China’s economic “report card” for the first half of 2016 was announced on the 15th. From a total perspective, preliminary calculations show that gross domestic product (GDP) increased by 6.7% year-on-year at comparable prices, slightly higher than the market’s previous expectations. Looking at various economic indicators, there are also many bright spots, releasing signals of steady and positive economic development. ——Oxford cloth
——Signs of stabilization and improvement are gradually becoming apparent
Many economic indicators show that China’s economy is stable and improving. In the first half of the year, China’s consumer price index (CPI) rose by 2.1%, and the price level was generally stable; in June, the industrial producer price index (PPI) fell by 2.6% year-on-year, and the decline narrowed for six consecutive months.
——The accelerated rise of the new economy
The “new economy” is increasingly releasing vitality. In the first half of the year, online retail sales were approximately 2.2 trillion yuan (RMB, the same below), a year-on-year increase of 28.2%.
In the same period, the added value of China’s high-tech industry and equipment manufacturing industry increased by 10.2% and 8.1% respectively year-on-year, which was higher than the overall growth of industries above designated size. The speed is 4.2 and 2.1 percentage points respectively.
From the perspective of representative industries of the “new economy”, the added value of the pharmaceutical manufacturing industry in the first half of the year increased by 10.4% year-on-year, and the output of industrial robots increased by 28.2% %, and the output of new energy vehicles increased by 88.7%.
——The investment structure continues to be optimized
Investment in China’s weak areas is accelerating to “make up for the shortcomings.” In the first half of the year, investment in the water conservancy environment and public facilities management industry, information transmission software and information technology service industry increased by 26.7% and 22.5% respectively year-on-year, 17.7 and 13.5 percentage points faster than the total investment respectively. ——600D Oxford cloth
——Consumption maintains double-digit growth
In the first half of the year, China’s total retail sales of consumer goods was approximately 15.6 trillion yuan, a nominal growth of 10.3% year-on-year, and the growth rate was the same as in the first quarter. During the same period, final consumption expenditure contributed 73.4% to China’s GDP, an increase of 13.2 percentage points from the same period last year, indicating that consumption has become the biggest “stabilizer” of the Chinese economy.
——Industrial enterprises turn losses into profits
In the context of the gradual stabilization of the macro economy, industrial enterprises that were in operating difficulties in 2015 are coming out of the trough. From January to June, the profits of China’s industrial enterprises above designated size were nearly 2.4 trillion yuan, a year-on-year increase of 6.4%; both the asset-liability ratio and costs decreased compared with the same period last year.
——Fiscal revenue has grown steadily
In the first half of the year, general public budget revenue was nearly 8.6 trillion yuan, a year-on-year increase of 7.1%, and the growth rate accelerated compared with the 6.6% in the same period last year. Among them, the central general public budget revenue is approximately 3.7 trillion yuan, a year-on-year increase of 3.3%; the local-level revenue is approximately 4.8 trillion yuan, a year-on-year increase of 10.1%. ——210D Oxford cloth
——The results of overcapacity reduction are beginning to show
As the focus and difficulty of supply-side structural reform, resolving excess production capacity has achieved phased results. In the first six months, China’s raw coal and crude steel output decreased by 9.7% and 1.1% respectively year-on-year.
——Real estate destocking and overweighting
At the end of June, the area of commercial housing for sale nationwide was 71,416 square meters, a decrease of 21 million square meters from the end of March and a decrease of 7.53 million square meters from the end of May. From March to June, China’s real estate inventory has declined for four consecutive months.
It is worth noting that the recent rise in housing prices in hundreds of cities in China has moderated. Analysts believe that this may lead to a slowdown in destocking.
——Residents’ employment income doubled
Despite the downward pressure on China’s economy, employment remains stable. In the first half of the year, 7.17 million new urban jobs were created, completing 71.7% of the full-year plan target.
In the context of stable employment, residents’ income has also grown steadily. In the first half of the year, the per capita disposable income of residents across the country was 11,886 yuan, a nominal increase of 8.7% year-on-year, and a real increase of 6.5% after deducting price factors. The difference between the per capita income of urban and rural residents was 2.80, 0.03 smaller than the same period last year, indicating that the income gap between urban and rural residents has narrowed.
——The decline in import and export narrowed
In the first half of the year, China’s total import and export value of goods trade was approximately 11.1 trillion yuan, a year-on-year decrease of 3.3%, and the decline was 3.6 percentage points narrower than the first quarter. During the same period, although exports and imports continued their year-on-year “double decline” trend, the declines were narrowed by 3.6 and 3.7 percentage points respectively compared with the first quarter.
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