The data released by the National Bureau of Statistics recently showed that after preliminary calculations, the gross domestic product (GDP) in the first three quarters reached 91,302.7 billion yuan, an increase of 5.2% year-on-year at constant prices. Among them, the third quarter grew by 4.9% year-on-year and 1.3% month-on-month.
In the first three quarters, the support of domestic demand for economic growth has been significantly strengthened, and the prosperity level of both supply and demand has continued to pick up, indicating that the situation of mutual promotion of supply and demand and simultaneous progress of production and sales in the real economy is good, the economic cycle is more smooth and efficient, and there is more confidence and confidence to coordinate the effective improvement of quality and the reasonable growth of quantity. Faced with a severe and complex external environment, my country has implemented measures to expand domestic demand, boost confidence, and prevent risks, and strive to promote the overall improvement of economic operation.
The improvement and recovery of operating efficiency indicators in the industrial field indicate that the production and sales cycle has accelerated. Data show that in the first three quarters, manufacturing investment and private project investment (excluding real estate development investment) increased by 6.2% and 9.1% year-on-year, respectively, both exceeding the growth rate of national fixed asset investment.
At present, the national industrial capacity utilization rate and the production and sales rate of industrial enterprises above designated size have rebounded to 74.8% and 96.8% respectively. As the efficiency indicators improve month by month and quarter by quarter, especially since the introduction of opinions and recent measures to promote the development and growth of the private economy and efforts to mobilize the enthusiasm of private investment, the manufacturing purchasing managers' index (PMI) returned to the prosperity range of more than 50% in September, and the added value of industrial enterprises above designated size increased by 4.5% year-on-year, indicating that the business expectations and investment confidence of enterprises have been boosted. The survey also found that industrial enterprises in various regions accelerated sales and replenished inventories, and actively carried out and planned a new round of investment.
The virtuous cycle of the entire chain of employment, income distribution and consumption has accelerated, and the promotion mechanism has been continuously optimized. In the first three quarters, excluding price factors, the national per capita disposable income of residents increased by 5.9% year-on-year, higher than the year-on-year growth rate of GDP, and the retail sales of services and social consumer goods increased by 6.8% and 18.9% year-on-year respectively. These data show that the implementation of a series of measures to stabilize employment, increase income, enhance consumption capacity, improve consumption conditions and innovate consumption scenarios has produced positive results, and strongly supported consumption to fully play the role of "ballast stone" in stabilizing economic operation. In the first three quarters, the contribution rate of final consumption expenditure to economic growth was as high as 83.2%, driving GDP growth by 4.4 percentage points.
Looking ahead to the whole year, the real economy will accelerate its recovery and improve, and can provide more strong support for the high-quality development of the economy. The leading role of the "four new" economy characterized by new technologies, new products, new formats and new models is highlighted. In the first three quarters, investment in high-tech manufacturing and service industries maintained double-digit growth, which strongly supported the optimization and upgrading of the industrial structure to match the consumption structure, and at the same time vigorously improved the ability of independent control and security. The manufacturing and service industries are accelerating their deep integration. The urgent need for green and low-carbon transformation is accelerating the expansion of the scale and structural optimization of the productive service industry. The people's pursuit of a diversified and better life is also leading to the improvement of the quality of the life service industry. In particular, new consumption and green consumption are developing rapidly, and intelligence has enabled the traditional consumer market, enriched the levels and formats of the consumer market, and made green and frugal consumption a new fashion.
In general, my country's economic stability has a solid foundation, sufficient momentum for progress, and a series of measures to stabilize growth and expand domestic demand have been strengthened and improved. The vitality and power of business entities have been continuously released, which is conducive to stabilizing total demand and strengthening new momentum.
In the coming period, we must continue to consolidate the micro-foundation for the stable and efficient operation of the macro-economy, accurately introduce real and practical measures to solve problems in response to the external pressure on some real enterprises, focus on reducing the comprehensive operating costs of enterprises, and accelerate the steady improvement of industrial enterprise profits. We must better combine stable employment with stable industries, increase support for labor-intensive manufacturing industries, focus on improving the production and operation environment and labor security conditions, and at the same time give full play to the role of private enterprises in opening up jobs and optimizing the employment structure. We must strengthen the identification and early warning of market risk signs and potential problems, prevent risk generation and cross-infection, make emergency response plans, stabilize the operation of key domestic markets, and ensure the stable and orderly operation of key industrial chains.
Source: China Economic Network
