According to data released by the National Bureau of Statistics on October 24, according to preliminary calculations, the GDP in the first three quarters was 87,026.9 billion yuan, a year-on-year increase of 3.0% at constant prices, 0.5 percentage points faster than the first half of the year. On a quarterly basis, GDP grew by 4.8% year-on-year in the first quarter, 0.4% in the second quarter, and 3.9% in the third quarter.
The National Bureau of Statistics said that in general, my country’s economy has overcome the adverse effects of multiple unexpected shocks, and the main indicators have returned to stability and remained within a reasonable range, and positive factors have accumulated and increased. The economic recovery in the third quarter improved significantly, which was significantly better than that in the second quarter. In the next stage, we must fully unleash the effectiveness of policies, focus on ensuring stable employment and prices for market players, expand effective demand, promote reform and activation, consolidate the foundation for economic recovery and development, keep the economy operating within a reasonable range, and strive to achieve the best results.
The consumer market continues to resume growth
“In the first three quarters, various regions and departments efficiently coordinated epidemic prevention and control and economic and social development, and actively promoted a series of policies to promote consumption. The consumer market has maintained a recovery growth trend.” Dong Lihua, director of the Department of Trade and Foreign Economics of the National Bureau of Statistics, said. Data show that in the first three quarters, the total retail sales of consumer goods increased by 0.7% year-on-year, 0.2 percentage points faster than the growth rate from January to August. In terms of quarters, the growth rate in the third quarter was 3.5%, while the decline in the second quarter was 4.6%. The recovery in the third quarter was faster than that in the second quarter.
Zhao Tonglu, director of the National Economic Accounting Department of the National Bureau of Statistics, said that with the support of the policy of stabilizing growth and promoting consumption, the overall recovery of consumer demand continued, and its fundamental role in economic development was gradually consolidated. In the first three quarters, final consumption expenditure contributed 41.3% to economic growth, driving GDP growth by 1.2 percentage points. Among them, the final consumption expenditure in the third quarter contributed 52.4% to economic growth, driving GDP growth by 2.1 percentage points.
It is worth mentioning that the new type of consumption is developing rapidly, of which the proportion of online retailing has increased. In the first three quarters, the national online retail sales of physical goods increased by 6.1% year-on-year, which was significantly faster than the growth rate of the total retail sales of consumer goods, and continued to maintain rapid growth; it accounted for 25.7% of the total retail sales of consumer goods, an increase of 0.1 from January to August. percent.
Dong Lihua said that in the first three quarters, the consumer market showed resilience, the scale of market sales continued to expand, consumption upgrades continued to advance, and new types of consumption grew steadily. However, it should also be noted that the foundation for the recovery of the consumer market still needs to be consolidated. In the next stage, as various policies and measures for coordinating epidemic prevention and control and economic and social development continue to advance, a series of policies related to promoting consumption to support market entities and enhance residents’ willingness and ability to consume will be effective, and the consumer market will continue to recover steadily.
Infrastructure investment continues to pick up
Statistics show that in the first three quarters, the national fixed asset investment (excluding farmers) increased by 5.9% year-on-year, 0.1 percentage points faster than the growth rate from January to August, and rebounded slightly for two consecutive months. Among them, infrastructure investment increased by 8.6% year-on-year, the growth rate was 0.3 percentage points faster than that from January to August, and it has rebounded for five consecutive months.
“Since this year, all regions and departments have conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, actively played the role of the coordination mechanism for promoting effective investment in important projects, made good use of policy development financial instruments and local special bonds, and vigorously promoted the implementation of projects as soon as possible. Accelerate the formation of physical workload and play a key role in investment.” said Zhai Shanqing, director of the Statistics Department of Fixed Assets Investment of the National Bureau of Statistics.
From the perspective of investment leading indicators, in the first three quarters, the total planned investment in newly started projects increased by 20.8% year-on-year, and the funds in place for investment projects (excluding real estate development investment) increased by 21.3%, which is conducive to the sustained and stable growth of investment.
Zhao Tonglu said that with the continuous release of the effectiveness of the package of policies to stabilize the economy and the continuous policy, the construction of major projects has been accelerated, the scale of effective investment has continued to expand, and the key role in economic recovery has become stronger. In the first three quarters, the contribution rate of total capital formation to economic growth was 26.7%, driving GDP growth by 0.8 percentage points. Among them, the contribution rate of total capital formation to economic growth in the third quarter was 20.2%, driving GDP growth by 0.8 percentage points.
“In the next stage, we must solidly implement a series of measures such as revitalizing the balance of local special debt, special re-loans and financial discounts to support equipment renovation and transformation in some fields, and speeding up the construction of agricultural and rural infrastructure, so as to promote the expansion of effective investment; optimize the private investment environment and give full play to the Government investment guides leverage, effectively mobilizes the enthusiasm of private investment, and promotes the continuous improvement of investment.” Zhai Shanqing said.
Industrial production resumes at a faster pace
“In the third quarter, industrial development rebounded rapidly, and the added value increased by 4.6% year-on-year, driving economic growth by 1.4 percentage points.” Zhao Tonglu said.
Data show that in July, August, and September, the industrial added value increased by 3.8%, 4.2%, and 6.3% year-on-year, respectively, showing a trend of accelerated recovery. Changjiang Yuan, deputy director of the Industrial Statistics Department of the National Bureau of Statistics, said that in September, as the extreme high temperature weather subsided, the impact of high temperature power cuts on industrial production in some areas weakened, and the demand in some industries picked up, superimposed the impact of the low base in the same period, the national industrial production above designated size accelerated. pick up.
Jiang Yuan said that the overall coordination of epidemic prevention and control and industrial economic development has achieved remarkable results. In the third quarter, the year-on-year growth rate of the industrial added value of 23 provinces above designated size rebounded or narrowed the rate of decline compared with the second quarter, and turned from a decline to an increase, with a recovery of 74.2%. Among them, the Yangtze River Delta region, which was greatly affected by the epidemic in the early stage, rebounded sharply, and the added value of industrial enterprises above designated size changed from a decrease of 3.2% in the second quarter to an increase of 8.2%.
“In the next stage, it is necessary to further promote the implementation of various economic stabilization policies and measures, stimulate the vitality of market entities, help enterprises to relieve difficulties, and continuously consolidate the foundation for the recovery of the industrial economy.” Jiang Yuan said.
(Editor in charge: Zhang Ziyi)
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