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Bureau of Statistics: China's quarterly GDP grew by 3.2% and the national economy gradually recovered in the first half of the year.
Jul 16,2020 10:06CST
translation
Source:Bureau of Statistics
Generally speaking, in the first half of the year, China's economy gradually overcome the adverse effects of the epidemic, economic operation showed a trend of restorative growth and steady recovery, and development resilience and vitality were further demonstrated. At the same time, it should also be noted that some indicators are still declining, and the impact losses of the epidemic still need to be made up. At present, the global epidemic is still spreading, the tremendous impact of the epidemic on the world economy will continue to develop and evolve, external risks and challenges will significantly increase, and domestic economic recovery is still under pressure.
The content below was translated by Tencent automatically for reference.

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

According to preliminary calculation, the GDP in the first half of the year was 45.6614 trillion yuan, which was 1.6 per cent lower than the same period last year at comparable prices. On a quarterly basis, it fell 6.8% in the first quarter from the same period last year, and increased by 3.2% in the second quarter. In terms of sub-industries, the added value of the primary industry was 2.6053 trillion yuan, up 0.9% over the same period last year; the added value of the secondary industry was 17.2759 trillion yuan, down 1.9%; and the added value of the tertiary industry was 25.7802 trillion yuan, down 1.6%. On a month-on-month basis, GDP grew by 11.5% in the second quarter.

I. the situation of agricultural production is good, and there will be a bumper harvest of summer grain.

In the first half of the year, the added value of agriculture (planting) increased by 3.8 percent over the same period last year, 0.3 percentage points faster than the first quarter; of which, the growth rate in the second quarter was 3.9 percent, 0.4 percentage points higher than that in the first quarter. The country's total summer grain output 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% over the same period last year, and poultry egg production increased by 7.1%. The output of pig, beef, sheep and poultry fell 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%, an increase of 5.7%. The output of mutton, beef and pork decreased by 2.5%, 3.4% and 19.1% respectively, narrowing by 5.2%, 3.0% and 10.0% respectively. Pig production capacity continues to recover. At the end of the second quarter, the stock of live pigs was 339.96 million, an increase of 5.8% over the end of the first quarter, of which 36.29 million were able to breed sows, an increase of 5.4% over the same period last year and 7.3% more than at the end of the first quarter.

II. Industrial production has recovered rapidly, and high-tech manufacturing and equipment manufacturing have achieved growth.

In the first half of the year, the added value of industries at and above the national scale fell 1.3 percent from the same period last year, a decrease of 7.1 percentage points compared with the first quarter, with an increase of 4.4 percent in the second quarter and a decline of 8.4 percent in the first quarter. In June, the added value of industries above scale increased 4.8% from the same period last year, 0.4 percentage points faster than in May, the third consecutive month of growth, and 1.3% month-on-month growth. In the first half of the year, according to the type of economy, the added value of state-controlled enterprises decreased by 1.5% compared with the same period last year; joint-stock enterprises dropped by 0.8%; foreign investors and Hong Kong, Macao and Taiwan business investment enterprises dropped by 3.4%; and private enterprises dropped by 0.1%. Divided into three major categories, the added value of the mining industry fell by 1.1%, the manufacturing industry fell by 1.4%, and the electricity, heat, gas and water production and supply industries fell by 0.9%, which was 0.6, 8.8 and 4.3 percentage points lower than that in the first quarter, respectively. In the first half of the year, the added value of high-tech manufacturing and equipment manufacturing increased by 4.5% and 0.4% respectively compared with the same period last year, including an increase of 10.0% and 9.7% respectively in June. The output of some construction machinery and new products has increased rapidly. In the first half of the year, the output of excavating and shoveling transportation machinery, integrated circuits, industrial robots and trucks increased by 16.7%, 16.4%, 10.3% and 8.4% respectively compared with the same period last year. From January to May, the profits of industrial enterprises above the national scale reached 1.8435 trillion yuan, down 19.3% from the same period last year, and the decline continued to narrow. Among them, the total profits in May increased by 6.0% from 4.3% in April compared with the same period last year. In June, China's manufacturing purchasing managers' index was 50.9 per cent, up 0.3 percentage points from May and above the tipping point for four consecutive months.

III. The decline of the service industry has narrowed, and the growth of the modern service industry is good.

In the first half of the year, the added value of the tertiary industry decreased compared with the same period last year, which was 3.6 percentage points lower than that in the first quarter, with an increase of 1.9% in the second quarter and a decrease of 5.2% in the first quarter. In terms of sectors, the added value of the information transmission, software and information technology services, and the financial sector increased by 14.5% and 6.6% respectively in the first half of the year, while the wholesale and retail, accommodation and catering industries decreased by 8.1% and 26.8% respectively, narrowing the rate of decline by 9.7 and 8.5 percentage points compared with the first quarter. In the first half of the year, the national service industry production index fell 6.1% from the same period last year, 5.6 percentage points lower than in the first quarter; of which, it grew 2.3% in June, 1.3 percentage points higher than in May. From January to May, the business income of over-sized service enterprises fell 6.4% from the same period last year, 2.2 percentage points lower than that in January-April. Of this total, the information transmission, software and information technology services increased by 8.4%. In June, the service sector business activity index was 53.4%, up 1.1 percentage points from May. Among them, the business activity index of railway transport, road transport, air transport, postal services, telecommunications, radio and television satellite transmission services, Internet software information services, monetary and financial services, capital market services, insurance and other industries is 55.0% and above. From the perspective of market expectations, the expected index of business activities in the service industry is 59.0%.

IV. Market sales have gradually improved, and online retail has grown rapidly.

In the first half of the year, retail sales of consumer goods totaled 17.2256 trillion yuan, down 11.4 percent from the same period last year, 7.6 percentage points lower than in the first quarter, and 3.9 percent in the second quarter, 15.1 percentage points lower than in the first quarter. In June, retail sales of consumer goods totaled 3.3526 trillion yuan, down 1.8% from the same period last year, which was 1.0% lower than that in May; it was 1.34% higher than the previous month. In the first half of the year, according to the location of the business unit, the retail sales of consumer goods in cities and towns totaled 14.9345 trillion yuan, down 11.5 percent; the retail sales of rural consumer goods totaled 2.2911 trillion yuan, down 10.9 percent; according to the type of consumption, catering income fell 32.8 percent; and retail sales totaled 15.7648 trillion yuan, down 8.7 percent. Basic daily necessities and medical supplies grew rapidly. In the first half of the year, retail sales of cereals, oils, foodstuffs, beverages and traditional Chinese and western medicine above quota increased by 12.9%, 10.5% and 5.8% respectively, 0.3%, 6.4% and 2.9% higher than that in the first quarter. Sales of upgraded goods increased rapidly, with retail sales of sports and entertainment goods and communications equipment above quota up 6.1% and 5.8% respectively, down 5.1% and 3.6% respectively in the first quarter. Online retail sales nationwide totaled 5.1501 trillion yuan, up 7.3 percent from the same period last year and down 0.8 percent in the first quarter. Of this total, online retail sales of physical goods totaled 4.3481 trillion yuan, up 14.3 percent, 8.4 percent higher than in the first quarter, and accounted for 25.2 percent of the total retail sales of consumer goods, an increase of 1.6 percent over the first quarter.

V. the decline in investment in fixed assets has narrowed significantly, and investment in high-tech industries and social sectors has rebounded.

In the first half of the year, national fixed asset investment (excluding farmers) totaled 28.1603 trillion yuan, down 3.1 percent from the same period last year, 3.2 percentage points lower than in January-May and 13.0 percentage points lower than in the first quarter. In terms of sectors, investment in infrastructure fell 2.7 percent, while investment in manufacturing fell 11.7 percent, which was 17.0 and 13.5 percentage points lower than in the first quarter, respectively. Investment in real estate development increased by 1.9 percent, down 7.7 percent in the first quarter. The sales area of commercial housing nationwide was 694.04 million square meters, down 8.4 percent. Sales of commercial housing totaled 6.6895 trillion yuan, down 5.4 percent, or 17.9 and 19.3 percent lower than in the first quarter, respectively. In terms of sub-industries, investment in the primary industry increased by 3.8%, falling by 13.8% in the first quarter; investment in the secondary industry fell by 8.3%, and investment in the tertiary industry fell by 1.0%, narrowing by 13.6 and 12.5 percentage points respectively compared with the first quarter. Private investment totaled 15.7867 trillion yuan, down 7.3 percent, 11.5 percent lower than in the first quarter. Investment in high-tech industries grew by 6.3%, falling by 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 high-tech manufacturing, investment in pharmaceutical manufacturing, computer and office equipment manufacturing increased by 13.6% and 8.2% respectively; in high-tech services, investment in e-commerce services and scientific and technological achievements transformation services increased by 32.0% and 21.8% respectively. Investment in the social sector increased by 5.3%, falling 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% respectively in the first quarter. On a month-on-month basis, fixed asset investment (excluding farmers) increased by 5.91% in June over the previous month.

VI. The import and export of goods is better than expected, and the trade structure continues to improve.

In the first half of the year, the total volume of imports and exports of goods was 14.2379 trillion yuan, down 3.2 percent from the same period last year, which was 3.3 percentage points lower than that in the first quarter, of which 0.2 percent fell in the second quarter compared with the same period last year and 6.5 percent in the first quarter. Exports totaled 7.7134 trillion yuan, down 3.0 percent; imports totaled 6.5245 trillion yuan, down 3.3 percent; imports offset imports and exports, resulting in a trade surplus of 1.1889 trillion yuan. The trade structure continues to be optimized. In the first half of the year, general trade imports and exports accounted for 60.1 percent of the total import and export volume, an increase of 0.4 percentage points over the same period last year. Exports of mechanical and electrical products accounted for 58.6 percent of the total exports, an increase of 0.5 percentage points over the same period last year. In June, imports and exports totaled 2.6973 trillion yuan, up 5.1 percent from the same period last year; exports totaled 1.5131 trillion yuan, up 4.3 percent; and imports totaled 1.1842 trillion yuan, up 6.2 percent. In the first half of the year, the export delivery value of industrial enterprises above the national scale reached 5.425 trillion yuan, down 4.9% from the same period last year, which was 5.4% lower than that in the first quarter. Among them, the export delivery value in June increased by 2.6% from a 1.4% drop in May compared with the same period last year.

VII. the rise in consumer prices is moderate, and the ex-factory prices of industrial producers are lower than the same period last year.

In the first half of the year, consumer prices across the country rose 3.8 percent from the same period last year, down 1.1 percentage points from the first quarter. Of this total, it rose 3.6% in cities and 4.7% in rural areas. By category, the prices of food, tobacco and alcohol increased by 12.2% compared with the same period last year, clothing decreased by 0.1%, housing by 0.1%, daily necessities and services by 0.1%, transportation and communications by 3.2%, education, culture and entertainment by 2.0%, health care by 2.1%, and other supplies and services by 5.0%. Among the prices of food, tobacco and alcohol, grain rose 1.0%, fresh vegetables rose 3.4%, and pork prices rose 104.3%, down 18.2 percentage points from the first quarter. Core CPI, excluding food and energy prices, rose 1.2 per cent. In June, consumer prices nationwide rose 2.5 percent from a year earlier, down 0.1 percent from the previous month.

In the first half of the year, producer prices across the country fell 1.9% from the same period last year; among them, they fell 3.0% in June from a year earlier, up 0.4% from the previous month. In the first half of the year, the purchase price of industrial producers across the country fell 2.6% from the same period last year; among them, it fell 4.4% in June from a year earlier, up 0.4% from the previous month.

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

In the first half of the year, 5.64 million new jobs were created in cities and towns across the country, accounting for 62.7 percent of the target for the whole year. In June, the unemployment rate in the national urban survey was 5.7 percent, down 0.2 percentage points from May. Among them, the unemployment rate in the population survey of the population aged 59 was 5.2 percent, 0.5 percentage points lower than the unemployment rate in the national urban survey, and 0.2 percentage points lower than in May. The unemployment rate surveyed in 31 major cities and towns was 5.8%, down 0.1 percentage points from May. The average weekly working time of employees in enterprises across the country is 46.8 hours. At the end of the second quarter, the total number of migrant workers in rural areas was 177.52 million.

IX. The decline in real income of residents has narrowed, and the ratio of per capita disposable income between urban and rural residents has narrowed.

In the first half of the year, the per capita disposable income of residents nationwide was 15666 yuan, an increase of 2.4 percent in nominal terms over the same period last year, which was 1.6 percentage points faster than that in the first quarter. After deducting the price factor, the actual decline was 1.3 percent, or 2.6 percentage points lower. According to the place of permanent residence, the per capita disposable income of urban residents was 21655 yuan, an increase of 1.5 percent in nominal terms, a decrease of 2.0 percent in real terms, while the per capita disposable income of rural residents was 8069 yuan, an increase of 3.7 percent in nominal terms, a decrease of 1.0 percent in real terms. From the perspective of income sources, the per capita wage income of residents across the country increased by 2.5% in nominal terms over the same period last year, net operating income decreased by 5.1%, net property income increased by 4.2%, and net transfer income increased by 8.2%. 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 residents nationwide was 13347 yuan, an increase of 0.5% in nominal terms over the same period last year.

Generally speaking, in the first half of the year, China's economy gradually overcome the adverse effects of the epidemic, economic operation showed a trend of restorative growth and steady recovery, and development resilience and vitality were further demonstrated. At the same time, it should also be noted that some indicators are still declining, and the impact losses of the epidemic still need to be made up. At present, the global epidemic is still spreading, the tremendous impact of the epidemic on the world economy will continue to develop and evolve, external risks and challenges will significantly increase, and domestic economic recovery is still under pressure. The next step is to adhere to the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, integrate the work of promoting the prevention and control of the regular epidemic situation and economic and social development as a whole, adhere to the goal guidance and problem guidance, build up the momentum and seek changes, grasp the key points, make up for weaknesses and weaknesses, solidly do a good job in the work of "six stability", fully implement the task of "six guarantees", and ensure that all decisions and arrangements take root. We will resolutely win the battle against poverty, strive to achieve the goal of building a moderately prosperous society in an all-round way, and promote the stability and development of China's economy.

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