National Bureau of Statistics: In July, the national economy continued to stabilize and recover. The economy rose and recovered, while the service industry saw a decline in prices nationwide

Release time:Apr 14, 2024 20:52 PM

The national economy continued to stabilize and recover in July

National Bureau of Statistics

1、 The service industry maintains rapid growth, and the modern service industry has shown good growth momentum

In July, the national service industry production index increased by 5.7% year-on-year. Looking at industries, the production index of accommodation and catering, information transmission, software and information technology services, finance, transportation, warehousing, and postal industries increased by 20.0%, 11.2%, 7.6%, and 7.3% year-on-year, respectively. From January to July, the national service industry production index increased by 8.3% year-on-year. From January to June, the operating revenue of service industry enterprises above designated size increased by 7.5% year-on-year. In July, the business activity index of the service industry was 51.5%, and the expected index of business activity was 58.7%. Among them, the business activity index of air transport, postal express, telecommunications, radio and television and satellite transmission services, Internet software and information technology services and other industries was at a high boom range of more than 60%.

2、 Stable growth in industrial production and accelerated growth in raw material manufacturing industry

In July, the added value of industries above designated size in China increased by 3.7% year-on-year and 0.01% month on month. Looking at the three major categories, the added value of the mining industry increased by 1.3% year-on-year, the manufacturing industry increased by 3.9%, and the production and supply of electricity, heat, gas, and water increased by 4.1%. The added value of raw material manufacturing increased by 8.8% year-on-year, which is 2.0 percentage points faster than the previous month. From the perspective of economic types, the added value of state-owned holding enterprises increased by 3.4% year-on-year; Joint stock enterprises increased by 5.0%, while foreign-invested enterprises from Hong Kong, Macao, and Taiwan decreased by 1.8%; Private enterprises grew by 2.5%. By product, the production of solar cells and new energy vehicles increased by 65.1% and 24.9% year-on-year, respectively. From January to July, the added value of industries above designated size in China increased by 3.8% year-on-year. In July, the Purchasing Managers Index for the manufacturing industry was 49.3%, and the expected index for enterprise production and operation activities was 55.1%.

3、 Market sales continue to recover, and service consumption is growing rapidly

In July, the total retail sales of consumer goods reached 3676.1 billion yuan, a year-on-year increase of 2.5% and a month on month decrease of 0.06%. According to the location of the operating unit, the retail sales of urban consumer goods reached 3192 billion yuan, a year-on-year increase of 2.3%; The retail sales of rural consumer goods reached 484.1 billion yuan, an increase of 3.8%. By consumption type, the retail sales of goods reached 324.83 billion yuan, an increase of 1.0%; The catering revenue was 427.7 billion yuan, an increase of 15.8%. In the retail sales of units above the quota, the retail sales of grain and oil, food, Chinese and Western medicine, beverages, and communication equipment increased by 5.5%, 3.7%, 3.1%, and 3.0%, respectively. From January to July, the total retail sales of consumer goods reached 26434.8 billion yuan, a year-on-year increase of 7.3%. The national online retail sales reached 830.97 billion yuan, a year-on-year increase of 12.5%. Among them, the online retail sales of physical goods reached 6985.6 billion yuan, an increase of 10.0%, accounting for 26.4% of the total retail sales of consumer goods in society. From January to July, the retail sales of services increased by 20.3% year-on-year.

4、 Fixed assets investment continued to expand, and investment in high-tech industries grew rapidly

From January to July, the national fixed assets investment was 28589.8 billion yuan, up 3.4% year on year. Looking at different sectors, infrastructure investment increased by 6.8% year-on-year, manufacturing investment increased by 5.7%, and real estate development investment decreased by 8.5%. The sales area of commercial housing in China was 665.63 million square meters, a year-on-year decrease of 6.5%; The sales revenue of commercial housing reached 7045 billion yuan, a decrease of 1.5%. Looking at different industries, investment in the primary industry decreased by 0.9% year-on-year, investment in the secondary industry increased by 8.5%, and investment in the tertiary industry increased by 1.2%. Private investment decreased by 0.5%. Investment in high-tech industries increased by 11.5% year-on-year, with investments in high-tech manufacturing and high-tech services increasing by 11.5% and 11.6% respectively. In the high-tech manufacturing industry, investment in medical equipment and instrument manufacturing, as well as electronic and communication equipment manufacturing, increased by 16.0% and 13.9% respectively; In the high-tech service industry, investment in technology achievement transformation services and professional technology services increased by 44.9% and 23.8% respectively. In July, fixed assets investment fell 0.02% month on month.

5、 The import and export of goods have decreased year-on-year, and the trade structure continues to optimize

In July, the total import and export volume of goods was 3456.3 billion yuan, a year-on-year decrease of 8.3%. Among them, exports reached 2016 billion yuan, a decrease of 9.2%; Imports amounted to 1440.3 billion yuan, a decrease of 6.9%. Import and export offset each other, with a trade surplus of 575.7 billion yuan. From January to July, the total import and export volume of goods was 23552.1 billion yuan, a year-on-year increase of 0.4%. Among them, exports reached 13472.8 billion yuan, an increase of 1.5%; Imports amounted to 10079.3 billion yuan, a decrease of 1.1%. From January to July, the import and export of general trade increased by 2.1% year-on-year, accounting for 65.4% of the total import and export volume, an increase of 1.1 percentage points compared to the same period last year. The import and export of private enterprises increased by 6.7%, accounting for 52.9% of the total import and export volume, an increase of 3.1 percentage points compared to the same period last year. The export of mechanical and electrical products increased by 4.4%, accounting for 58.1% of the total export volume.

6、 The overall employment situation is stable, and the urban survey unemployment rate is basically stable

In July, the national urban survey unemployment rate was 5.3%, an increase of 0.1 percentage points from the previous month. The unemployment rate of local registered residence labor force survey is 5.3%; The unemployment rate of migrant registered residence labor force survey is 5.2%, of which the unemployment rate of migrant agricultural registered residence labor force survey is 4.8%. The surveyed unemployment rate in 31 major cities and towns was 5.4%, a decrease of 0.1 percentage points from the previous month. The average weekly working time for employees in enterprises nationwide is 48.7 hours.

7、 Consumer prices for residents have increased month on month, while the decline in industrial producer prices has narrowed

In July, the national consumer prices decreased by 0.3% year-on-year and increased by 0.2% month on month. By category, the prices of food, tobacco, and alcohol decreased by 0.5% year-on-year, clothing prices increased by 1.0%, housing prices increased by 0.1%, daily necessities and services prices decreased by 0.2%, transportation and communication prices decreased by 4.7%, education, culture, and entertainment prices increased by 2.4%, healthcare prices increased by 1.2%, and other goods and services prices increased by 4.1%. In terms of food, tobacco, and alcohol prices, pork prices have decreased by 26.0%, fresh vegetable prices have decreased by 1.5%, grain prices have increased by 0.3%, and fresh fruit prices have increased by 5.0%. After deducting food and energy prices, the core CPI increased by 0.8% year-on-year, an increase of 0.4 percentage points from the previous month. From January to July, the national consumer price increased by 0.5% year-on-year.

In July, the ex factory prices of industrial producers nationwide decreased by 4.4% year-on-year, a decrease of 1.0 percentage point narrower than the previous month; A month on month decrease of 0.2%. The purchasing prices of industrial producers nationwide decreased by 6.1% year-on-year, which is 0.4 percentage points narrower than the previous month; A month on month decrease of 0.5%. From January to July, the factory prices and purchase prices of industrial producers nationwide decreased by 3.2% and 3.5% year-on-year, respectively.

Overall, in July, the national economy continued to recover and high-quality development was solidly promoted. But it should also be noted that the world political and economic situation is complex, domestic demand is still insufficient, and the foundation for economic recovery still needs to be strengthened.

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