which is higher than 60.0% for 10 consecutive months.

  Fourth, accelerate the growth of private investment

In the first quarter, the country’s investment in fixed assets (excluding rural households) was 1,067.3 billion yuan, an increase of 7.5% year-on-year, with the growth rate falling by 0.4 percentage points from January to February and 1.7 percentage points from the same period of last year. Among them, private investment was 6,628.6 billion yuan, an increase of 8.9%, which was 0.8 percentage points higher than that of January-February and 1.2 percentage points higher than the same period of last year. In terms of sub-industry, the first industry invested 290 billion yuan, an increase of 24.2%; the second industry invested 3.5813 trillion yuan, an increase of 2.0%, of which the manufacturing investment increased by 3.8%; the tertiary industry invested 6205.0 billion yuan, an increase of 10.0%. Facilities investment increased by 13.0%. Investment in high-tech manufacturing increased by 7.9% year-on-year, 0.4% faster than all investment. From a month-on-month basis, fixed-asset investment (excluding rural households) increased by 0.57% in March from the previous month.

  V. The area for sale of commercial housing continues to decrease

In the first quarter, the national investment in real estate development totaled 2129.1 billion yuan, a year-on-year increase of 10.4%. The growth rate was 0.5 percentage points higher than that in January-February and 1.3 percentage points higher than the same period of the previous year, of which residential investment increased by 13.3%. The area of ​​new housing starts was 34.615 million square meters, an increase of 9.7% over the same period of last year, of which the newly-started residential area increased by 12.2%. National commercial housing sales area was 30.88 million square meters, an increase of 3.6%, of which residential sales area increased by 2.5%. National commercial housing sales reached 2.5597 trillion yuan, an increase of 10.4%, of which residential sales increased by 11.4%. Real estate development companies purchased 38.02 million square meters of land, an increase of 0.5% year-on-year. At the end of March, the total area of ​​commercial housing sold nationwide was 53.29 million square meters, a decrease of 11.38 million square meters from the end of last month. In the first quarter, the funds for real estate development enterprises reached 3677.0 billion yuan, a year-on-year increase of 3.1%.

  VI. Market sales continue to be active

In the first quarter, total retail sales of consumer goods reached 9,027.5 billion yuan, a year-on-year growth of 9.8%, an acceleration of 0.1 percentage points from January to February, and a decrease of 0.2 percentage points from the same period of last year. According to the location of the business unit, the retail sales of consumer goods in urban areas reached 7,7090.6 billion yuan, an increase of 9.7%; the retail sales of rural consumer goods was 1,317.9 billion yuan, an increase of 10.7%. By type of consumption, food and beverage revenue was 971.1 billion yuan, an increase of 10.3%; retail sales of goods were 8,056.4 billion yuan, an increase of 9.8%. The sales of consumer upgrade products grew rapidly, and the cosmetics, household appliances, and audio-visual equipment products above designated size increased by 16.1% and 11.4% year-on-year, respectively, 6.2 and 3.4 percentage points higher than the same period of last year. In March, total retail sales of consumer goods increased by 10.1% year-on-year, an acceleration of 0.4 percentage points from January to February, and a year-on-year increase of 0.73%.

In the first quarter, the nationwide online retail sales amounted to 193.1 billion yuan, an increase of 35.4% year-on-year, and an acceleration of 3.3 percentage points over the same period of the previous year. Among them, online retail sales of physical goods were 1,456.7 billion yuan, an increase of 34.4%, accounting for 16.1% of total retail sales of consumer goods, up 3.7 percentage points year-on-year; online retail sales of non-physical goods were 475.1 billion yuan, up 38.7%.

  VII. The trade surplus has narrowed substantially

In the first quarter, the total import and export volume of goods reached 6751.6 billion yuan, an increase of 9.4% year-on-year. Among them, exports were 3,538.9 billion yuan, an increase of 7.4%; imports were 3,212.7 billion yuan, an increase of 11.7%. The balance of imports and exports stood at 326.2 billion yuan, a decrease of 21.8% from the same period of last year. The trade structure was further optimized. General trade imports and exports increased by 13.2%, accounting for 58.3% of the total volume of imports and exports, an increase of 2.0 percentage points over the same period of last year. Electromechanical products continued to be the main exporters, with exports of mechanical and electrical products increasing by 9.5% and accounting for 59.4% of total exports. The import and export of the top three trading partners maintained growth. China’s imports and exports to the EU, the United States, and ASEAN increased by 8.2%, 6.3%, and 13.7%, respectively. The countries with which the “One Belt and One Road” co-construction had a better growth in imports and exports. Imports and exports of Poland and Kazakhstan increased by 20.5%, 16.6% and 16.2%, respectively. In March, the total value of imports and exports was 2,245.3 billion yuan, a year-on-year decrease of 2.5%. Among them, exports were 110.8 billion yuan, down 9.8%; imports 1.1375 billion yuan, up 5.9%.

In the first quarter, the export value of industrial enterprises above designated size reached 2714.5 billion yuan, a year-on-year increase of 7.6%. In March, the export value of industrial enterprises above designated size achieved 101.6 billion yuan, an increase of 4.0%.

  Eight, the market price rises moderately

In the first quarter, the country’s consumer prices rose by 2.1% year-on-year, representing an increase of 0.1% from January to February and an increase of 0.7% from the same period of last year. Among them, cities rose by 2.2% and rural areas rose by 2.0%. By category, food and tobacco prices rose 1.9% year-on-year, clothing rose 1.2%, living rose 2.4%, household goods and services rose 1.6%, transportation and communications rose 0.7%, education and entertainment rose 2.2%, health care rose 6.0 %, other supplies and services rose by 1.4%. In food and tobacco prices, food prices rose by 1.1%, pork prices fell by 9.9%, and fresh vegetable prices rose by 6.6%. In March, consumer prices in the country increased by 2.1% year-on-year, which was a 0.8% drop from the previous month and a year-on-year decrease of 1.1%.

In the first quarter, the ex-factory price of industrial producers across the country rose by 3.7% year-on-year, representing an increase of 0.3% from January to February, and a decrease of 3.7 percentage points from the same period of last year. In March, the ex-factory prices of industrial producers nationwide rose by 3.1% year-on-year, which was a drop of 0.6% from the previous month and a decrease of 0.2% from the previous month. In the first quarter, the purchase price of industrial producers nationwide increased by 4.4% year-on-year; in March, it rose by 3.7% year-on-year, a decrease of 0.3% from the previous month.

  IX. Overall employment situation is stable

From January to March, the unemployment rate in cities and towns surveyed nationwide was 5.0%, 5.0%, and 5.1%, respectively, down 0.2, 0.4, and 0.1 percentage points from the same month of last year; the surveyed unemployment rates in 31 large cities and towns were 4.9% and 4.8%, respectively. And 4.9%, respectively, down 0.1, 0.2 and 0.1 percentage points from the same month of last year. At the end of the first quarter, the total number of rural laborers working outside the country was 174.41 million, an increase of 1.88 million over the same period of the previous year, an increase of 1.1%.

  X. Resident Income Increases Steadily

In the first quarter, the per capita disposable income of the country’s residents was 7,815 yuan, a nominal increase of 8.8% year-on-year, and an actual increase of 6.6% after deducting price factors. According to the usual place of residence, the per capita disposable income of urban residents was 10,781 yuan, a real increase of 5.7% after deducting price factors; the per capita disposable income of rural residents was 4,226 yuan, an actual increase of 6.8% after deducting price factors. The per capita income of urban and rural residents was 2.55, which was a decrease of 0.02 over the same period of last year. The median disposable income per capita of the country's residents was 6,580 yuan, a nominal increase of 8.5% over the same period last year.

  XI. Significant achievements in transformation and upgrading

The structural reform on the supply side has progressed steadily. In the first quarter, the national industrial capacity utilization rate was 76.5%, which was 0.7% higher than the same period of last year. The effectiveness of destocking was outstanding. At the end of March, the area of ​​commercial housing sold decreased by 16.7% year-on-year. The effectiveness of deleveraging continued to show. At the end of February, the asset-liability ratio of industrial enterprises above designated size was 56.3%, a year-on-year decrease of 0.8 percentage points. The cost of the real economy continued to fall. The cost of main business income per 100 yuan of industrial enterprises above designated size during the January-February period was 83.98 yuan, a year-on-year decrease of 0.33 yuan. Short-field investment grew rapidly. In the first quarter, ecological protection and environmental management, public facilities management, and agricultural investment increased by 34.2%, 13.4%, and 25.4% year-on-year, respectively, faster than full investment of 26.7, 5.9, and 17.9 percentage points.

The economic structure continues to be optimized. In the first quarter, the added value of the tertiary industry contributed 61.6% of GDP growth, which was 25.5 percentage points higher than that of the secondary industry. The final consumer expenditure contribution rate to economic growth is 77.8%, which is higher than the total capital formation of 46.5 percentage points. New kinetic energy grows rapidly. In the first quarter, there were 1.323 million newly registered enterprises in the country, an increase of 5.4% year-on-year, with an average of 14,700 newly registered enterprises each day. The value-added of industrial strategic emerging industries increased by 9.6% year-on-year, 2.8 percentage points faster than that of industries above designated size. The green development steadily progressed. In the first quarter, energy consumption per unit of GDP fell by 3.2% year-on-year.

In general, in the first quarter, the national economy continued to develop steadily and steadily. The favorable conditions for supporting the economy toward high-quality development continued to accumulate and increase, laying a good foundation for the stable and healthy development of the economy throughout the year. However, we must also realize that the rising international environment, the unbalanced development of domestic development is still outstanding, and the task of reform and development is arduous. In the next stage, we must use Xi Jinping’s socialist ideology with Chinese characteristics as a guide to fully implement the spirit of the party’s Nineteenth Congress and the Central Economic Work Conference, deploy according to the government’s work report, adhere to the principle of stability and progress, and implement new development concepts. We will deepen structural reforms on the supply side, vigorously implement innovation-driven efforts, further expand reform and opening up, strengthen the endogenous driving force for development, guide stable expectations, and promote sustained and healthy economic development.

  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 first quarter of 2018 GDP cycle and the other month of March are the following:

The quarterly growth rates of GDP in each quarter of 2017 and the first quarter of 2018 were 1.5%, 1.8%, 1.8%, 1.6% and 1.4% 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 (%)
March 20170.760.610.85
April0.440.600.76
May0.500.590.79
June0.760.610.92
July0.400.600.78
August0.450.600.83
September0.560.590.92
October0.500.570.81
November0.470.560.89
December0.490.560.79
January 20180.570.570.63
February0.570.580.71
March0.330.570.73


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

(4) 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).

The total retail sales of consumer goods in the same period of last year was revised according to the results of the Third National Agricultural Census and related regulations, and the growth rate was calculated on a comparable basis.

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.).

Total retail sales of social consumer goods include online retail sales of physical goods, excluding online retail sales of non-physical goods.

(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.

  Drawing

Posted on 2018-04-17 10:01:10
                            it works,
Posted on 2018-04-17 10:01:13
                            Good
Posted on 2018-04-17 10:01:14
                            The motherland is powerful
Posted on 2018-04-17 10:01:24
                            Good
Posted on 2018-04-17 10:01:27
                            Oh, what is the reason for the daily decline every day?
Posted on 2018-04-17 10:01:28
                            very good
Posted on 2018-04-17 10:01:28
Posted on 2018-04-17 10:01:36
                            In line with expectations
Posted on 2018-04-17 10:01:38
                            Three six!
Posted on 2018-04-17 10:01:39
                            How the stock market does not rise
Posted on 2018-04-17 10:01:41
                            so what? The stock market is not still falling into a dog
Posted on 2018-04-17 10:01:45
                            Why did the stock market fall into Xiang!
Posted on 2018-04-17 10:01:46
Posted on 2018-04-17 10:01:49
                            Negative stock market
Posted on 2018-04-17 10:01:51
                            It was sent out at 10 o'clock on time. Everyone knew it. Hehe!
Posted on 2018-04-17 10:01:52
Posted on 2018-04-17 10:01:52
                            This is good, my big A
Posted on 2018-04-17 10:01:53
                            I was happy before I got into stock...
Posted on 2018-04-17 10:02:00
                            Why the stock market does not rise, falling every day
Posted on 2018-04-17 10:02:12
                            Social progress!
Posted on 2018-04-17 10:02:15
                            My country is amazing
Posted on 2018-04-17 10:02:15
                            The situation is excellent, that is, the stock market is not good
Posted on 2018-04-17 10:02:17
                            Chinese economy will continue to maintain its growth momentum this year
Posted on 2018-04-17 10:02:22
                            Ok, Ok
Posted on 2018-04-17 10:02:30
                            Why the market is still down
Posted on 2018-04-17 10:02:34
                            Start jumping
Posted on 2018-04-17 10:02:40
                            Well, after the quarter to prepare for the war
Posted on 2018-04-17 10:03:03
                            The economy is so good and why the stock market runs counter to it! ! !
Posted on 2018-04-17 10:03:32
                            Don't report it, it's all fake! We invested in the stock market and felt deeply that the economy is collapsing. Our heart is bleeding. After a huge loss, it is poverty.
Posted on 2018-04-17 10:03:38
                            In any case, we are not afraid of rising rice, people are at least slowly rising, we do not rise or fall
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Source: National Bureau of Statistics Editor: Oriental Wealth

Click to check GDP data

China’s GDP data for the first quarter was announced, a year-on-year increase of 6.8%, an expected 6.8%, a 6.8% in the fourth quarter of last year, and a 6.9% in the previous year.

In March, the industrial added value above designated size increased by 6.0% year-on-year and is expected to be 6.3%.

The total retail sales of consumer goods in March rose by 10.1% year-on-year, and is expected to be 9.7%.

From January to March, the urban fixed assets investment increased by 7.5% year-on-year, and it is expected to be 7.7%, the former 7.9%.

Electricity generated in March was 528.3 billion kWh, an increase of 2.1% year-on-year, and a year-on-year increase of 11.0% in January-February.

The investment in real estate development in the first quarter was 2.13 trillion yuan, an increase of 10.4 percent year-on-year, a three-year high growth rate, and an increase of 0.5 percentage points from January to February. In the first quarter, sales of commercial housing were 2.56 trillion yuan, a year-on-year increase of 10.4%, and the growth rate was down by 4.9 percentage points. In the first quarter, the area of ​​commercial housing sold was 30.088 million square meters, an increase of 3.6% year-on-year, and the growth rate was down by 0.5%. In the first quarter, the area of ​​new housing starts was 34.615 million square meters, a year-on-year increase of 9.7%, and the growth rate was increased by 6.8 percentage points.

From January to March, the unemployment rate in cities and towns nationwide surveyed was 5.0%, 5.0%, and 5.1%, respectively, down 0.2, 0.4, and 0.1 percentage points from the same month of last year.

  National economy achieved a good start in the first quarter

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 persisted in striving for progress in the general tone of the work, adhered to the new development concept, focused on building a modern economic system, and paid close attention to After the implementation, the national economy continued to develop steadily and well, the transformation and upgrading progressed steadily, the quality and efficiency continued to increase, and the economic operation started well.

According to preliminary calculations, GDP in the first quarter was 19878.3 billion yuan, which was calculated at a comparable price and was up 6.8% year-on-year. In terms of sub-industries, the primary industry added value of 890.4 billion yuan, an increase of 3.2% year-on-year; the secondary industry added value of 7745.1 billion yuan, an increase of 6.3%; the tertiary industry added value of 112428 billion yuan, an increase of 7.5%.

  I. The situation of agricultural production is better

In the first quarter, the output of pork, cattle, and poultry meat was 23.16 million tons, an increase of 1.8% over the same period of the previous year; of which, pork production was 15,430,000 tons, an increase of 2.1%. The number of live pigs was 41.23 million heads, a year-on-year decrease of 1.2%; the number of pigs slaughtered was 19.93 million heads, an increase of 1.9%. In March, the climate conditions in the major agricultural areas of the country were generally favorable. Most of the agricultural areas were suitable for sunshine and lyrical conditions. The spring planting of spring plowing was progressing smoothly.

  Second, the overall stability of industrial production

In the first quarter, the industrial added value of industries above designated size increased by 6.8% year-on-year, and the growth rate fell by 0.4% from January to February, which was the same as the same period of last year. In terms of economic types, the value-added of state-controlled enterprises increased by 7.9%, that of collective enterprises by 0.1%, that of joint-stock enterprises by 7.0%, and that of foreign-invested companies and Hong Kong, Malay, and Taiwanese companies by 5.5%. In terms of three categories, the value added of the mining industry increased by 0.9% year-on-year, manufacturing industry increased by 7.0%, and the electricity, heat, gas and water production and supply industries increased by 10.8%. New products in the new industry have developed rapidly. The added value of high-tech and equipment manufacturing increased by 11.9% and 8.8% respectively year-on-year, which was faster than that of the industries above designated size by 5.1 and 2.0 percentage points respectively. IC production increased by 15.2% year-on-year, new energy vehicles increased by 139.4%, and industrial robots increased by 29.6%. The production and sales ratio of industrial enterprises above designated size reached 97.9%, which was 0.3% higher than the same period of last year. In March, the added value of industrial enterprises above designated size increased by 6.0% from the previous year, and increased by 0.33% compared with the previous period. In March, the manufacturing purchasing managers' index was 51.5%, up 1.2% from the previous month.

In January-February, national industrial enterprises above designated size achieved a total profit of RMB 968.9 billion, a year-on-year increase of 16.1%. The profit margin of main business income of industrial enterprises above designated size was 6.1%, an increase of 0.33 percentage points over the same period of the previous year.

  Third, the service industry has grown rapidly

In the first quarter, the national service industry's production index increased by 8.1% year-on-year, and the growth rate was 0.1 percentage point higher than that in January-February and 0.2 percentage point lower than the same period of last year. Among them, information transmission, software and information technology services, leasing and business services have maintained rapid growth. In March, the national production index for the service industry increased by 8.3% year-on-year, an acceleration of 0.3% from January to February, which was the same as the same period of last year. In January-February, the operating income of enterprises above designated size increased by 14.1% year-on-year, 0.7 percentage points higher than the same period of last year.

In March, the service business activity index for the service industry was 53.6%, a slight decrease of 0.2 percentage points from the previous month, but still higher than the average of the previous year. Indexes for business activities in the railway transportation industry, air transport industry, postal express delivery industry, telecommunication broadcasting and television and satellite transmission services, internet software information technology services, currency and financial services, capital market services and insurance industry are all higher than 55.0% and above. The boom period. From the market expectation, the expected business service activity index is 60.1%, which is higher than 60.0% for 10 consecutive months.

  Fourth, accelerate the growth of private investment

In the first quarter, the country’s investment in fixed assets (excluding rural households) was 1,067.3 billion yuan, an increase of 7.5% year-on-year, with the growth rate falling by 0.4 percentage points from January to February and 1.7 percentage points from the same period of last year. Among them, private investment was 6,628.6 billion yuan, an increase of 8.9%, which was 0.8 percentage points higher than that of January-February and 1.2 percentage points higher than the same period of last year. In terms of sub-industry, the first industry invested 290 billion yuan, an increase of 24.2%; the second industry invested 3.5813 trillion yuan, an increase of 2.0%, of which the manufacturing investment increased by 3.8%; the tertiary industry invested 6205.0 billion yuan, an increase of 10.0%. Facilities investment increased by 13.0%. Investment in high-tech manufacturing increased by 7.9% year-on-year, 0.4% faster than all investment. From a month-on-month basis, fixed-asset investment (excluding rural households) increased by 0.57% in March from the previous month.

  V. The area for sale of commercial housing continues to decrease

In the first quarter, the national investment in real estate development totaled 2129.1 billion yuan, a year-on-year increase of 10.4%. The growth rate was 0.5 percentage points higher than that in January-February and 1.3 percentage points higher than the same period of the previous year, of which residential investment increased by 13.3%. The area of ​​new housing starts was 34.615 million square meters, an increase of 9.7% over the same period of last year, of which the newly-started residential area increased by 12.2%. National commercial housing sales area was 30.88 million square meters, an increase of 3.6%, of which residential sales area increased by 2.5%. National commercial housing sales reached 2.5597 trillion yuan, an increase of 10.4%, of which residential sales increased by 11.4%. Real estate development companies purchased 38.02 million square meters of land, an increase of 0.5% year-on-year. At the end of March, the total area of ​​commercial housing sold nationwide was 53.29 million square meters, a decrease of 11.38 million square meters from the end of last month. In the first quarter, the funds for real estate development enterprises reached 3677.0 billion yuan, a year-on-year increase of 3.1%.

  VI. Market sales continue to be active

In the first quarter, total retail sales of consumer goods reached 9,027.5 billion yuan, a year-on-year growth of 9.8%, an acceleration of 0.1 percentage points from January to February, and a decrease of 0.2 percentage points from the same period of last year. According to the location of the business unit, the retail sales of consumer goods in urban areas reached 7,7090.6 billion yuan, an increase of 9.7%; the retail sales of rural consumer goods was 1,317.9 billion yuan, an increase of 10.7%. By type of consumption, food and beverage revenue was 971.1 billion yuan, an increase of 10.3%; retail sales of goods were 8,056.4 billion yuan, an increase of 9.8%. The sales of consumer upgrade products grew rapidly, and the cosmetics, household appliances, and audio-visual equipment products above designated size increased by 16.1% and 11.4% year-on-year, respectively, 6.2 and 3.4 percentage points higher than the same period of last year. In March, total retail sales of consumer goods increased by 10.1% year-on-year, an acceleration of 0.4 percentage points from January to February, and a year-on-year increase of 0.73%.

In the first quarter, the nationwide online retail sales amounted to 193.1 billion yuan, an increase of 35.4% year-on-year, and an acceleration of 3.3 percentage points over the same period of the previous year. Among them, online retail sales of physical goods were 1,456.7 billion yuan, an increase of 34.4%, accounting for 16.1% of total retail sales of consumer goods, up 3.7 percentage points year-on-year; online retail sales of non-physical goods were 475.1 billion yuan, up 38.7%.

  VII. The trade surplus has narrowed substantially

In the first quarter, the total import and export volume of goods reached 6751.6 billion yuan, an increase of 9.4% year-on-year. Among them, exports were 3,538.9 billion yuan, an increase of 7.4%; imports were 3,212.7 billion yuan, an increase of 11.7%. The balance of imports and exports stood at 326.2 billion yuan, a decrease of 21.8% from the same period of last year. The trade structure was further optimized. General trade imports and exports increased by 13.2%, accounting for 58.3% of the total volume of imports and exports, an increase of 2.0 percentage points over the same period of last year. Electromechanical products continued to be the main exporters, with exports of mechanical and electrical products increasing by 9.5% and accounting for 59.4% of total exports. The import and export of the top three trading partners maintained growth. China’s imports and exports to the EU, the United States, and ASEAN increased by 8.2%, 6.3%, and 13.7%, respectively. The countries with which the “One Belt and One Road” co-construction had a better growth in imports and exports. Imports and exports of Poland and Kazakhstan increased by 20.5%, 16.6% and 16.2%, respectively. In March, the total value of imports and exports was 2,245.3 billion yuan, a year-on-year decrease of 2.5%. Among them, exports were 110.8 billion yuan, down 9.8%; imports 1.1375 billion yuan, up 5.9%.

In the first quarter, the export value of industrial enterprises above designated size reached 2714.5 billion yuan, a year-on-year increase of 7.6%. In March, the export value of industrial enterprises above designated size achieved 101.6 billion yuan, an increase of 4.0%.

  Eight, the market price rises moderately

In the first quarter, the country’s consumer prices rose by 2.1% year-on-year, representing an increase of 0.1% from January to February and an increase of 0.7% from the same period of last year. Among them, cities rose by 2.2% and rural areas rose by 2.0%. By category, food and tobacco prices rose 1.9% year-on-year, clothing rose 1.2%, living rose 2.4%, household goods and services rose 1.6%, transportation and communications rose 0.7%, education and entertainment rose 2.2%, health care rose 6.0 %, other supplies and services rose by 1.4%. In food and tobacco prices, food prices rose by 1.1%, pork prices fell by 9.9%, and fresh vegetable prices rose by 6.6%. In March, consumer prices in the country increased by 2.1% year-on-year, which was a 0.8% drop from the previous month and a year-on-year decrease of 1.1%.

In the first quarter, the ex-factory price of industrial producers across the country rose by 3.7% year-on-year, representing an increase of 0.3% from January to February, and a decrease of 3.7 percentage points from the same period of last year. In March, the ex-factory prices of industrial producers nationwide rose by 3.1% year-on-year, which was a drop of 0.6% from the previous month and a decrease of 0.2% from the previous month. In the first quarter, the purchase price of industrial producers nationwide increased by 4.4% year-on-year; in March, it rose by 3.7% year-on-year, a decrease of 0.3% from the previous month.

  IX. Overall employment situation is stable

From January to March, the unemployment rate in cities and towns surveyed nationwide was 5.0%, 5.0%, and 5.1%, respectively, down 0.2, 0.4, and 0.1 percentage points from the same month of last year; the surveyed unemployment rates in 31 large cities and towns were 4.9% and 4.8%, respectively. And 4.9%, respectively, down 0.1, 0.2 and 0.1 percentage points from the same month of last year. At the end of the first quarter, the total number of rural laborers working outside the country was 174.41 million, an increase of 1.88 million over the same period of the previous year, an increase of 1.1%.

  X. Resident Income Increases Steadily

In the first quarter, the per capita disposable income of the country’s residents was 7,815 yuan, a nominal increase of 8.8% year-on-year, and an actual increase of 6.6% after deducting price factors. According to the usual place of residence, the per capita disposable income of urban residents was 10,781 yuan, a real increase of 5.7% after deducting price factors; the per capita disposable income of rural residents was 4,226 yuan, an actual increase of 6.8% after deducting price factors. The per capita income of urban and rural residents was 2.55, which was a decrease of 0.02 over the same period of last year. The median disposable income per capita of the country's residents was 6,580 yuan, a nominal increase of 8.5% over the same period last year.

  XI. Significant achievements in transformation and upgrading

The structural reform on the supply side has progressed steadily. In the first quarter, the national industrial capacity utilization rate was 76.5%, which was 0.7% higher than the same period of last year. The effectiveness of destocking was outstanding. At the end of March, the area of ​​commercial housing sold decreased by 16.7% year-on-year. The effectiveness of deleveraging continued to show. At the end of February, the asset-liability ratio of industrial enterprises above designated size was 56.3%, a year-on-year decrease of 0.8 percentage points. The cost of the real economy continued to fall. The cost of main business income per 100 yuan of industrial enterprises above designated size during the January-February period was 83.98 yuan, a year-on-year decrease of 0.33 yuan. Short-field investment grew rapidly. In the first quarter, ecological protection and environmental management, public facilities management, and agricultural investment increased by 34.2%, 13.4%, and 25.4% year-on-year, respectively, faster than full investment of 26.7, 5.9, and 17.9 percentage points.

The economic structure continues to be optimized. In the first quarter, the added value of the tertiary industry contributed 61.6% of GDP growth, which was 25.5 percentage points higher than that of the secondary industry. The final consumer expenditure contribution rate to economic growth is 77.8%, which is higher than the total capital formation of 46.5 percentage points. New kinetic energy grows rapidly. In the first quarter, there were 1.323 million newly registered enterprises in the country, an increase of 5.4% year-on-year, with an average of 14,700 newly registered enterprises each day. The value-added of industrial strategic emerging industries increased by 9.6% year-on-year, 2.8 percentage points faster than that of industries above designated size. The green development steadily progressed. In the first quarter, energy consumption per unit of GDP fell by 3.2% year-on-year.

In general, in the first quarter, the national economy continued to develop steadily and steadily. The favorable conditions for supporting the economy toward high-quality development continued to accumulate and increase, laying a good foundation for the stable and healthy development of the economy throughout the year. However, we must also realize that the rising international environment, the unbalanced development of domestic development is still outstanding, and the task of reform and development is arduous. In the next stage, we must use Xi Jinping’s socialist ideology with Chinese characteristics as a guide to fully implement the spirit of the party’s Nineteenth Congress and the Central Economic Work Conference, deploy according to the government’s work report, adhere to the principle of stability and progress, and implement new development concepts. We will deepen structural reforms on the supply side, vigorously implement innovation-driven efforts, further expand reform and opening up, strengthen the endogenous driving force for development, guide stable expectations, and promote sustained and healthy economic development.

  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 first quarter of 2018 GDP cycle and the other month of March are the following:

The quarterly growth rates of GDP in each quarter of 2017 and the first quarter of 2018 were 1.5%, 1.8%, 1.8%, 1.6% and 1.4% 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 (%)
March 20170.760.610.85
April0.440.600.76
May0.500.590.79
June0.760.610.92
July0.400.600.78
August0.450.600.83
September0.560.590.92
October0.500.570.81
November0.470.560.89
December0.490.560.79
January 20180.570.570.63
February0.570.580.71
March0.330.570.73


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

(4) 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).

The total retail sales of consumer goods in the same period of last year was revised according to the results of the Third National Agricultural Census and related regulations, and the growth rate was calculated on a comparable basis.

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.).

Total retail sales of social consumer goods include online retail sales of physical goods, excluding online retail sales of non-physical goods.

(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.

  Drawing