The GDP In The First Half Of The Year Was 53216.7 Billion Yuan, Up 12.7% Year On Year

In the first half of the year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, all regions and departments conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, continuously consolidated and expanded the achievements of epidemic prevention and control and economic and social development, and accurately implemented macro policies. China's economy continued to recover steadily and production demand continued to rise, Employment prices are generally stable, new momentum is growing rapidly, quality and efficiency are steadily improving, market participants are expected to be better, main macro indicators are in a reasonable range, and economic development is showing a trend of strengthening in stability and improving in stability.

According to preliminary calculation, the GDP in the first half of the year was 53216.7 billion yuan, an increase of 12.7% year-on-year, 5.6% lower than that of the first quarter; The average growth rate in the two years was 5.3%, 0.3 percentage points faster than that in the first quarter. In terms of quarters, the first quarter increased by 18.3% year-on-year, with an average growth of 5.0% in two years; It increased by 7.9% in the second quarter and 5.5% in two years. In terms of industries, the added value of the primary industry in the first half of the year was 2840.2 billion yuan, a year-on-year increase of 7.8%, and an average increase of 4.3% in two years; The added value of the secondary industry was 20715.4 billion yuan, up 14.8% year-on-year and 6.1% in two years; The added value of the tertiary industry was 29661.1 billion yuan, with a year-on-year increase of 11.8% and an average increase of 4.9% in two years. On a month on month basis, GDP grew by 1.3% in the second quarter.

First, summer grain harvest again, animal husbandry production increased steadily

In the first half of the year, the added value of agriculture (planting industry) increased by 3.6% year on year, 0.3% faster than that in the first quarter; An average increase of 3.7% in two years. Among them, the growth rate in the second quarter was 3.7%, 0.4 percentage points faster than that in the first quarter. China's total summer grain production was 145.82 million tons (291.6 billion jin), an increase of 2.967 million tons (5.93 billion jin) over the previous year. The agricultural planting structure has been continuously optimized, and the sown area of rapeseed and other cash crops has increased. In the first half of the year, the output of pigs, cattle, sheep and poultry was 42.91 million tons, an increase of 23.0% over the same period of last year, of which the output of pork increased by 35.9%; Milk production increased by 7.6% year on year, and egg production decreased by 4.1%. At the end of the second quarter, 43.11 million pigs were on hand, up 29.2% year on year; Among them, 45.64 million sows could breed, an increase of 25.7%.

2. Steady growth of industrial production and rapid growth of high-tech manufacturing industry

In the first half of the year, the added value of industries above designated size increased by 15.9% year-on-year, with an average growth of 7.0% in two years, 0.2 percentage points faster than that in the first quarter; Among them, the year-on-year growth in the second quarter was 8.9%. In June, the added value of industries above designated size increased by 8.3% year on year, with an average increase of 6.5% in two years; 56% month on month. In the first half of the year, the added value of mining industry increased by 6.2% year-on-year, with an average growth of 2.5% in two years; The manufacturing industry increased by 17.1%, with an average growth of 7.5% in two years; The electricity, heat, gas and water production and supply industries increased by 13.4%, with an average growth of 6.0% in two years. The added value of high-tech manufacturing industry increased by 22.6% year-on-year, with an average growth of 13.2% in two years. In terms of products, the output of new energy vehicles, industrial robots (10.180, - 0.05, - 0.49%) (10.190, - 0.04, - 0.39%) and integrated circuit output increased by 205.0%, 69.8% and 48.1% respectively over the same period last year, with the average growth rate of more than 30% in the two years. In terms of economic types, the added value of state-owned holding enterprises increased by 11.9% year-on-year; Joint stock enterprises increased by 15.8% year-on-year, and foreign-funded enterprises and enterprises invested by Hong Kong, Macao and Taiwan increased by 17.0%; Private enterprises increased by 18.3% year on year. In June, the purchasing manager index of China's manufacturing industry was 50.9%, higher than the critical point for 16 consecutive months; The expected index of enterprise production and operation activities was 57.9%.

From January to may, the total profits of Industrial Enterprises above Designated Size nationwide reached 3424.7 billion yuan, an increase of 83.4% over the same period of last year, and an average increase of 21.7% in two years; The profit margin of operating income of Industrial Enterprises above designated size was 7.11%, 2.05 percentage points higher than that from January to may 2020.

Third, the service industry has recovered steadily and the market is expected to continue to improve

In the first half of the year, the tertiary industry continued to recover steadily. In the second quarter, the added value of the tertiary industry increased by 8.3% year on year, with an average growth of 5.1% in two years; The year-on-year growth rate in the first quarter was 15.6%, and the average growth rate in two years was 4.7%. In terms of industries, the added value of transportation, warehousing and postal services, information transmission, software and information technology services increased by 21.0% and 20.3% respectively in the first half of the year, with an average growth of 6.9% and 17.3% in the two years. In June, the national service industry production index increased by 10.9% year-on-year, with an average growth of 6.5% in two years. From January to may, the business income of service enterprises above designated size increased by 31.9% year on year, with an average growth of 11.1% in two years, 0.2 percentage points higher than that in January April.

In June, the business activity index of service industry was 52.3%, higher than the critical point for 16 consecutive months. From the perspective of industry situation, the business activity index of postal express, telecommunication, radio and television and satellite transmission services, Internet software and information technology services, which are closely related to online consumption, are all in the high boom range of 57.0%; The monetary and financial services and insurance industry are all in the high boom range of more than 60.0%. From the perspective of market expectation, the expected index of business activities is 60.4%, which continues to stay in the high boom range.

4. The market sales have gradually improved, and the consumption of upgraded goods has increased rapidly

In the first half of the year, the total retail sales of consumer goods reached 21190.4 billion yuan, an increase of 23.0% year-on-year, and an average growth of 4.4% in two years, 0.2 percentage points faster than that in the first quarter; Among them, the year-on-year growth in the second quarter was 13.9%, and the average growth rate in two years was 4.6%. In June, the total retail sales of consumer goods reached 3758.6 billion yuan, up 12.1% year-on-year and 4.9% in two years; 70% month on month. In the first half of the year, the retail sales of consumer goods in cities and towns were 18409.8 billion yuan, up 23.3% year on year and 4.4% in two years; The retail sales of rural consumer goods reached 2780.7 billion yuan, up 21.4% year on year and 4.0% in two years. In terms of consumption types, the retail sales of commodities reached 19019.2 billion yuan, an increase of 20.6% year-on-year and an average growth of 4.9% in two years; The catering revenue was 217.2 billion yuan, with a year-on-year increase of 48.6%, and the scale was basically the same as that in the first half of 2019. By commodity category, the year-on-year growth rate of 18 commodity categories above the quota exceeded 10%, of which the year-on-year growth rate of more than 70% of the commodity categories exceeded 20%. From the perspective of the average growth rate in the two years, the retail sales of other commodity categories except oil products were all positive growth, of which the retail sales of 9 categories of commodities, including sports and entertainment products, communication equipment, cosmetics and cultural and office supplies, grew by more than 10% on average in two years. China's online retail sales reached 6113.3 billion yuan, up 23.2% year on year and 15.0% in two years, 1.5 percentage points faster than that in the first quarter. Among them, the online retail sales of physical goods reached 5026.3 billion yuan, an increase of 18.7%, and an average increase of 16.5% in two years, 1.1 percentage points faster than that in the first quarter; Online retail sales of physical goods accounted for 23.7% of the total retail sales of consumer goods, an increase of 1.8 percentage points over the first quarter.

5. Investment in fixed assets continued to recover, and the average growth rate of investment in manufacturing industry accelerated in two years

In the first half of the year, the national investment in fixed assets (excluding farmers) was 25590 billion yuan, up 12.6% year-on-year, and 0.35% in June; The average growth rate in the two years was 4.4%, 1.5 percentage points faster than that in the first quarter. In terms of sectors, infrastructure investment in the first half of the year increased by 7.8% year-on-year, with an average growth of 2.4% in two years, slightly lower than that in January may; The investment in manufacturing industry increased by 19.2% year-on-year and 2.0% in two years, 1.4 percentage points faster than that in January may; Investment in real estate development increased by 15.0% year-on-year, with an average growth of 8.2% in two years, slightly lower than that in January may. The sales area of commercial housing in China was 886.35 million square meters, with a year-on-year increase of 27.7% and an average increase of 8.1% in two years; The sales volume of commercial housing was 9293.1 billion yuan, a year-on-year increase of 38.9% and an average increase of 14.7% in two years. In terms of industries, the investment in the primary industry increased by 21.3% year-on-year, with an average growth of 13.2% in two years; The investment in the secondary industry increased by 16.3% on a year-on-year basis, with an average increase of 2.9% in two years; Investment in the tertiary industry increased by 10.7% year on year, with an average increase of 4.8% in two years. Private investment increased by 15.4% year on year, with an average increase of 3.8% in two years. The investment in high-tech industry increased by 23.5% year on year, with an average increase of 14.6% in two years; Among them, the investment in high-tech manufacturing and high-tech service industries increased by 29.7% and 12.0% respectively on a year-on-year basis, with an average growth of 17.1% and 9.5% in the two years. In the high-tech manufacturing industry, the investment in computer and office equipment manufacturing industry, medical equipment and instrument manufacturing industry increased by 47.5% and 34.2% respectively year-on-year, with an average growth of 26.3% and 18.7% in the two years; In the high-tech service industry, the investment in e-commerce service industry and R & D and design service industry increased by 32.9% and 28.4% respectively on a year-on-year basis, with an average growth of 32.5% and 15.9% in the two years. Investment in social sector increased by 16.4% year on year, with an average increase of 10.7% in two years; The investment in health and education increased by 35.5% and 14.2% respectively over the same period of last year, with an average growth of 24.9% and 12.5% in two years.

6. Rapid growth of import and export of goods and continuous optimization of trade structure

In the first half of the year, the total import and export of goods reached 18065.1 billion yuan, up 27.1% year on year. Among them, exports reached 9849.3 billion yuan, up 28.1% year-on-year; Imports were 8215.7 billion yuan, up 25.9% year on year; The trade surplus reached 163.36 billion yuan. The trade structure continued to be optimized. In the first half of the year, exports of mechanical and electrical products accounted for 59.2% of the total exports, an increase of 0.6 percentage points over the same period of last year. The proportion of general trade import and export accounted for 61.9% of the total import and export, an increase of 1.7 percentage points over the same period of last year. The proportion of import and export of private enterprises in total import and export was 47.8%, 2.8 percentage points higher than that in the same period of last year. In June, the total import and export volume was 3291.6 billion yuan, up 22.0% year on year. Among them, exports reached 1812.2 billion yuan, up 20.2% year on year; Imports were 1479.4 billion yuan, up 24.2% year on year.

7. The consumer price of residents has risen moderately, and the ex factory price of industrial producers is still at a high level

In the first half of the year, the national consumer price (CPI) rose 0.5% year-on-year, and remained unchanged in the first quarter. Among them, the national consumer price rose by 1.1% in June, 0.2% lower than that in May; 4% month on month. In the first half of the year, the consumer price of urban residents rose by 0.6%, while that of rural residents rose by 0.4%. In terms of classification, the price of food, tobacco and alcohol rose by 0.4%, the price of clothing remained unchanged, the price of housing increased by 0.2%, the price of daily necessities and services increased by 0.1%, the price of transportation and communication increased by 1.9%, the price of education, culture and entertainment increased by 0.9%, the price of medical care increased by 0.3%, and the price of other supplies and services decreased by 1.1%. Among the food, tobacco and wine prices, pork prices decreased by 19.3%, grain prices increased by 1.2%, fresh fruit prices increased by 2.6%, and fresh vegetables prices increased by 3.2%. Excluding food and energy prices, the core CPI rose 0.4%, flat in the first quarter from a year earlier.

In the first half of the year, the ex factory prices of industrial producers in China increased by 5.1% year-on-year, 3.0 percentage points higher than that in the first quarter; Among them, the year-on-year increase in June was 8.8%, 0.2% lower than that in May. In the first half of the year, the purchasing prices of industrial producers in China increased by 7.1% year-on-year, 4.3 percentage points higher than that in the first quarter; Among them, June rose 13.1% year-on-year and 0.8% month on month.

8. The unemployment rate in urban survey was the same as last month, and the employment situation was generally stable

In the first half of the year, 6.98 million new urban jobs were created, accounting for 63.5% of the annual target. In June, the unemployment rate in the national urban survey was 5.0%, which was the same as that in May and decreased by 0.7 percentage points over the same period of last year. The unemployment rate of the local household registration population survey was 5.0%, and the unemployment rate of the foreign household registration population survey was 5.1%. The unemployment rates of the population aged 16-24 and 25-59 were 15.4% and 4.2% respectively. The unemployment rate in 31 major cities and towns was 5.2%, unchanged from May. The average weekly working hours of employees from enterprises across the country was 47.6 hours, an increase of 0.3 hours over May. At the end of the second quarter, the total number of rural migrant workers was 182.33 million.

9. The income of residents continued to grow, and the ratio of per capita disposable income of urban and rural residents decreased

In the first half of the year, the per capita disposable income of national residents reached 17642 yuan, a nominal increase of 12.6% over the same period of last year. This was mainly affected by the low base in the first half of last year, with an average growth of 7.4% in two years, 0.4% faster than that in the first quarter; After deducting the price factor, the real growth rate was 12.0% year-on-year, with an average growth rate of 5.2% in two years, slightly lower than the economic growth rate and basically synchronized. In terms of permanent residence, the per capita disposable income of urban residents was 24125 yuan, up 11.4% in nominal terms and 10.7% in real terms; The per capita disposable income of rural residents was 9248 yuan, up 14.6% in nominal terms and 14.1% in real terms. In terms of income sources, the per capita wage income, net operating income, net property income and net transfer income increased by 12.1%, 17.5%, 15.0% and 9.0% respectively over the same period of last year. The per capita income ratio of urban and rural residents was 2.61, 0.07 lower than that of the same period last year. The median per capita disposable income of China's residents was 14897 yuan, an increase of 11.6%.

On the whole, the national economy continued to recover steadily in the first half of the year. However, it should also be noted that the global epidemic situation continues to evolve and there are many external unstable and uncertain factors; Domestic economic recovery is not balanced, and efforts are still needed to consolidate the foundation for stable recovery and development. In the next step, we should adhere to Xi Jinping's thought of socialism with Chinese characteristics for a new era as the guide, follow the central economic work conference and the government's work report, adhere to the general tone of seeking progress while maintaining stability, better coordinate the epidemic prevention and control and economic and social development, continuously deepen the supply side structural reform, focus on releasing the potential of domestic demand, and vigorously assist enterprises in their development, We should speed up reform and opening up, make overall adjustments forward and backward, keep the economic operation in a reasonable range, promote high-quality development in a solid manner, and strive to complete the annual economic and social development goals and tasks.

note appended

(1) the two-year average growth rate refers to the growth rate calculated by geometric average method based on the corresponding number of the same period in 2019.

(2) the growth rate of GDP, added value of industries above Designated Size and their classified items are calculated at comparable prices, which is the actual growth rate; Other indicators, unless otherwise specified, are calculated at current prices and are nominal growth rates.

(3) according to the results of automatic correction of seasonal adjustment model, the growth rate of GDP, industrial added value above Designated Size, fixed asset investment (excluding farmers) and total retail sales of consumer goods in each period of the past year are revised. The revised results and the month on month GDP data of the second quarter of 2021 and other indicators in June 2021 are as follows:

The growth rate of GDP in each quarter of 2020 and the first quarter and second quarter of 2021 are - 8.7%, 10.0%, 2.8%, 3.0%, 0.4% and 1.3%, respectively.

(4) the statistical scope of industries above designated size is industrial enterprises with annual main business income of 20 million yuan or above.

As the scope of Industrial Enterprises above Designated Size changes every year, in order to ensure that the data of this year are comparable with that of the previous year, the number of the same period used to calculate the growth rate of various indicators such as product output is as consistent as possible with the statistical scope of enterprises in the current period, and there is a gap between the data published in the previous year. Main reasons: first, the scope of statistical units has changed. Every year, some enterprises reach the scale and are included in the scope of investigation. Some enterprises withdraw from the scope of investigation because of their smaller scale. There are also new production enterprises, bankruptcy, injection (suspension) sales enterprises and so on. Second, the product output data of some enterprise groups (companies) has the phenomenon of cross regional repeated statistics. According to the special survey, the cross regional repeated production of enterprise groups (companies) has been selected.

(5) the production index of service industry refers to the output change of service industry in the reporting period relative to the base period after excluding price factors.

(6) the statistical scope of total retail sales of social consumer goods includes legal person enterprises, industrial activity units and individual businesses engaged in commodity retail activities or providing catering services. Among them, the above quota units refer to wholesale enterprises (units) with annual main business income of 20 million yuan or more, retail enterprises (units) of 5 million yuan and above, and accommodation and catering enterprises (units) of 2 million yuan and above.

As the scope of enterprises (units) of wholesale and retail industry, accommodation and catering industry above the quota changes every year, in order to ensure that the data of this year is comparable with that of the previous year, the number of the same period used to calculate the growth rate of retail sales of consumer goods per unit above the quota is consistent with the statistical range of enterprises (units) in the current period, and there is a caliber difference between the data published last year. The main reason is that some enterprises (units) reach the quota standard and are included in the scope of investigation every year. At the same time, some enterprises (units) withdraw from the scope of investigation due to their smaller scale, as well as the impact of newly opened enterprises, bankruptcy and note (suspension) sales enterprises (units).

Online retail sales refers to the sum of retail sales of goods and services realized through public online trading platforms (including self built websites and third-party platforms). Goods and services include physical goods and non physical goods (such as virtual goods, service goods, etc.).

The total retail sales of social consumer goods include the online retail sales of physical goods, excluding the online retail sales of non physical goods.

(7) according to the provisions of the system of statistical law enforcement inspection and statistical investigation, the fixed assets investment data of the same period of last year were revised, and the growth rate was calculated according to the comparable caliber.

(8) employed personnel refer to those who are 16 years old or above, have the ability to work, and engage in certain social labor in order to obtain labor remuneration or business income.

(9) the median per capita disposable income of national residents refers to the per capita disposable income of the survey households in the most middle position, which is arranged from low to high according to the level of per capita disposable income.

(10) import and export data are from the General Administration of customs; The data of new urban employment comes from the Ministry of human resources and social security.

(11) due to the rounding of some data, there are differences between total and itemized total.