Statistics Bureau: China'S GDP In The Third Quarter Increased By 4.9% Year On Year

In the first three quarters, in the face of the huge impact of the new crown pneumonia epidemic and the complex and severe domestic and international environment, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, all regions and departments scientifically coordinated the epidemic prevention and control and economic and social development, effectively and effectively promoted the recovery of production and living order. In the first three quarters, the economic growth rate turned from negative to positive, the supply-demand relationship gradually improved, and the market vitality was driven The employment and people's livelihood are better guaranteed, the national economy continues to stabilize and recover, and the overall social situation remains stable.

According to preliminary calculation, the GDP of the first three quarters was 72278.6 billion yuan, an increase of 0.7% over the same period of the same period last year. In terms of quarters, the first quarter decreased by 6.8%, the second quarter increased by 3.2%, and the third quarter increased by 4.9%. In terms of industries, the added value of the primary industry was 4812.3 billion yuan, an increase of 2.3%; the added value of the secondary industry was 2742.67 billion yuan, an increase of 0.9%; the added value of the tertiary industry was 40039.7 billion yuan, an increase of 0.4%. On a month on month basis, GDP grew by 2.7% in the third quarter.

First, the agricultural production situation is good, and autumn grain is expected to have a bumper harvest again

In the first three quarters, the added value of agriculture (planting industry) increased by 3.8% year-on-year, the growth rate was the same as that in the first half of the year; among them, the growth rate in the third quarter was 3.9%. China's summer grain and early rice production totaled 170.1 million tons, an increase of 2.24 million tons over the previous year. The sown area of autumn grain increased steadily, and the main autumn crops grew well as a whole. The planting structure of grain was continuously optimized, and the planting area of high-quality rice and soybean was further expanded. In the first three quarters, milk production increased by 8.1% year-on-year, and egg production increased by 5.1%; pig, beef, sheep and poultry production decreased by 4.7%, 6.1 percentage points lower than that in the first half of the year, of which poultry production increased by 6.5%, and beef, mutton and pork production decreased by 1.7%, 1.8% and 10.8%, respectively, and the decrease rates were 1.7%, 0.7 and 8.3 percentage points lower than those in the first half of the year. Pig production gradually recovered. At the end of the third quarter, there were 370.39 million live pigs, up 20.7% year-on-year; among them, 38.22 million sows could breed, an increase of 28.0%.

2. Industrial production accelerated, and high-tech manufacturing and equipment manufacturing grew rapidly

In the first three quarters, the added value of industries above designated size increased by 1.2% year-on-year, and decreased by 1.3% in the first half of the year. Among them, the growth rate in the third quarter was 5.8%, 1.4 percentage points faster than that in the second quarter. In September, the added value of industries above designated size increased by 6.9% year-on-year, 1.3 percentage points faster than that in August, increasing for six consecutive months, and 1.18% month on month. In the first three quarters, according to economic types, the added value of state-owned holding enterprises increased by 0.9%, joint-stock enterprises by 1.5%, foreign-invested enterprises by Hong Kong, Macao and Taiwan by 0.3%, and private enterprises by 2.1%. In terms of three categories, the added value of mining industry decreased by 0.6% year-on-year, 0.5% narrower than that in the first half of the year; the manufacturing industry increased by 1.7%, and the power, heat, gas and water production and supply industries increased by 0.8%, and decreased by 1.4% and 0.9% in the first half of the year. In the first three quarters, the added value of high-tech manufacturing industry and equipment manufacturing industry increased by 5.9% and 4.7% respectively. In terms of product output, in the first three quarters, the output of trucks, digging and earth moving machinery, industrial robots and integrated circuits increased by 23.4%, 20.2%, 18.2% and 14.7% respectively. From January to August, the profits of Industrial Enterprises above Designated Size nationwide reached 3716.7 billion yuan, a year-on-year decrease of 4.4%, 3.7 percentage points lower than that of January July. In September, the purchasing manager index of China's manufacturing industry was 51.5%, up 0.5 percentage points from August, which was above the critical point for seven consecutive months.

Third, the service industry has recovered steadily, and the growth of modern service industry is better

In the first three quarters, the service industry recovered steadily. In the third quarter, the added value of the service industry increased by 4.3%, 2.4 percentage points faster than that in the second quarter. In the first three quarters, the added value of modern service industries such as information transmission, software and information technology services, and finance increased by 15.9% and 7.0%, respectively, 1.4 and 0.4 percentage points higher than those in the first half of the year. The national service industry production index decreased by 2.6% year-on-year, 3.5 percentage points narrower than that in the first half of the year; among them, the growth rate in September was 5.4%, 1.4 percentage points faster than that in August. From January to August, the operating income of service enterprises above designated size decreased by 2.5% year-on-year, 1.3% lower than that from January to July; among them, the information transmission, software and information technology service industry increased by 11.4%. In September, the business activity index of the service industry was 55.2%, up 0.9 percentage points from August. Among them, the business activity index of transportation, telecommunications, Internet software, accommodation and catering industry remained above 60%. From the perspective of market expectation, the expected index of business activities in the service industry was 62.2%, 0.9 percentage points higher than that in August.

4. Market sales improved significantly, and online retail continued to grow rapidly

In the first three quarters, the total retail sales of consumer goods amounted to 27332.4 billion yuan, a year-on-year decrease of 7.2%, a decrease of 4.2 percentage points compared with the first half of the year; among them, the third quarter increased by 0.9%, and the quarterly growth rate turned positive for the first time in the year. In September, the total retail sales of consumer goods reached 3529.5 billion yuan, an increase of 3.3% year-on-year, 2.8 percentage points faster than that in August, with a 2-month continuous growth. In the first three quarters, the retail sales of consumer goods in cities and towns decreased by 7.3% to 23684.3 billion yuan, and that of rural consumer goods decreased by 6.7% to 3648.1 billion yuan. By consumption type, catering revenue was 252.6 billion yuan, down 23.9%; retail sales was 24809.8 billion yuan, down 5.1%. The sales of consumer upgrading goods increased rapidly, and the retail sales of communication equipment, sports and entertainment products and cosmetics increased by 7.2%, 6.8% and 4.5% respectively. In the first three quarters, China's online retail sales reached 8006.5 billion yuan, a year-on-year increase of 9.7%, 2.4 percentage points faster than the first half of the year. Among them, online retail sales of physical goods reached 6647.7 billion yuan, an increase of 15.3%, accounting for 24.3% of the total retail sales of consumer goods.

5. The growth rate of investment in fixed assets has turned from negative to positive, and investment in high-tech industries and social sectors has continued to rise

In the first three quarters, China's investment in fixed assets (excluding farmers) reached 43653 billion yuan, an increase of 0.8% over the same period of last year. The growth rate changed from negative to positive for the first time in the year, with a decrease of 3.1% in the first half of the year. In terms of sectors, infrastructure investment increased by 0.2%, and the growth rate changed from negative to positive for the first time in the year, with a decrease of 2.7% in the first half of the year; investment in manufacturing industry decreased by 6.5%, with a decrease rate of 5.2 percentage points compared with the first half of the year; and investment in real estate development increased by 5.6%, 3.7 percentage points higher than that in the first half of the year. The sales area of commercial housing in China was 1170.73 million square meters, a decrease of 1.8%, a decrease of 6.6 percentage points compared with the first half of the year; the sales volume of commercial housing was 11564.7 billion yuan, an increase of 3.7%, and a decrease of 5.4% in the first half of the year. In terms of industries, the investment in the primary industry increased by 14.5%, 10.7 percentage points higher than that in the first half of the year; the investment in the secondary industry decreased by 3.4%, 4.9 percentage points lower than that in the first half of the year; the investment in the tertiary industry increased by 2.3%, down 1.0% in the first half of the year. Private investment reached 243998 billion yuan, down 1.5%, 5.8 percentage points lower than that in the first half of the year. The investment in high-tech industries increased by 9.1%, 2.8 percentage points higher than that in the first half of the year; among them, investment in high-tech manufacturing and high-tech service industries increased by 9.3% and 8.7% respectively. In the high-tech manufacturing industry, the investment in the pharmaceutical manufacturing industry, computer and office equipment manufacturing industry increased by 21.2% and 9.3% respectively; in the high-tech service industry, the investment in the e-commerce service industry, the information service industry, and the service industry for the transformation of scientific and technological achievements increased by 20.4%, 16.9% and 16.8%, respectively. Investment in the social sector increased by 9.2%, 3.9 percentage points higher than that in the first half of the year; investment in health and education increased by 20.3% and 12.7% respectively, and the growth rate increased by 5.1% and 1.9% respectively compared with the first half of the year. From a month on month basis, fixed asset investment (excluding farmers) increased by 3.37% in September.

6. The import and export of goods has changed from decline to increase, and the trade structure has continued to improve

In the first three quarters, the total import and export of goods amounted to 23115.1 billion yuan, up 0.7% year-on-year, and the growth rate changed from negative to positive for the first time in the year; among them, the growth rate in the third quarter increased by 7.5% year-on-year, and decreased by 0.2% in the second quarter. The trade surplus was RMB 230.048 billion, with a trade surplus of RMB 10.354 billion. In September, the total import and export volume was 3066.3 billion yuan, up 10.0% year-on-year; the export was 1662.0 billion yuan, an increase of 8.7%; the import was 1404.3 billion yuan, an increase of 11.6%. The trade structure continued to be optimized. In the first three quarters, imports and exports of general trade accounted for 60.2% of total imports and exports, an increase of 0.8 percentage points over the same period of last year. The export of mechanical and electrical products increased by 3.2%, down 2.3% in the first half of the year. The import and export of private enterprises increased by 10.2%, accounting for 46.1% of the total import and export, an increase of 4 percentage points over the same period of last year.

7. The rise of consumer price dropped, and the factory price of industrial producers decreased year on year

In the first three quarters, consumer prices rose by 3.3% year-on-year, 0.5 percentage points lower than that in the first half of the year. Among them, the increase in urban areas was 3.1% and that in rural areas was 4.1%. In September, consumer prices rose 1.7% year-on-year and 0.2% month on month. By category, the prices of food, tobacco and alcohol in the first three quarters increased by 10.9%, clothing by 0.2%, housing by 0.3%, daily necessities and services by 0.1%, transportation and communications by 3.5%, education, culture and entertainment by 1.4%, health care by 1.9%, and other supplies and services by 5.0%. In the first half of the year, the price of fresh food and tobacco rose by 21.1%, while the price of fresh food rose by 21.1%. Excluding food and energy prices, the core CPI rose 0.9%.

In the first three quarters, the factory prices of industrial producers in China decreased by 2.0% year-on-year; among them, in September, the factory prices decreased by 2.1% year-on-year and rose by 0.1% month on month. In the first three quarters, the purchasing prices of industrial producers in China fell by 2.6% year-on-year; among them, in September, the purchase price decreased by 2.3% year-on-year, and rose by 0.4% month on month.

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

In the first three quarters of this year, 8.98 million new urban employees were added, accounting for 99.8% of the annual target. Among them, the unemployment rate of 8-5% was lower than that of 8-5% in the national survey, which was 4.0% lower than that of the urban population in the national survey. The unemployment rate in 31 big cities was 5.5%, down 0.2 percentage points from August. The average weekly working hours of employees in enterprises across the country are 46.8 hours. At the end of the third quarter, the total number of rural migrant workers was 179.52 million, a decrease of 3.84 million compared with the same period of last year, with a year-on-year decrease of 2.1%.

9. The real growth rate of residents' income has turned from negative to positive, and the ratio of per capita income of urban and rural residents has shrunk

In the first three quarters of the year, the per capita disposable income of national residents reached 23781 yuan, a nominal increase of 3.9% over the same period of the same period of the same period. After deducting the price factor, the actual increase was 0.6%. It was the first time to become a regular in the year, with a decrease of 1.3% in the first half of the year. In terms of permanent residence, the per capita disposable income of urban residents was 32821 yuan, with a nominal increase of 2.8% and an actual decrease of 0.3%; the per capita disposable income of rural residents was 12297 yuan, with a nominal increase of 5.8% and an actual increase of 1.6%. The per capita disposable income ratio of urban and rural residents was 2.67, 0.08 less than that of the same period last year. The median per capita disposable income of China's residents was 20512 yuan, a nominal increase of 3.2% year-on-year.

On the whole, the economic operation in the first three quarters continued to recover steadily, and the overall epidemic prevention and development achieved remarkable results. However, it should also be noted that the international environment is still complex and severe, with more instability and uncertainty; the pressure of domestic and foreign epidemic prevention and internal anti rebound is not small, and the economy is still in the recovery process, and the foundation for sustained recovery and improvement still needs to be consolidated. In the next stage, we should adhere to the guidance of Xi Jinping's thought of socialism with Chinese characteristics for a new era, conscientiously implement the decision-making and deployment of the Party Central Committee and the State Council, adhere to the general keynote of seeking progress while maintaining stability, firmly grasp the strategic basis point of expanding domestic demand, and do a solid job in the prevention and control of the "six stabilities" in the normalization of epidemic prevention and control, and comprehensively implement them "Six guarantees" task, vigorously deepen reform and opening up, help enterprises to solve difficulties, strive to smooth the economic cycle, build a solid foundation for people's livelihood, and strive to complete the annual economic and social development goals and tasks.

note appended

(1) the growth rate of GDP, added value of industries above Designated Size and their classified items are calculated at comparable prices, which are the actual growth rate; other indicators, unless otherwise specified, are calculated at current prices and are nominal growth rates.

(2) according to the results of automatic correction of seasonal adjustment model, the growth rate of GDP, added value of industries above Designated Size, investment in fixed assets (excluding farmers) and total retail sales of consumer goods in each period of the past year are revised. The revised results and the month on month GDP data of the third quarter of 2020 and other indicators in September 2020 are as follows:

Since 2019, the quarter on quarter GDP growth rates have been 1.9%, 1.3%, 1.0%, 1.6%, - 10.0%, 11.7% and 2.7% respectively.