According to National Bureau of Statistics of China, the gross domestic product (GDP) of China in the first three quarters of 2014 was RMB 41,990.8 billion (USD 6,858.5 billion), a year-on-year increase of 7.4%.
China’s year-on-year growth was 7.4% for Q1 2014, 7.5% for Q2 and 7.3% for Q3. The value added of the primary industry was 3,799.6 billion yuan, up by 4.2 percent; that of the secondary industry was 18,578.7 billion yuan, up by 7.4 percent; and that of the tertiary industry was 19,612.5 billion yuan, up by 7.9 percent. The gross domestic product of the third quarter of 2014 went up by 1.9 percent on a quarterly basis.
Agricultural Production Showed Good Momentum.
The total output of summer grain was 136.60 million tons, an increase of 4.75 million tons, up by 3.6%. The output of early rice was 34.01 million tons, a decrease of 125 thousand tons, down by 0.4%. The autumn grain production is expected to get a good harvest again.
In the first three quarters of 2014, the total output of pork, beef, mutton and poultry reached 59.75 million tons, a year-on-year growth of 2.0%. The output of pork reached 39.72 million tons, up by 3.3%.
The Growth of Industrial Production Remained Stable
The total value added of the industrial enterprises above designated size in the first three quarters was up by 8.5% at comparable prices, or 0.3 percentage point lower than that in the first half of the year. The value added growth of the state-owned and state holding enterprises went up by 5.2%; collective enterprises 2.6%; share-holding enterprises 9.9%; and 6.7% for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan provinces.
The value added of the mining grew by 4.8% on a year-on-year base, the manufacturing by 9.6% and the production and supply of electricity, thermal power, gas and water by 3.1%. The growth rates in eastern, central and western regions were up by 8.0%, 8.5% and 10.6% respectively.
Out of the 464 kinds of industrial products, 346 kinds realized year-on-year increase in output. In the first three quarters, the sales-output ratio of industrial enterprises above designated size was 97.7%, or 0.2 percentage point higher than that in the first half of the year. The export delivery value reached 8,748.3 billion yuan, up by 6.4%. In September, the total value added of the industrial enterprises above designated size was up by 8.0% year-on-year, or 0.91% month-on-month.
In the first eight months of this year, the profits made by industrial enterprises above designated size stood at 3,833.0 billion yuan, up by 10.0% year-on-year. Of this total, the profit from primary activities was 3,587.0 billion yuan, up by 9.6%. The costs for per-hundred-yuan turnover of primary activities of the industrial enterprises above designated size reached 86.06 yuan and the profit rate of the primary activities was 5.52%.
Investment in Fixed Assets Slowed Down.
In the first three quarters, the investment in fixed assets (excluding rural households) was 35,778.7 billion yuan, a growth of 16.1% (a real growth of 15.3% after deducting price factors), or 1.2 percentage points lower than that in the first half of the year.
Investment in the state-owned and state holding enterprises reached 11,236.9 billion yuan, a rise of 14.1%; private investment reached 23,150.9 billion yuan, up by 18.3%, accounting for 64.7% of the total investment.
The growth in eastern, central and western regions was 14.9%, 17.8% and 17.9% respectively. The investment in the primary industry was 864.2 billion yuan, up by 27.7%; the secondary industry 15,018.0 billion yuan, up by 13.7%; and the tertiary industry 19,896.5 billion yuan, an increase of 17.4%. The funds in place for investment in the first three quarters were 39,114.1 billion yuan, up by 12.4%. Specifically, the state budget went up by 14.1%, domestic loans up by 11.2%, self-raising funds up by 16.1%, and foreign investment down by 7.0%. The total planned investment in newly-started projects in the first three quarters was 30,372.9 billion yuan, an increase of 14.4%. In September, investment in fixed assets (excluding rural households) grew by 0.77% month-on-month.
The total investment in real estate development in the first three quarters was 6,875.1 billion yuan, a nominal annual growth of 12.5% (a real growth of 11.7% after deducting price factors), or 1.6 percentage points lower than that in the first half of the year. In particular, the investment in residential buildings went up by 11.3%. The floor space started in the first three quarters was 1,314.11 million square meters, down by 9.3%. Specifically, the floor space of residential buildings went down by 13.5%. The floor space of commercial buildings sold was 771.32 million square meters, down by 8.6%. Specifically, the floor space of residential buildings sold was down by 10.3%. The total sales of commercial buildings were 4,922.7 billion yuan, down by 8.9%. Specifically, the sales of residential buildings were down by 10.8%. The land space purchased for real estate development was 240.14 million square meters, down by 4.6%. By the end of September, the floor space of commercial buildings for sale was 571.48 million square meters, up by 28.0%. The funds in place for real estate development enterprises in the first three quarters reached 8,986.9 billion yuan, up by 2.3%.
Sales on Domestic Markets Enjoyed a Steady Growth.
In the first three quarters, the total retail sales of consumer goods reached 18,915.1 billion yuan, a nominal annual rise of 12.0% (a real growth of 10.8% after deducting price factors), or 0.1 percentage point lower than that in the first half of the year.
The retail sales of the enterprises (units) above designated size stood at 9,423.3 billion yuan, up by 9.5%. Analyzed by different areas, the retail sales in urban areas reached 16,313.2 billion yuan, up by 11.9%, and the retail sales in rural areas stood at 2,601.9 billion yuan, up by 13.0%.
Grouped by consumption patterns, the income of catering industry was 1,993.4 billion yuan, up by 9.7%; and the retail sales of goods were 16,921.7 billion yuan, up by 12.3%. In particular, the retail sales of the enterprises (units) above designated size reached 8,841.4 billion yuan, an annual growth of 10.1%. In September, the total retail sales of consumer goods rose 11.6% year-on-year (a real growth of 10.8% after deducting price factors), or 0.85% month-on-month.
In the first three quarters, the online retail sales reached 1,823.8 billion yuan, a year-on-year growth of 49.9%, and the online retail sales of the enterprises (units) above designated size stood at 288.8 billion yuan, up by 54.8%.
The Growth Rates of Imports and Exports Picked up.
The total value of imports and exports in the first three quarters was 19,422.3 billion yuan or 3,162.6 billion US dollars, an increase of 3.3%, or 2.1 percentage points higher than that in the first half of the year.
The total value of exports was 10,422.4 billion yuan, or 1,697.1 billion US dollars, up by 5.1%; the total value of imports was 8,999.8 billion yuan, or 1,465.5 billion US dollars, an increase of 1.3%. The trade surplus was 1,422.6 billion yuan or 231.6 billion US dollars.
In September, the total value of imports and exports was 2,441.7 billion yuan or 396.4 billion US dollars, up by 11.3%. The total value of exports was 1,315.9 billion yuan or 213.7 billion US dollars, up by 15.3%; and that of imports was 1,125.8 billion yuan or 182.7 billion US dollars, up by 7.0%.
The Growth of Consumer Price was Generally Stable.
In the first three quarters, the consumer price went up by 2.1% year-on-year, or 0.2 percentage point lower than that in the first half of the year. Specifically, the price went up by 2.2% in urban areas and 1.9% in rural areas.
Grouped by commodity categories, prices for food rose by 3.3%; tobacco, liquor and articles down by 0.6%; clothing up by 2.4%; household facilities, articles and maintenance services up by 1.2%; health care and personal articles grew by 1.2%; transportation and communication up by 0.1%; recreation, education, culture articles and services grew by 2.2% and housing went up by 2.3%.
In terms of food prices, grain grew up by 3.1%, oil or fat down by 5.0%, pork down by 4.5% and fresh vegetables down by 1.3%. In September, the consumer prices went up by 1.6% year-on-year, or 0.5% month-on-month.
In the first three quarters, the producer prices for industrial products went down by 1.6% year-on-year, while the price in September dropped by 1.8% year-on-year and 0.4% month-on-month. The purchasing price for industrial producers was down by 1.8% year-on-year. In September, the price was down by 1.9% year-on-year and 0.4% month-on-month.
Residents’ Income Kept Steady Growth.
In the first three quarters, the per capita cash income of rural households was 8,527 yuan, up by 11.8% nominally, or 9.7% in real terms. The per capita disposable income of urban households was 22,044 yuan, a nominal growth of 9.3%, or a real growth of 6.9% after deducting price factors.
Based on the integrated household survey, in the first three quarters of 2014, the national per capita disposable income was 14,986 yuan, a nominal growth of 10.5% or a real increase of 8.2%. The median of the national per capita disposable income was 13,120 yuan, a nominal increase of 12.1%.
By the end of September, the number of rural migrant workers was 175.61 million, which was 1.69 million more than that in the same period last year, or up by 1.0%. The average monthly income of migrant workers was 2,797 yuan, up by 10.0%.
Structural Adjustment Achieved Considerable Progress.
The industrial structure was more optimized. In the first three quarters, the value added of the tertiary industry accounted for 46.7% of the GDP, which was 1.2 percentage points higher than that in the same period last year, or 2.5percentage points higher than that of the secondary industry.
The structure of domestic demand continued to be improved. In the first three quarters, the final consumption expenditure accounted for 48.5% of the GDP growth, which was 2.7 percentage points higher than that in the same period last year. The income gap between urban and rural households was further narrowed.
In the first three quarters, the real growth of the per capita cash income of rural households was 2.8 percentage points higher than the per capita disposable income of urban households. The per capita income of urban households was 2.59 times that of the rural households, 0.05 less than that of the same period last year. Energy conservation and consumption reduction continued to make new achievements. In the first three quarters, the energy consumption per unit of GDP went down by 4.6%.
Money Supply Maintained a Steady Growth.
By the end of September, the balance of broad money (M2) was 120.21 trillion yuan, a year-on-year growth of 12.9%; the balance of narrow money (M1) was 32.72 trillion yuan, up by 4.8%; and the balance of cash in circulation (M0) was 5.88 trillion yuan, a rise of 4.2%.
At the end of September, the amount of outstanding loans was 79.58 trillion yuan, while the amount of outstanding deposits was 112.66 trillion yuan. In the first three quarters, the newly increased loans reached 7.68 trillion yuan, an increase of 404.5 billion yuan; the newly increased deposits were 8.27 trillion yuan, a decrease of 2.99 trillion yuan year-on-year. The social financing reached 12.84 trillion yuan, a decrease of 1.12 trillion yuan year-on-year.
China’s economy grew at its slowest pace in more than five years in Q3 2014 though the data still beats estimates.
Read more: China Consumer Prices Index Up by 1.6% YoY in September