Chinese economy

In 2020, the annual GDP will reach 101598.6 billion yuan, with a year-on-year growth of 2.3% From National Bureau of Statistics

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The following is the In 2020, the annual GDP will reach 101598.6 billion yuan, with a year-on-year growth of 2.3% From National Bureau of Statistics recommended by recordtrend.com. And this article belongs to the classification: Chinese economy.

Novel coronavirus pneumonia was severely impacted in 2020 by severe and complicated domestic and international environment, especially under the leadership of Comrade Xi Jinping. Under the leadership of Comrade Hu’s core, the departments of various regions adhere to the general keynote of the general work guideline for ensuring stability and strive for progress, coordinate the work of epidemic prevention and control and economic and social development, do a solid job in “six stability”, fully implement the six guarantees, and stabilize the economic operation and restore employment. The people’s livelihood has been guaranteed effectively, and the main goals and tasks of economic and social development have been completed better than expected.

According to preliminary accounting, the annual GDP was 101598.6 billion yuan, an increase of 2.3% over the previous year at comparable prices. From a quarterly perspective, the first quarter saw a year-on-year decrease of 6.8%, a growth of 3.2% in the second quarter, a growth of 4.9% in the third quarter, and a growth of 6.5% in the fourth quarter. By industry, the added value of the primary industry was 7775.4 billion yuan, an increase of 3.0% over the previous year; the added value of the secondary industry was 38425.5 billion yuan, an increase of 2.6%; the added value of the tertiary industry was 55397.7 billion yuan, an increase of 2.1%.

1、 Grain production reached a new high and pig production continued to recover rapidly

The total grain output of the whole country was 669.49 million tons, an increase of 0.9% over the previous year and an increase of 5.65 million tons. Among them, summer grain output was 142.86 million tons, an increase of 0.9%; early rice output was 27.29 million tons, an increase of 3.9%; autumn grain output was 49.34 million tons, an increase of 0.7%. In terms of varieties, the yield of rice was 21.86 million tons, an increase of 1.1%; the yield of wheat was 134.25 million tons, an increase of 0.5%; the yield of corn was 260.67 million tons, a slight decrease; the yield of soybean was 19.6 million tons, an increase of 8.3%. The annual output of pork, cattle, sheep and poultry was 76.39 million tons, down 0.1% over the previous year. Among them, beef output was 6.72 million tons, an increase of 0.8%; mutton output was 4.92 million tons, an increase of 1.0%; poultry output was 23.61 million tons, an increase of 5.5%; egg output was 34.68 million tons, an increase of 4.8%; milk output was 34.4 million tons, an increase of 7.5%; pork output was 41.13 million tons, a decrease of 3.3%. By the end of 2020, the number of live pigs and reproductive sows will increase by 31.0% and 35.1% respectively compared with the end of last year.

2、 Industrial production continued to develop, and high-tech manufacturing and equipment manufacturing grew rapidly

In the whole year, the added value of industries above designated size increased by 2.8% over the previous year. In terms of economic types, the added value of state-owned holding enterprises increased by 2.2%, joint-stock enterprises by 3.0%, foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan by 2.4%, and private enterprises by 3.7%. In terms of three categories, the added value of mining industry increased by 0.5%, manufacturing industry by 3.4%, and power, heat, gas and water production and supply industry by 2.0%. The added value of high-tech manufacturing industry and equipment manufacturing industry increased by 7.1% and 6.6% respectively over the previous year, and the growth rate was 4.3% and 3.8% faster than that of large-scale industries respectively. In terms of product output, industrial robots, new energy vehicles, integrated circuits and microcomputer equipment increased by 19.1%, 17.3%, 16.2% and 12.7% respectively. In the fourth quarter, the added value of industries above designated size increased by 7.1% year on year, 1.3 percentage points faster than that in the third quarter. In December, the added value of industries above designated size increased by 7.3% on a year-on-year basis, 0.3 percentage point faster than that of last month, and 1.10% on a month on month basis. In 2020, the utilization rate of industrial capacity in China will be 74.5%. In the fourth quarter, the utilization rate of industrial capacity was 78.0%, up 1.3 percentage points from the third quarter.

From January to November, China’s Industrial Enterprises above Designated Size achieved a total profit of 5744.5 billion yuan, a year-on-year increase of 2.4%, 1.7 percentage points faster than that from January to October; in November, the total profit of Industrial Enterprises above designated size increased by 15.5% year-on-year, maintaining double-digit growth for six consecutive months.

3、 The service industry has gradually recovered, and the growth of modern service industry is good

The production index of the national service industry was the same as that of the previous year. In information transmission, software and information technology services, the added value of the financial industry increased by 16.9% and 7.0%, respectively, 14.8% and 4.9 percentage points faster than that of the tertiary industry. In the fourth quarter, the production index of service industry increased by 7.7% year on year, 3.4 percentage points faster than that in the third quarter. In December, the production index of service industry increased by 7.7% year on year. From January to November, the operating revenue of service industry enterprises above designated size increased by 1.6% year on year. Among them, the operating revenue of information transmission, software and information technology service industry, scientific research and technology service industry increased by 13.5% and 9.9% respectively, which were 11.9% and 8.3% faster than those of service industry above designated size.

In December, the business activity index of the service industry was 54.8%, which was in a relatively high boom range. Among them, the business activity index of air transportation, telecommunications, radio and television satellite transmission services, monetary and financial services, capital market services and other industries continued to be in the high economic zone of more than 60.0%. From the perspective of market expectation, the business activity expectation index of service industry is 60.1%, which is in the high economic zone for six consecutive months.

4、 The market sales recovered rapidly, and the sales growth of consumption upgrading goods accelerated

The total retail sales of consumer goods was 391981.1 billion yuan, down 3.9% over the previous year. Among them, the retail sales of consumer goods in units above Designated Size reached 1433.3 billion yuan, down 1.9%. According to the location of business units, the retail sales of urban consumer goods were 33911.9 billion yuan, down 4.0%; the retail sales of rural consumer goods were 5286.2 billion yuan, down 3.2%. By consumption type, the catering revenue was 3952.7 billion yuan, down 16.6%; the retail sales of goods was 35245.3 billion yuan, down 2.3%. In the fourth quarter, the retail sales of communication equipment, cosmetics, gold, silver and jewelry increased by 26.0%, 21.2% and 17.3% respectively year on year, 16.0%, 7.1% and 5.0% higher than that in the third quarter. In the fourth quarter, the total retail sales of social consumer goods increased by 4.6% year-on-year, 3.7 percentage points faster than that in the third quarter. In December, the total retail sales of social consumer goods increased by 4.6% year on year and 1.24% month on month. The annual online retail sales of the whole country reached 11760.1 billion yuan, an increase of 10.9% over the previous year. Among them, the online retail sales of physical goods reached 9759 billion yuan, an increase of 14.8%, accounting for 24.9% of the total retail sales of social consumer goods, an increase of 4.2 percentage points over the previous year.

5、 Investment in fixed assets picked up steadily, and investment in high-tech industries and social fields grew rapidly

The total investment in fixed assets (excluding farmers) was 51890.7 billion yuan, an increase of 2.9% over the previous year. In terms of sectors, infrastructure investment increased by 0.9%, manufacturing investment decreased by 2.2%, and real estate development investment increased by 7.0%. The sales area of commercial housing in China was 1760.86 million square meters, an increase of 2.6%; the sales volume of commercial housing was 17361.3 billion yuan, an increase of 8.7%. The growth rate of investment in the three industries all turned positive, of which the investment in the primary industry increased by 19.5%, the investment in the secondary industry increased by 0.1%, and the investment in the tertiary industry increased by 3.6%. Private investment reached 28926.4 billion yuan, an increase of 1.0%. The investment in high-tech industry increased by 10.6%, 7.7 percentage points faster than the total investment. The investment in high-tech manufacturing industry and high-tech service industry increased by 11.5% and 9.1% respectively. In the high-tech manufacturing industry, the investment in pharmaceutical manufacturing industry, computer and office equipment manufacturing industry increased by 28.4% and 22.4% respectively; in the high-tech service industry, the investment in e-commerce service industry and information service industry increased by 20.2% and 15.2% respectively. Investment in the social sector increased by 11.9%, 9.0 percentage points faster than total investment, of which investment in health and education increased by 29.9% and 12.3% respectively. In December, investment in fixed assets increased by 2.32% month on month.

6、 Foreign trade has achieved positive growth and trade structure has been continuously optimized

The total import and export volume of goods was 32155.7 billion yuan, an increase of 1.9% over the previous year. Among them, exports were 17932.6 billion yuan, up 4.0%; imports were 14223.1 billion yuan, down 0.7%. Imports and exports offset each other, with a surplus of 3709.6 billion yuan. The export of mechanical and electrical products increased by 6%, accounting for 59.4% of the total export volume, 1.1 percentage points higher than that of the previous year. The import and export of general trade accounted for 59.9% of the total import and export, 0.9 percentage point higher than that of the previous year. The import and export of private enterprises increased by 11.1%, accounting for 46.6% of the total import and export, 3.9 percentage points higher than that of the previous year. In December, the total import and export volume of goods was 3200.5 billion yuan, up 5.9% year on year. Among them, the export was 1858.7 billion yuan, up 10.9%; the import was 1341.9 billion yuan, down 0.2%. Imports and exports offset each other, with a trade surplus of 516.8 billion yuan.

7、 The rise of consumer prices fell, while the price of industrial producers fell

The annual increase in consumer prices was 2.5%, lower than the 2.9% increase of the previous year, and also lower than the annual target of about 3.5%. Among them, urban growth was 2.3%, and rural growth was 3.0%. By category, the prices of food, tobacco and alcohol rose by 8.3%, clothing by 0.2%, housing by 0.4%, daily necessities and services were flat, transportation and communications by 3.5%, education, culture and entertainment by 1.3%, health care by 1.8%, and other supplies and services by 4.3%. Among the prices of food, tobacco and alcohol, the prices of grain, fresh vegetables and pork increased by 1.2%, 7.1% and 49.7%, respectively. Excluding food and energy prices, core CPI rose 0.8%. In December, consumer prices rose 0.2% year on year and 0.7% month on month. The factory price of industrial producers in the whole year decreased by 1.8% over the previous year, decreased by 0.4% over the same period in December, and increased by 1.1% on a month on month basis. The purchasing price of industrial producers in the whole year decreased by 2.3% compared with the previous year, and remained unchanged in December, with a month on month increase of 1.5%.

8、 The employment situation is generally stable, and the urban unemployment rate has fallen back to the previous year’s level

In the whole year, 11.86 million new urban jobs were created, which was significantly higher than the expected target of more than 9 million, accounting for 131.8% of the annual target. In December, the national urban unemployment rate was 5.2%, which was the same as that in the same period of last year; the unemployment rate of the population aged 25-59 was 4.7%, which was the same as that in the same period of last year. In 2020, the average annual urban unemployment rate will be 5.6%, which is lower than the expected target of about 6%. In December, the unemployment rate in 31 big cities was 5.1%. By the end of 2020, the urban registered unemployment rate will be 4.24%, lower than the expected target of about 5.5%. The total number of migrant workers was 285.6 million, a decrease of 5.17 million or 1.8% over the previous year. Among them, there were 116.01 million local migrant workers, down 0.4%, and 16.959 million migrant workers, down 2.7%. The average monthly income of migrant workers was 4072 yuan, an increase of 2.8% over the previous year.

9、 The growth of residents’ income basically keeps pace with economic growth, and the per capita income ratio of urban and rural residents continues to shrink

In the whole year, the per capita disposable income of residents was 32189 yuan, a nominal increase of 4.7% over the previous year, and a real increase of 2.1% after deducting price factors, basically keeping pace with economic growth. According to permanent residence, the per capita disposable income of urban residents was 43834 yuan, a nominal increase of 3.5% over the previous year, and a real increase of 1.2% after deducting price factors; the per capita disposable income of rural residents was 17131 yuan, a nominal increase of 6.9% over the previous year, and a real increase of 3.8% after deducting price factors. The per capita income ratio of urban and rural residents was 2.56, 0.08 less than that of the previous year. The median per capita disposable income was 27540 yuan, a nominal increase of 3.8% over the previous year. According to the five equal income groups, the per capita disposable income of the low-income group is 7869 yuan, that of the lower middle income group is 16443 yuan, that of the middle income group is 26249 yuan, that of the upper middle income group is 41172 yuan, and that of the high-income group is 80294 yuan.

The per capita consumption expenditure of the whole country was 21210 yuan, a nominal decrease of 1.6% over the previous year, and a real decrease of 4.0% after deducting price factors. By permanent residence, the per capita consumption expenditure of urban residents was 27007 yuan, a nominal decrease of 3.8%; the per capita consumption expenditure of rural residents was 13713 yuan, a nominal increase of 2.9%.

On the whole, in 2020, the national economy will resume stable operation, employment will be stable and people’s livelihood will be guaranteed, and decisive victory will be achieved in the decisive fight against poverty. The 13th five year plan will come to a successful conclusion, and the victory of building a moderately prosperous society in an all-round way is in sight. At the same time, it should be noted that there are many uncertainties in the changes of the epidemic situation and the external environment, and the foundation of China’s economic recovery is not solid. Next, the general work guideline of the CPC’s the fifth Plenary Session of the 19th CPC Central Committee and central economic work conference should be fully implemented in the spirit of Xi Jinping’s new socialist ideology with China’s characteristics. We must adhere to the general keynote of the steady progress and set the stage for development, implement the new development concept, build a new development pattern, unswervingly deepen reform and opening up and innovate, and consolidate and expand the epidemic prevention and control and economic and social development. We should do a solid job in the “six stabilities” work, fully implement the “six guarantees” task, scientifically and accurately implement macro policies, strive to keep the economic operation in a reasonable range, and ensure a good start in the “fourteenth five year plan”.

Notes

(1) the growth rate of GDP, industrial added value above Designated Size and its classified items is the real growth rate at comparable prices; other indicators are the nominal growth rate at current prices unless otherwise specified.

(2) according to the results of the automatic correction of the seasonal adjustment model, the growth rates of GDP, industrial added value above designated scale, fixed asset investment (excluding farmers) and total retail sales of social consumer goods in each period in the past year were revised. The revised results, quarter on quarter GDP data in the fourth quarter of 2020 and other indicators in December 2020 are as follows:

The quarter on quarter GDP growth rates in 2019 and 2020 are 2.0%, 1.2%, 1.2%, 1.2%, – 9.7%, 11.6%, 3.0% and 2.6% respectively.

(3) the statistical scope of industries above designated size is industrial enterprises with annual main business income of 20 million yuan or more.

As the scope of Industrial Enterprises above Designated Size changes every year, in order to ensure that the data of this year is comparable with that of the previous year, the same period number used to calculate the year-on-year growth rate of various indicators such as product output is as consistent as possible with the statistical scope of enterprises in this period, and there is a difference between the data published in the previous year. Main reasons: first, the scope of statistical units has changed. Every year, some enterprises reach the scale and are included in the scope of investigation, while some enterprises withdraw from the scope of investigation due to their smaller scale, as well as the impact of newly built and put into operation enterprises, bankruptcy, injection (suspension) sales enterprises, etc. Second, there is a phenomenon of cross regional repeated statistics in some enterprise groups (companies). According to the special survey, the cross regional repeated output of enterprise groups (companies) is weighted.

(4) the service industry production index refers to the output change of the service industry in the reporting period relative to the base period after excluding the price factor.

(5) the statistical scope of the total retail sales of social consumer goods is: legal person enterprises, industrial activity units and individual businesses engaged in commodity retail activities or providing catering services. Among them, units above quota refer to wholesale enterprises (units) with annual main business income of 20 million yuan or more, retail enterprises (units) with annual main business income of 5 million yuan or more, and accommodation and catering enterprises (units) with annual main business income of 2 million yuan or more.

As the scope of wholesale and retail, accommodation and catering enterprises (units) above the designated size changes every year, in order to ensure that the data of this year is comparable with that of the previous year, the same period number used to calculate the year-on-year growth rate of various indicators such as retail sales of consumer goods of units above the designated size is consistent with the statistical scope of enterprises (units) in this period, and there is a difference in caliber with the data published in the previous year. The main reason is that every year, some enterprises (units) meet the quota standard and are included in the scope of investigation. At the same time, some enterprises (units) withdraw from the scope of investigation due to their smaller scale and can not meet the quota standard. There are also the effects of newly opened Enterprises, bankruptcy, note (suspend) sales enterprises (units).

Online retail sales refers to the sum of retail sales of goods and services through public online trading platforms (including self built websites and third-party platforms). Goods and services include physical goods and non physical goods (such as virtual goods, service goods, etc.).

The total retail sales of social consumer goods include the online retail sales of physical goods, excluding the online retail sales of non physical goods.

According to the results of the fourth national economic census, the total retail sales of social consumer goods in 2019 is revised, and the monthly growth rate in 2020 is calculated according to the comparable caliber.

(6) according to the regulations of the fourth national economic census, statistical law enforcement inspection and statistical investigation system, the fixed asset investment data in the same period of last year were revised, and the growth rate was calculated according to the comparable caliber.

(7) migrant workers refer to workers who are registered residence in rural areas, who go to work in cities and engage in non-agricultural industries for 6 months or more. Local migrant workers refer migrant workers who work in the township area where registered residence is located. Migrant workers refer to migrant workers who work outside the registered residence and towns.

(8) the median per capita disposable income of residents in China refers to the average per capita disposable income of households in the middle of the survey, which is ranked from low to high according to the level of per capita disposable income.

The five equal groups of per capita disposable income of residents in China means that all households are divided into five equal groups according to the order of per capita income level from low to high. The highest 20% income group is the high-income group, and so on are the upper middle income group, the middle income group, the lower middle income group and the low-income group.

(9) the data of import and export are from the General Administration of customs; the data of urban new employment population and urban registered unemployment rate are from the Ministry of human resources and social security.

(10) some data are not equal to the total and itemized due to rounding.

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Attached figures

More reading: National Bureau of Statistics: Residents’ income and consumption expenditure in 2019 National Bureau of Statistics: the total retail sales of social consumer goods in April 2020 decreased by 7.5% National Bureau of Statistics: by the end of 2018, the total corporate assets of high-tech service enterprises amounted to 31187.3 billion yuan National Bureau of Statistics: the total retail sales of social consumer goods in November 2019 increased by 8.0% National Bureau of Statistics: real estate in China from January to August 2019 Development investment and sales National Bureau of Statistics: from January to October in 2019, China completed a total of 51088 billion yuan of fixed assets investment (excluding farmers), a year-on-year increase of 5.2%. National Bureau of Statistics: from January to march in 2019, the profits of Industrial Enterprises above designated size decreased by 3.3% National Bureau of Statistics: total retail sales of social consumer goods in October 2020 increased by 4.3% National Bureau of Statistics: total profits of Industrial Enterprises above designated size increased by 31.5% from January to February 2017 National Bureau of Statistics: total retail sales of social consumer goods in May 2020 main data National Bureau of Statistics: 1992-2014 The people’s Bank of China: questionnaire survey report on urban depositors in the first quarter of 2019 National Bureau of Statistics: investment and sales of real estate development in China from January to October 2020 National Bureau of Statistics: factory prices of industrial producers in July 2020 decreased by 2.4% year on year

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