As we enter the middle of the year, China's economic performance is in the spotlight.
On June 17, the National Bureau of Statistics (NBS) introduced the operation of the national economy in May, with various economic indicators showing a steady recovery. Previously, international organizations have raised China's economic growth expectations.
Fundamentals matter when it comes to economic stability -
Domestic demand driving force continues to activate. Consumption side, in May the total retail sales of consumer goods 3,921.1 billion yuan, an increase of 3.7%, accelerated by 1.4 percentage points compared with the previous month; investment side, the first five months, the national investment in fixed assets (excluding farm households) 18,800.6 billion yuan, an increase of 4%. of which, investment in the manufacturing sector, investment in high-tech industries increased by 9.6% and 11.51 TP3T.
Foreign demand continues to recover and improve. Since the beginning of this year, China's foreign trade out of a rebound curve is not easy. in May, China's total import and export of goods increased by 8.6% year-on-year, accelerated by 0.6 percentage points over the previous month. In the first five months, China's total import and export of goods 175,042,000,000 yuan, the scale of the same period in history hit a new high.
Macro-policy effects continue to be released. in May, the national industrial value-added above scale increased by 5.6% year-on-year, with 90% of regions and 80% of industries realizing growth. The service industry production index grew 4.8% year-on-year, 1.3 percentage points faster than the previous month.
Price stabilization is an important sign of economic stabilization. in May, consumer price trends were generally stable, with the national consumer price index (CPI) rising 0.3% year-on-year.
A number of indicators related to the quality of development highlight the new dynamics and vitality of the economy -
Focus on the new quality of productivity, around the innovation boom. 5 months, the national scale above high-tech manufacturing value added year-on-year growth of 10%, faster than all industries above designated size by 4.4 percentage points. In the first five months, the purchase of equipment and equipment investment rose 17.5%, manufacturing technology transformation investment rose 10%, which will stimulate the traditional manufacturing industry in the new quality of productivity.
The digital economy is booming, and the data reflecting intelligent manufacturing is very bright. in May, the value added of the intelligent unmanned aerial vehicle manufacturing industry increased by 75% year-on-year, and the value added of the intelligent vehicle-mounted equipment manufacturing industry increased by 19.7%.
And with the new e-commerce industry, new mode of enriching the consumer supply, the online consumer market scale is also continuing to expand. from January to May, the online retail sales of physical goods increased by 11.5% year-on-year, accounting for the proportion of total retail sales of consumer goods increased by 0.8 percentage points compared with the proportion of total retail sales of consumer goods in the period from January to April.
We should also see that the complexity and severity of the current external environment has increased, domestic effective demand is still insufficient, and domestic energy still needs to be strengthened.
In recent times, a series of policies have continued to take hold - the
Since May "open the floodgates", ultra-long-term special treasury bonds issued in an orderly manner, on May 17, May 24, June 7, June 14 issued a total of four times, the total amount of issuance of 160 billion yuan;
To further support the development of cross-border e-commerce, the Ministry of Commerce and nine other departments issued the Opinions on Expanding Cross-border E-commerce Exports and Promoting the Construction of Overseas Warehouses in June, proposing a number of initiatives to promote the high-quality development of cross-border e-commerce overseas warehouses;
The Regulation on Fair Competition Review was announced to the public on June 13 and will come into force on August 1;
......
Policies in various fields are synergized, working in the same direction and forming synergies, and the transformation and upgrading of China's economy continues to advance.
Following the International Monetary Fund's (IMF) upward revision of China's economic growth forecast for this year to 5%, the World Bank released a China Economic Briefing on June 14th, which raised China's economic growth forecast for 2024 by 0.3 percentage points.
This is due to both the stronger-than-expected exports from China and the impact of the implementation of various policies. According to Maya Hua, Director of the World Bank's China Bureau, the implementation of structural reforms in China will help to maintain the momentum of growth in the short term as well as to achieve long-term goals.
Liu Aihua, spokesman for the National Bureau of Statistics (NBS), said at a press conference held by the State Council Information Office on the 17th that the fundamentals of China's economy to rebound and improve in the long term have not changed, and that the economy is expected to continue to rebound and improve in the analysis of factors such as production demand and policy support.
The Chinese economy is an ocean, not a small pond. Despite the complexity and volatility of the external environment and the difficulties and challenges faced by the domestic economy, with the continuous cultivation and enhancement of the dynamic energy of innovation and the continued release of the potential of the mega-market, China's economy has the stamina and strength to break through the waves and move forward.
