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Operation of National Economy in January-February 2018

NEWS CENTER

 

 

Operation of National Economy in January-February 2018

From January to February, the national economy started well. From January to February, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as its core, and guided by Xi Jinping's socialist ideology with Chinese characteristics in the new era, various departments in various regions earnestly carried out the spirit of the Nineteenth National Congress of the Party and the Central Economic Work Conference, adhered to the general tone of steady progress, adhered to the new development concept, and vigorously promoted high-quality development with structural reform on the supply side as the main line. Economic operation continues to be stable and in good shape. Emerging momentum thrives, economic structure is upgraded and optimized, quality and efficiency are continuously improved, and economic operation is starting well.
 
1. The development of industrial production and the enhancement of the leading role of new products in new industries
 
From January to February, the value-added of industries above the national scale increased by 7.2% year on year, 1.0 percentage points faster than that of December last year and 0.9 percentage points faster than that of the same period last year. In terms of economic types, the added value of state-owned holding enterprises increased by 9.0%, collective enterprises decreased by 2.3%, joint-stock enterprises increased by 7.3%, and foreign and Hong Kong, Macao and Taiwan-invested enterprises increased by 5.9%. In three categories, the value-added of mining industry increased by 1.6%, manufacturing industry by 7.0% and electricity, heat, gas and water production and supply industry by 13.3%. New products in new industries are growing rapidly and industrial structure is continuously optimized. The value-added of high-tech industry and equipment manufacturing industry increased by 11.9% and 8.4% year-on-year, respectively, and the growth rate was 4.7 and 1.2 percentage points faster than that of industries above scale. The output of new energy vehicles increased by 178.1%, integrated circuits by 33.3% and industrial robots by 25.1%. The production and marketing rate of Industrial Enterprises above the scale reached 97.9%. From a ring-to-ring perspective, the value-added of industries above the national scale increased by 0.57% in February compared with the previous month.
 
2. Continuous growth of service industry, new momentum and consumption-related industries in a higher boom zone
 
From January to February, the national service industry production index grew by 8.0% year-on-year, 0.1 percentage points faster than last December, and 0.2 percentage points lower than the same period last year. Among them, information transmission, software and information technology services, leasing and business services have maintained rapid growth. In February, the index of business activities in services was 53.8%. Retail trade, catering industry, railway transport industry, air transport industry, telecommunications, radio and television and satellite transmission service, Internet software information technology service, ecological protection and environmental management industry related to the consumption and upgrading of Spring Festival holidays are all in a high business activity index of more than 56.0%. In terms of market demand, the index of new orders in service industry is 50.7%, which is in the boom range for 10 consecutive months. From the perspective of market expectations, the expected index of service business activities is 60.4%, which is located in the high boom range of 60.0% and above for nine consecutive months.
 
3. The steady growth of fixed assets investment and the continuous optimization of investment structure
 
From January to February, the national fixed assets investment (excluding farmers) was 4462.6 billion yuan, an increase of 7.9% over the same period last year. The growth rate was 0.7 percentage points faster than that of the whole year last year, and 1.0 percentage points lower than that of the same period last year. Among them, private investment amounted to 2698.8 billion yuan, an increase of 8.1%. In terms of sub-industries, the investment in primary industry was 113.2 billion yuan, an increase of 27.8%, the investment in secondary industry was 1485 billion yuan, an increase of 2.4%, of which the investment in manufacturing industry was 4.3%, and the investment in tertiary industry was 2864.4 billion yuan, an increase of 10.2%, of which the investment in infrastructure increased by 16.1%. The industrial investment structure will continue to be optimized. Investment in high-tech manufacturing industry and service industry grew faster than total investment by 3.4 and 2.3 percentage points, respectively. Investment in the short board sector has accelerated, with the growth of 39.3%, 15.6% and 22.9% in ecological protection and environmental management, public facilities management and agriculture, respectively, compared with the same period last year, faster than 31.4%, 7.7 and 15.0 percentage points of total investment, respectively. Compared with the previous month, fixed assets investment (excluding farmers) increased by 0.61% in February.
 
4. The area of commercial housing for sale has continued to decrease, and investment in real estate development has maintained growth.
 
From January to February, the investment in real estate development nationwide reached 108.31 billion yuan, an increase of 9.9% over the previous year. The growth rate was 2.9 percentage points faster than that of the whole year, and 1.0 percentage points faster than that of the same period last year, of which residential investment increased by 12.3%. New housing construction area was 177.46 million square meters, an increase of 2.9% over the same period last year, of which the new housing construction area increased by 5.0%. The sales area of commercial housing in China was 146.33 million square meters, an increase of 4.1% over the same period last year, of which the sales area of residential housing increased by 2.3%. Sales of commercial housing in China totaled 1245.4 billion yuan, up 15.3% year-on-year, of which residential sales increased by 15.7%. The land purchase area of real estate development enterprises was 23.45 million square meters, down 1.2% from the same period last year. At the end of February, the total area of commercial housing for sale in China was 584.68 million square meters, 4.55 million square meters less than that at the end of last year. From January to February, real estate development enterprises received 2398.8 billion yuan, an increase of 4.8% over the same period last year.
 
5. The consumer market is more active and the new industry and consumption are developing rapidly.
 
From January to February, the total retail sales of social consumer goods reached 6108.2 billion yuan, an increase of 9.7% over the same period last year. The growth rate was 0.3 percentage points faster than that in December last year and 0.2 percentage points faster than that in the same period last year. According to the location of the business unit, the retail sales of consumer goods in cities and towns totaled 5204.6 billion yuan, an increase of 9.6% over the same period of last year, while the retail sales of consumer goods in rural areas totaled 903.6 billion yuan, an increase of 10.7%. According to consumption type, catering income increased by 10.1% to 66.13 billion yuan, while retail sales increased by 9.7% to 5446.9 billion yuan. Consumer upgrade commodities grew rapidly. The retail sales of Chinese and Western medicine, cosmetics and communication equipment increased by 10.1%, 12.5% and 10.7% respectively. From a ring-to-ring perspective, the total retail sales of consumer goods in February increased by 0.76% over the previous month.
 
From January to February, the national online retail sales reached 12.271 billion yuan, an increase of 37.3% over the same period last year, 5.1 percentage points faster than the previous year, and 5.4 percentage points faster than the same period last year. Among them, online retail sales of physical goods increased by 35.6% to 907.3 billion yuan, accounting for 14.9% of the total retail sales of consumer goods; online retail sales of non-physical goods increased by 42.4% to 319.8 billion yuan. Tourism consumption, movie box office revenue and mobile payment are growing rapidly.
 
6. Residents'consumer prices rose moderately, while industrial prices rose more slowly.
 
From January to February, consumer prices rose by 2.2% year-on-year, an increase of 0.4 percentage points over December and 0.5 percentage points over the same period last year. In terms of categories, food, tobacco and alcohol prices rose by 1.9%, clothing by 1.2%, housing by 2.5%, daily necessities and services by 1.7%, transportation and communications by 0.8%, education, culture and entertainment by 2.3%, health care by 6.1%, and other goods and services by 1.4%. Among the food, tobacco and alcohol prices, grain prices rose 1.2%, pork prices fell 9.0% and fresh vegetables prices rose 5.6%. On a monthly basis, consumer prices in January and February rose by 1.5% and 2.9% year-on-year, respectively, and by 0.6% and 1.2% year-on-year, respectively.
 
From January to February, the factory price of industrial producers in China rose by 4.0% year-on-year, 0.9 percentage points lower than that in December last year and 3.3 percentage points lower than that in the same period last year. In January, the factory price of national industrial producers rose 4.3% year on year, 0.3% year on year; in February, the factory price of national industrial producers rose 3.7% year on year, and fell 0.1% year on year. From January to February, the purchasing price of industrial producers increased by 4.8% year on year, and decreased by 1.1 percentage points and 4.3 percentage points respectively compared with December and the same period last year.
 
7. Rapid growth of import and export, optimization and upgrading of foreign trade structure
 
From January to February, imports and exports totaled 4515.8 billion yuan, an increase of 16.7% over the same period last year. Among them, exports totaled 2439 billion yuan, an increase of 18.0%, while imports totaled 2076.8 billion yuan, an increase of 15.2%. Imports and exports offset each other, with a trade surplus of 362.2 billion yuan. Import and export of general trade grew by 22.0%, accounting for 58.7% of the total import and export volume, an increase of 2.5 percentage points over the same period last year. Exports of mechanical and electrical products increased by 18.0%, accounting for 58.4% of total exports.
 
From January to February, the export delivery value of Industrial Enterprises above the scale reached 1704 billion yuan, an increase of 9.5% over the same period last year. The growth rate was 0.2 percentage points faster than that of December last year and 0.7 percentage points faster than that of the same period last year.
 
Generally speaking, the national economy made steady progress in January-February, entered middle schools and nurtured new ones, and started to develop with high quality. At the same time, we should also see that the international environment is still complex and changeable, some outstanding problems of insufficient domestic development have not been solved, and the task of improving quality and efficiency is still arduous. At the next stage, we should resolutely implement the decision-making and deployment of the Party Central Committee with Comrade Xi Jinping as its core, conscientiously implement the objectives and tasks of the government work report, vigorously promote the structural reform on the supply side, comprehensively promote steady growth, promote reform, adjust structure, benefit people's livelihood and prevent risks, resolutely guard against major risks, precisely eliminate poverty and reduce poverty. The three major battles of pollution prevention and control should strive to achieve higher quality, more efficient, fairer and more sustainable development.