Chinese economy performance in the first half of 2018 was introduced in the press conference held by the State Council Information Office. China’s gross domestic product (GDP) hit 41.8961 trillion yuan, up by 6.8% year-on-year. Mao Shengyong, the spokesman for the National Bureau of Statistics said Chinese economy has been running soundly with good momentum for growth in the first half of 2018.
Mao explained China’s economy performance in four aspects:
First, the national economy has registered a stable performance with a good momentum for growth. The growth rate of GDP in H1 reached 6.8 percent. The national urban investigation unemployment rate was lower than 5 percent, while the big city urban investigation unemployment rate was 4.7 percent. The consumer price index steadily increased by 2 percent, representing that supply basically matched demand. The producer price index increased by 3.9%, which on one hand secured a reasonable growth rate for the enterprise’s profit, on the other hand eased the cost pressure for downstream products.
Second, restructuring has seen further progress. The added value of tertiary industry accounted for 54.3 percent of GDP; the service sector continued to play a role as bedrock for economy growth, contributing to 60.5% of the economy expansion in the first half, up by 1.4 percent year-on-year. The transformation and upgrading of industry were under promotion and agriculture plant structure was under adjustment. Consumption played a more prominent role in driving growth, contributing to 78.5 percent of the economic expansion from January to June, up by 14.2 percent. Private investment and investment in manufacturing have been improved. General trade volume accounted for 59 percent of the foreign trade volume, up by 2.0 percent year-on-year.
Third, drivers of growth have been replaced. Reforms to streamline administration, delegate more powers, improve regulation, and provide better services were being further promoted with entrepreneurship and innovation being upgraded. 18.1 thousand newly registered market players were recorded per day in H1. From the perspective of new supply, the industries and products for technology improvement and transformation and upgrading grew fast, including high technology industry, equipment manufacturing industry and strategic emerging industry. From the perspective of new demand and new consumption, service consumption grew rapidly, the same as the industry of tourism, healthcare, pension, education and culture and the upgraded commodities like intelligent home appliance and industrial robot.
Forth, the quality and efficiency have been improved steadily. As for the quality, according to the demand of green development and ecologic development, the segment of clean energy consumption in total energy consumption increased by 1.5 percent year-on-year; the energy consumption for every 10,000 yuan of GDP dropped by 3.2 percent, which was higher than targeted decrease figure of 3.0 percent. From the perspective of efficiency, per capita disposable income of urban residents grew by 6.6 percent in H1, same as economy growth rate and faster than the growth rate of GNP per capita; the profit of enterprise maintained a rapid growth, with the profit of industrial enterprise up by 16.5 percent and that of service industry up by 9 percent; The revenue in general public budget increased by 10.6 percent to over 10 trillion yuan in the first half.
In addition, Mao stressed, according to the four aspects mentioned above, Chinese economy ran steadily with good momentum for growth. Meanwhile, facing the increasing uncertainties of external environment as well as domestic structural adjustment and the promotion of transformation and upgrading internally, it was not easy to achieve such strong economic development.