Focus On GDP Growth Of 9.8% In The First Three Quarters, And China'S Economy Continues To Recover

　　 9.8%, China's economy continues to recover (Rui finance and Economics)

China's GDP was 82313.1 billion yuan, up 9.8% year-on-year, with an average growth of 5.2% in two years. On October 18, the National Bureau of statistics released the national economic operation data for the first three quarters. At a press conference on the operation of the national economy in the first three quarters held by the office of the State Council of statistics, Fu Linghui, spokesman of the National Bureau of statistics and director of the Department of comprehensive statistics of the national economy, said that in the first three quarters of the year, the overall national economy had maintained a recovery trend, structural adjustment had been steadily promoted, and new progress had been made in promoting high-quality development. In the next step, we should constantly stimulate market vitality, enhance development momentum, release the potential of domestic demand, strive to keep the economic operation in a reasonable range, and ensure the completion of the main objectives and tasks of economic and social development in the whole year.

The main indicators were kept in a reasonable range

In the first half of the year, China's economy maintained a stable recovery trend, but after entering the third quarter, some areas in China were affected by the multiple impacts of epidemic situation and flood situation, the domestic and foreign risk challenges increased, and the pressure of economic transformation and adjustment appeared. How to look at the overall situation of economic operation in the first three quarters?

"The national economy has maintained a recovery trend" and "laid a good foundation for achieving the annual economic and social development goals," Fu Linghui said. Specifically——

The main macro indicators remained in a reasonable range, and the economic recovery continued. Affected by the rise of the base in the same period of last year and the impact of the epidemic and flood situation, the year-on-year economic growth in the first three quarters dropped slightly compared with that in the first half of the year, but the momentum of expansion continued on a month on month basis, and the average growth rate of two years remained relatively fast. Among them, the growth rate in the third quarter was 4.9% year-on-year, 0.2% month on month, and the average growth rate in two years was 4.9%.

The economic structure has been adjusted and optimized, and the quality and efficiency of development have been improved. In terms of industrial structure, in the first three quarters, the contribution rate of service industry growth to economic growth was 54.2%, 1.2 percentage points higher than that in the first half of the year; The proportion of manufacturing industry increased, and the high-tech manufacturing industry grew rapidly. Looking at the demand structure, in the first three quarters, the final consumption contribution rate was 64.8%, 3.1 percentage points higher than that in the first half of the year. Upgrading consumption and investment in high-tech industries grew rapidly.

Reform and opening up were carried out in depth, and the momentum of development continued to increase. Benefited from the effectiveness of supply side structural reform and other factors, from January to August, the profits of Industrial Enterprises above designated size increased by 49.5% year-on-year, and that of service enterprises above designated scale increased by 35.7%. With the further expansion of opening up, China's total import and export of goods increased by 22.7% in the first three quarters; From January to August, the actual utilization of foreign capital increased by 22.3% year on year.

"These facts show that the fundamentals of China's long-term economic growth have continued to emerge, and the characteristics of strong development toughness, great potential and wide space for maneuver are obvious," Fu Linghui said.

People's livelihood guarantee is powerful and effective

With the steady recovery of the economy, various livelihood indicators have highlighted the quality and efficiency of development. In the first three quarters, employment, income, prices and other aspects performed well.

Employment was basically stable - 10.45 million new urban jobs were created, accounting for 95% of the annual target; The average unemployment rate in urban survey is 5.2%, which is lower than the expected target of 5.5% for the whole year. At the end of the third quarter, there were 183.03 million rural migrant workers, an increase of 2% over the same period last year, and the scale basically returned to the level of the same period before the epidemic.

Residents' income continued to grow - the per capita disposable income of national residents increased by 10.4% in nominal terms over the same period last year, and the actual growth after deducting price factors was 9.7%, basically in line with economic growth. The sustained economic recovery, the improvement of enterprise benefits and the overall stability of employment have created favorable conditions for residents to increase their income.

The rise in consumer prices is moderate - the agricultural production situation is good, pig production capacity is restored, the production of industrial services is increased, the supply of important livelihood products is sufficient, and the consumer price of residents remains stable. In the first three quarters, consumer prices rose by 0.6% year-on-year, lower than the expected target of about 3%.

In terms of employment, Fu Linghui said that the employment situation in the third quarter was basically stable, mainly because the sustained economic recovery was conducive to increasing employment, and the recovery and improvement of the service industry promoted the expansion of employment capacity. In addition, the employment priority policy has continued to be effective, the employment of key groups such as college students and migrant workers has been improved, and the development of platform economy and flexible employment provides more employment options for workers. "We should continue to do a good job in cross cycle adjustment of macro policies, promote economic stability and recovery, and create good conditions for employment," Fu said.

Ability to achieve the annual target

At present, the situation at home and abroad is still facing challenges. What is the prospect of economic operation in the next stage? "Generally speaking, the trend of sustained economic recovery and high-quality development will not change. We have the ability and conditions to complete the expected goals and tasks of economic and social development in the whole year," Fu Linghui said.

On the one hand, economic recovery is supported. From the "troika" of consumption, investment and import and export, employment is basically stable, and residents' income continues to increase, which is conducive to the enhancement of consumption ability; Since the beginning of the 14th five year plan, a series of major projects have been started in succession, and the issuance of special government bonds has accelerated, which is conducive to the growth of infrastructure investment; With the overall recovery of the world economy, Chinese enterprises are flexible in adapting to changes in international market demand, and exports are expected to maintain rapid growth.

On the other hand, the industrial development has maintained steady progress. Summer grain and early rice yield increased, autumn grain sown area increased, overall favorable climate conditions, grain production is expected to achieve a bumper harvest. In the first three quarters, the added value of high-tech manufacturing industry increased by 20.1% year-on-year, and the development of digital and intelligent industry was accelerated; The added value of information transmission, software and information technology service industry increased by 19.3% year on year, and the growth trend of modern service industry was good. In addition, the innovation driven economy has been continuously enhanced, which has injected strong impetus into economic development.

In terms of policy, the Chinese government has accumulated rich experience of regulation and control in the long-term practice. Fu Linghui said, "at present, China's financial strength is constantly increasing, and there is still a large space for monetary policy. We can timely launch effective measures according to the changes of the situation and promote the stable operation of the economy."

(source: overseas edition of people's daily)

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