GDP Increased By 3.2% In The Second Quarter And Decreased By 1.6% In The First Half Of The Year

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In the first half of the year, in the face of the severe test and complex and changeable domestic and foreign environment brought about by the new pneumonia epidemic, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, the whole country coordinated the work of epidemic prevention and control and economic and social development, resolutely implemented all the decisions and arrangements, and the situation of epidemic prevention and control continued to improve, and the resumption of work, production, business and market was accelerated In, China's economy first fell and then rose. In the second quarter, economic growth turned from negative to positive. The main indicators of economic growth were restorative growth. The economic operation recovered steadily. The basic livelihood security was strong. The overall market expectation was good, and the overall social development was stable.

According to preliminary calculation, the GDP in the first half of the year was 45661.4 billion yuan, a year-on-year decrease of 1.6% based on comparable prices. In terms of quarters, the first quarter decreased by 6.8% year-on-year, and the second quarter increased by 3.2%. In terms of industries, the added value of the primary industry was 2605.3 billion yuan, up 0.9% year on year; the added value of the secondary industry was 17275.9 billion yuan, down 1.9%; the added value of the tertiary industry was 2578.2 billion yuan, down 1.6%. On a month on month basis, GDP grew by 11.5% in the second quarter.

First, the agricultural production situation is good, and the summer grain harvest is bumper again

In the first half of the year, the added value of agriculture (planting industry) increased by 3.8% year-on-year, 0.3 percentage points faster than that in the first quarter; among them, the growth rate in the second quarter was 3.9%, 0.4 percentage points faster than that in the first quarter. China's total summer grain production was 142.81 million tons, an increase of 1.21 million tons or 0.9 percent over the previous year. The agricultural planting structure has been continuously optimized, and the sown area of rapeseed and other cash crops has increased. In the first half of the year, milk production increased by 7.9% and egg production increased by 7.1%. The output of pigs, cattle, sheep and poultry decreased by 10.8%, 8.7 percentage points lower than that in the first quarter; among them, the output of poultry meat increased by 6.8%, increased by 5.7 percentage points; the output of mutton, beef and pork decreased by 2.5%, 3.4% and 19.1%, respectively, with the decrease rates of 5.2%, 3.0 and 10.0%. Pig production capacity continued to recover. At the end of the second quarter, there were 339.96 million live pigs, an increase of 5.8% over the end of the first quarter; among them, 36.29 million sows could breed, up 5.4% year-on-year and 7.3% higher than the end of the first quarter.

2. Industrial production recovered rapidly, and the high-tech manufacturing industry and equipment manufacturing industry grew

In the first half of the year, the added value of industries above Designated Size in China decreased by 1.3% year-on-year, 7.1 percentage points narrower than that in the first quarter; among them, the added value of industries above designated size increased by 4.4% in the second quarter and decreased by 8.4% in the first quarter. The growth rate of the industrial scale increased by 3.0% year-on-year, 3.5% month on month, and the industrial scale increased by 6.0% month on month. In the first half of the year, according to economic types, the added value of state-owned holding enterprises decreased by 1.5%, joint-stock enterprises by 0.8%, foreign-invested enterprises by Hong Kong, Macao and Taiwan by 3.4%, and private enterprises by 0.1%. In terms of the three major categories, the added value of the mining industry decreased by 1.1%, the manufacturing industry by 1.4%, and the power, heat, gas and water production and supply industries decreased by 0.9%, 0.6%, 8.8 and 4.3 percentage points lower than those in the first quarter. In the first half of the year, the added value of high-tech manufacturing industry and equipment manufacturing industry increased by 4.5% and 0.4% respectively over the same period of last year, of which the growth rate in June was 10.0% and 9.7% respectively. The output of some construction machinery and new products increased rapidly. In the first half of the year, the output of digging, shoveling and transporting machinery, integrated circuits, industrial robots and trucks increased by 16.7%, 16.4%, 10.3% and 8.4% respectively. From January to may, the profits of Industrial Enterprises above Designated Size nationwide reached 1843.5 billion yuan, a year-on-year decrease of 19.3%, and the decline rate continued to narrow; among them, the total profits in May decreased from 4.3% in April to 6.0% in May. In June, the purchasing manager index of China's manufacturing industry was 50.9%, up 0.3 percentage points from May, which was above the critical point for four consecutive months.

3. The decline rate of service industry has been reduced, and the growth of modern service industry is good

In the first half of the year, the added value of the tertiary industry decreased year on year, with a decrease rate of 3.6 percentage points compared with that in the first quarter; among them, the added value of the third industry increased by 1.9% in the second quarter and decreased by 5.2% in the first quarter. In terms of industries, the added value of the financial industry increased by 14.5% and 6.6% respectively in the information transmission, software and information technology service industries in the first half of the year; the wholesale and retail industry, accommodation and catering industry decreased by 8.1% and 26.8%, respectively, 9.7 and 8.5 percentage points lower than that in the first quarter. In the first half of the year, the national service industry production index decreased by 6.1% year-on-year, and the decline rate was 5.6 percentage points lower than that in the first quarter; among them, the growth rate in June was 2.3%, 1.3 percentage points faster than that in May. From January to may, the operating income of service enterprises above designated size decreased by 6.4% year-on-year, 2.2 percentage points lower than that in January April; among them, the information transmission, software and information technology service industry increased by 8.4%. In June, the business activity index of service industry was 53.4%, 1.1 percentage points higher than that in May. Among them, the business activity index of railway transportation, road transportation, air transportation, postal service, telecommunication, radio and television satellite transmission service, Internet software information service, monetary and financial service, capital market service, insurance industry and other industries was 55.0% or above. From the perspective of market expectations, the expected index of business activities in the service industry is 59.0%.

Fourth, the market sales gradually improved, and online retail grew rapidly

In the first half of the year, the total retail sales of social consumer goods reached 17225.6 billion yuan, a year-on-year decrease of 11.4%, and the decline rate was 7.6 percentage points lower than that in the first quarter; among them, the retail sales in the second quarter decreased by 3.9%, 15.1 percentage points lower than that in the first quarter. In June, the total retail sales of consumer goods totaled 3352.6 billion yuan, a year-on-year decrease of 1.8%, a decrease of 1.0 percentage points compared with may, and a month on month increase of 1.34%. In the first half of the year, the retail sales of consumer goods in cities and towns were 1493.45 billion yuan, down 11.5%; the retail sales of rural consumer goods were 22911.1 billion yuan, down 10.9%; by consumption type, the catering income was 1460.9 billion yuan, a decrease of 32.8%; and the retail sales of goods were 15764.8 billion yuan, a decrease of 8.7%. In the first half of the year, the retail sales of Cereals, oils, foodstuffs, beverages, Chinese and Western medicines increased by 12.9%, 10.5% and 5.8% respectively, 0.3%, 6.4 and 2.9 percentage points higher than those in the first quarter. The sales of upgraded goods increased rapidly. The retail sales of sports and entertainment goods and communication equipment of units above the quota increased by 6.1% and 5.8% respectively, and decreased by 5.1% and 3.6% in the first quarter. China's online retail sales totaled 5150.1 billion yuan, up 7.3% year on year, down 0.8% in the first quarter. Among them, the online retail sales of physical goods reached 4348.1 billion yuan, an increase of 14.3%, 8.4 percentage points faster than that of the first quarter, and accounted for 25.2% of the total retail sales of consumer goods, an increase of 1.6 percentage points over the first quarter.

5. The decrease in fixed assets investment was significantly narrowed, and investment in high-tech industries and social sectors rebounded

In the first half of the year, China's investment in fixed assets (excluding farmers) reached 28160.3 billion yuan, a year-on-year decrease of 3.1%, a decrease of 3.2 percentage points compared with January may and 13.0 percentage points lower than that of the first quarter. In terms of sectors, infrastructure investment decreased by 2.7%, manufacturing investment decreased by 11.7%, and the decline rate was 17.0% and 13.5% lower than that in the first quarter; investment in real estate development increased by 1.9% and decreased by 7.7% in the first quarter. The sales area of commercial housing in China was 694.04 million square meters, down 8.4%; the sales volume of commercial housing was 6689.5 billion yuan, a decrease of 5.4%, and the decline rate was 17.9% and 19.3% lower than that in the first quarter. In terms of industries, the investment in the primary industry increased by 3.8%, and decreased by 13.8% in the first quarter; the investment in the second industry decreased by 8.3%, while the investment in the tertiary industry decreased by 1.0%, which was 13.6% and 12.5% lower than that in the first quarter. Private investment reached 15786.7 billion yuan, down 7.3%, 11.5 percentage points lower than that in the first quarter. Investment in high-tech industries increased by 6.3%, down 12.1% in the first quarter, of which investment in high-tech manufacturing and high-tech services increased by 5.8% and 7.2% respectively. In the high-tech manufacturing industry, the investment in the pharmaceutical manufacturing industry, computer and office equipment manufacturing industry increased by 13.6% and 8.2% respectively; in the high-tech service industry, the investment in the e-commerce service industry and the transformation service industry of scientific and technological achievements increased by 32.0% and 21.8% respectively. The investment in social sector increased by 5.3% and decreased by 8.8% in the first quarter, of which investment in health and education increased by 15.2% and 10.8% respectively, and decreased by 0.9% and 4.0% in the first quarter. From a month on month basis, fixed asset investment (excluding farmers) in June increased by 5.91% over the previous month.

6. The import and export of goods was better than expected, and the trade structure continued to improve

In the first half of the year, the total import and export volume of goods reached 14237.9 billion yuan, a year-on-year decrease of 3.2%, and the decrease rate was 3.3 percentage points narrower than that in the first quarter; among them, the second quarter decreased by 0.2% year-on-year, and the first quarter decreased by 6.5%. Exports were 7713.4 billion yuan, down 3.0%; imports were 6524.5 billion yuan, down 3.3%; imports and exports offset each other, with a trade surplus of 1188.9 billion yuan. The trade structure continued to be optimized. In the first half of the year, imports and exports of general trade accounted for 60.1% of the total, an increase of 0.4 percentage points over the same period of last year. The proportion of mechanical and electrical products in total exports increased by 58.5% in the same period of last year. In June, the total import and export volume was 2697.3 billion yuan, up 5.1% year-on-year; the export was 1513.1 billion yuan, an increase of 4.3%; the import was 1184.2 billion yuan, an increase of 6.2%. In the first half of the year, the export delivery value of Industrial Enterprises above Designated Size in China reached 5425 billion yuan, a year-on-year decrease of 4.9%, and the decline rate was 5.4 percentage points lower than that in the first quarter. Among them, the export delivery value in June decreased from 1.4% in May to an increase of 2.6%.

7. Consumer prices rose moderately, while the factory prices of industrial producers decreased year on year

In the first half of the year, consumer prices rose by 3.8% year-on-year, 1.1 percentage points lower than that in the first quarter. Among them, the increase in urban areas was 3.6% and that in rural areas was 4.7%. In terms of classification, the prices of food, tobacco and alcohol rose by 12.2%, clothing by 0.1%, residence by 0.1%, daily necessities and services by 0.1%, transportation and communication by 3.2%, education, culture and entertainment by 2.0%, medical care by 2.1% and other supplies and services by 5.0%. Among the food, tobacco and wine prices, grain rose by 1.0%, fresh vegetables by 3.4%, and pork by 104.3%, down 18.2% from the first quarter. Excluding food and energy prices, the core CPI rose 1.2%. In June, the national consumer price rose by 2.5% year-on-year and decreased by 0.1% month on month.

In the first half of the year, the factory prices of industrial producers in China decreased by 1.9% year on year, among which, in June, the factory prices decreased by 3.0% year-on-year and rose by 0.4% month on month. In the first half of the year, the purchasing prices of industrial producers in China decreased by 2.6% year-on-year; among them, in June, the purchase price decreased by 4.4% year-on-year and increased by 0.4% month on month.

8. The unemployment rate of the national urban survey has declined, and the employment situation is generally stable

In the first half of the year, 5.64 million new urban employees were added, accounting for 62.7% of the annual target. In June, the unemployment rate of the national urban survey was 5.7%, 0.2 percentage points lower than that in May; among them, the unemployment rate of the population aged 25-59 was 5.2%, which was 0.5 percentage points lower than that of the national urban survey, and 0.2 percentage points lower than that of May. The unemployment rate in 31 big cities was 5.8%, down 0.1 percentage point from May. The average weekly working hours of employees in enterprises across the country are 46.8 hours. At the end of the second quarter, the total number of rural migrant workers was 177.52 million.

9. The decline rate of residents' real income has narrowed, and the ratio of urban and rural residents' per capita disposable income has narrowed

In the first half of the year, the per capita disposable income of national residents was 15666 yuan, with a nominal increase of 2.4% over the same period of last year, and the growth rate was 1.6 percentage points faster than that of the first quarter; after deducting the price factor, the actual decrease was 1.3%, and the decline rate was narrowed by 2.6%. In terms of permanent residence, the per capita disposable income of urban residents was 21655 yuan, with a nominal increase of 1.5% and an actual decrease of 2.0%; the per capita disposable income of rural residents was 8069 yuan, with a nominal increase of 3.7% and an actual decrease of 1.0%. From the perspective of net income from property transfer, the net income per capita increased by 2.5% year-on-year, and the net income per capita increased by 2.5%. The per capita income ratio of urban and rural residents was 2.68, 0.06 lower than that of the same period last year. The median per capita disposable income of China's residents was 13347 yuan, a nominal increase of 0.5% over the same period last year.

On the whole, in the first half of the year, China's economy gradually overcame the adverse effects brought about by the epidemic, and its economic operation showed a trend of recovery growth and steady recovery, and its development toughness and vitality were further highlighted. At the same time, it should be noted that some indicators are still declining, and the impact loss of the epidemic needs to be made up. At present, the global epidemic situation is still spreading, the huge impact of the epidemic on the world economy will continue to develop and evolve, the external risk challenges are obviously increasing, and the domestic economic recovery is still under pressure. In the next step, we should adhere to the guidance of Xi Jinping's thought of socialism with Chinese characteristics for a new era, integrate the overall promotion of normalized epidemic prevention and control with economic and social development, adhere to the goal guidance and problem orientation, accumulate potential and seek for change and response, grasp the key points, supplement the weak points and strong and weak points, do a solid job in the "six stability" work, comprehensively implement the "six guarantees" task, and ensure that We will resolutely carry out the tasks of building a moderately prosperous society in an all-round way, and strive to achieve the goal of building a moderately prosperous society in an all-round way, and strive to achieve the goal of building a moderately prosperous society in an all-round way, and firmly accomplish the goal of building a moderately prosperous society in an all-round way.