At the press conference held on the 18th, the National Bureau of Statistics released economic data for the first three quarters of the year, showing that preliminary calculations showed that the gross domestic product(GDP) in the first three quarters was 6,979.8 billion yuan, which was calculated at comparable prices, an increase of 6.2 % year-on-year. Looking at the quarter by quarter, it increased by 6.4 % in the first quarter, 6.2 % in the second quarter, and 6.0 % in the third quarter.
鈥淚f the external environment is more difficult and complex, there are more domestic forces to support it. It is conditional and supportive to keep the economy running smoothly. " National Bureau of Statistics spokesman Maoshengyong said. The core indicators show that the Chinese economy remains within a reasonable range.
Employment is stable. In September, the surveyed unemployment rate in cities and towns nationwide was 5.2 percent, the same as last month. In the first three quarters, 10.97 million new jobs were created in cities and towns, 99.7 percent of the total number of jobs targeted for the whole year.
Why is the economy slowing down, but the overall employment situation is stable? Maoshengyong explained that one, with the expansion of the economy, the economic increment brought by each percentage point of growth is also expanding, and the amount of employment that can be absorbed is also increasing. Second, the added value of the service industry continues to increase in the proportion of GDP, and the ability of such an industrial structure to absorb employment is constantly increasing. Third, the state has issued an active employment policy, which has achieved relatively good results; Finally, the emergence of new industries, new forms of business and new business models has also provided space for the expansion of employment and the expansion of employment capacity.
Prices are stable. Consumer prices(CPI) rose 3.0 per cent in September from a year earlier, but core CPI growth after food and energy was 1.5 per cent, with a slight decline. Over the past nine months, the average CPI gain has been 2.5 per cent, a modest increase.
"The increase in the CPI in September was mainly due to a small number of food price increases represented by pork. Without inflation and deflation, prices are generally stable. "Maoshengyong said that China's industrial consumer goods supply is relatively abundant, and service prices are moderately rising. Agricultural production and grain production are likely to yield a good harvest, laying a relatively good foundation for the basic stability of food prices.
The income of residents has grown steadily. In the first three quarters, the per capita disposable income of the country's residents increased by 6.1 % in real terms, which is basically in line with the economic growth rate and is faster than the per capita GDP growth rate. "In terms of nominal growth, the per capita disposable income of the country's residents increased by 8.8 % in the first three quarters. The growth rate is still good. " said Maoshengyong.
Investment was the focus of much attention in the first three quarters. In the first three quarters, fixed asset investment grew 5.4 per cent year-on-year, a further 0.1 percentage point slower than in August, the slowest pace in a year. How do you see growth slowing for three consecutive months?
Investment growth slowed in January and September, and stayed the same as last year, but was generally stable, Maoshengyong said. 鈥淚n recent years, investment growth has generally been slowing down as the scale of investment has grown, but it is still relatively stable at the moment. Mr Maoshengyong said the recent slowdown in the growth of manufacturing investment and private investment showed that the real economy is still facing many difficulties and that more efforts should be made to implement the policies adopted by the central government to support the real economy and promote the development of small and medium-sized enterprises and private enterprises. We will further improve the business environment, strengthen property rights protection, and strengthen financing support to enhance entrepreneurial confidence.
However, despite the slowdown, the investment structure continues to optimize. From January to September, investment in the tertiary sector grew at a rate of 7.2 per cent, which was a relatively fast growth rate, of which infrastructure investment grew by 4.5 per cent year-on-year, an increase of 0.3 percentage points from January to August. Investment growth has also been relatively fast in some social and high-tech sectors, with investment in high-tech industries growing at or above 13 per cent, which is conducive to filling the gaps and enhancing the momentum for development.
鈥淚n this year, we have increased the size of local special debt, we have moved forward ahead of schedule, and we are now moving ahead with some plans for next year to keep them in this year's plan. At the same time, we must also leverage social capital investment. At present, infrastructure investment has shown a relatively good upward trend. " said Maoshengyong.
Mr Maoshengyong argues that investment, linked to demand and supply, is both an important variable in consumption and an important component of supply. 鈥淭he expansion of effective investment will not only expand demand, it will also improve the quality of supply, optimize the supply structure and promote transformation and upgrading. So the potential and scope for Chinese investment is enormous, both from the demand side and from the supply side. "
