Overall Economic Development Kept Performing in a Proper Range in the 1st 3Qs of 2014

National Bureau of Statistics of China

21 October 2014

In the first three quarters of 2014, faced with the complicated conditions at home and abroad, the Central Party Committee and the State Council grasped the general trend of development and committed to the tone of moving forward while maintaining stability as well as promoting reform and innovation, adopted scientific measures to stabilize economic growth, promote reforms, enhance restructuring, benefit people and control risks, and paid more attention to targeted regulation on the basis of the ranged approach. The general economic performance was moving by steady steps in the new normal with progress made and quality improved.

According to the preliminary estimation, the gross domestic product (GDP) of China in the first three quarters of this year was 41,990.8 billion yuan, a year-on-year increase of 7.4 percent calculated at comparable prices. Specifically, the year-on-year growth was 7.4 percent for the first quarter, 7.5 percent for the second quarter and 7.3 percent for the third quarter. 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.

1. 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 percent. The output of early rice was 34.01 million tons, a decrease of 125 thousand tons, down by 0.4 percent. 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 percent. The output of pork reached 39.72 million tons, up by 3.3 percent.

2. 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 percent at comparable prices, or 0.3 percentage point lower than that in the first half of the year. An analysis on different types of enterprises showed that the value added growth of the state-owned and state holding enterprises went up by 5.2 percent; collective enterprises 2.6 percent; share-holding enterprises 9.9 percent; and 6.7 percent for enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan provinces. In terms of sectors, the value added of the mining grew by 4.8 percent on a year-on-year base, the manufacturing by 9.6 percent and the production and supply of electricity, thermal power, gas and water by 3.1 percent. The growth rates in eastern, central and western regions were up by 8.0 percent, 8.5 percent and 10.6 percent 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 percent, 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 percent. In September, the total value added of the industrial enterprises above designated size was up by 8.0 percent year-on-year, or 0.91 percent 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 percent year-on-year. Of this total, the profit from primary activities was 3,587.0 billion yuan, up by 9.6 percent. 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 percent.

3. 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 percent (a real growth of 15.3 percent after deducting price factors), or 1.2 percentage points lower than that in the first half of the year. Specifically, the investment in the state-owned and state holding enterprises reached 11,236.9 billion yuan, a rise of 14.1 percent; private investment reached 23,150.9 billion yuan, up by 18.3 percent, accounting for 64.7 percent of the total investment. In terms of different areas, the growth in eastern, central and western regions was 14.9 percent, 17.8 percent and 17.9 percent respectively. The investment in the primary industry was 864.2 billion yuan, up by 27.7 percent; the secondary industry 15,018.0 billion yuan, up by 13.7 percent; and the tertiary industry 19,896.5 billion yuan, an increase of 17.4 percent. The funds in place for investment in the first three quarters were 39,114.1 billion yuan, up by 12.4 percent. Specifically, the state budget went up by 14.1 percent, domestic loans up by 11.2 percent, self-raising funds up by 16.1 percent, and foreign investment down by 7.0 percent. The total planned investment in newly-started projects in the first three quarters was 30,372.9 billion yuan, an increase of 14.4 percent. In September, investment in fixed assets (excluding rural households) grew by 0.77 percent 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 percent (a real growth of 11.7 percent 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 percent. The floor space started in the first three quarters was 1,314.11 million square meters, down by 9.3 percent. Specifically, the floor space of residential buildings went down by 13.5 percent. The floor space of commercial buildings sold was 771.32 million square meters, down by 8.6 percent. Specifically, the floor space of residential buildings sold was down by 10.3 percent. The total sales of commercial buildings were 4,922.7 billion yuan, down by 8.9 percent. Specifically, the sales of residential buildings were down by 10.8 percent. The land space purchased for real estate development was 240.14 million square meters, down by 4.6 percent. By the end of September, the floor space of commercial buildings for sale was 571.48 million square meters, up by 28.0 percent. The funds in place for real estate development enterprises in the first three quarters reached 8,986.9 billion yuan, up by 2.3 percent.