China's economic development prospects are well supported, a new round of steady growth signals rele

2020-07-07 15:49

The National Bureau of Statistics recently announced May macroeconomic data. In May, the added value of industrial enterprises above designated size increased by 5.0%, the total retail sales of consumer goods increased by 8.6%, and the national fixed asset investment (excluding rural households) increased by 5.6% in the first five months.

"Generally speaking, the national economy in May was generally stable, with steady progress, and continued to operate within a reasonable range." said Fu Linghui, spokesperson for the National Bureau of Statistics.

In terms of industry, from January to May, the added value of industries above designated size nationwide increased by 6% year-on-year. The growth of more than half of the industries accelerated in May. Among the 605 major industrial products, 325 products achieved a year-on-year increase in output, an increase of 4.4 percentage points from the previous month. The added value of high-tech manufacturing increased by 9.4% year-on-year, which was 4.4 percentage points higher than that of all industries above designated size.

In terms of investment, manufacturing investment increased by 2.7%, 0.2% faster than the first four months, becoming the biggest bright spot. From January to May, investment in technological transformation of the manufacturing industry increased by 15%, an increase of 0.1 percentage point from January to April, and 12.3 percentage points higher than the total manufacturing investment.

Consumption is also remarkable. The total retail sales of consumer goods in May was 3,295.6 billion yuan, a year-on-year increase of 8.6%, and the growth rate was 1.4 percentage points higher than the previous month. Even excluding the holiday factor, “the growth rate of total retail sales in May remained stable.” Fu Linghui said that daily necessities and basic lifestyle goods increased by more than 10%; the growth of upgraded goods continued to accelerate; physical goods online retail from January to May An increase of 21.7% was faster than the total amount of retail sales by more than 10 percentage points; automobile sales increased by 2.1% from negative to positive.

"With the introduction of policies such as stabilizing automobile consumption, the superimposed June holiday increased by one day year-on-year, and consumption will continue to rebound in June." said Ren Zeping, chief economist of Evergrande Group. Fu Linghui said that the scale of China's consumption growth is expanding, the structure is upgrading, and its contribution to growth is increasing. It will become an important ballast stone for the steady and healthy growth of China's economy.

However, Fu Linghui also pointed out that at present, uncertain factors in the external environment have increased, the problem of unbalanced and insufficient domestic development is still prominent, and the foundation for sustained and healthy economic development needs to be consolidated.

Experts believe that recent policies have been releasing new signals of stable growth, including credit enhancement of small and medium banks, and new policies for special debt. Ren Zeping believes that subsequent counter-cyclical adjustments will be exerted again, and the combination of fiscal and monetary policy will support the stabilization of fixed asset investment, mainly focusing on infrastructure to make up for shortcomings and high-end manufacturing. Reform measures such as tax reduction and fee reduction and liberalization of market access have stimulated market vitality and promoted the stabilization and recovery of manufacturing and private investment.