The main indicators continue to improve and rebound, and the foundation for improvement still needs to be consolidated - Interpretation of the operating situation of China's economy in the first 10 months
2023-11-16
The total retail sales of consumer goods increased by 6.9% year-on-year, and the added value of industries above designated size nationwide increased by 4.1% year-on-year. The total import and export volume of goods increased by 0.03% from a slight decrease of 0.2% year-on-year in the first three quarters... The economic data released on the 15th for the first 10 months shows that the national economy continues to recover and improve, and the main indicators continue to improve. However, domestic demand is still insufficient, and more efforts need to be made to promote the sustained recovery of the economy. The overall recovery trend of multiple indicators' growth rate has continued to improve. Currently, the global economic recovery is weak, and the external environment is becoming more complex and severe. It is not easy for the national economy to continue to recover and improve in October. From the production side, the production supply is steadily increasing. In October, the added value of industries above designated size nationwide increased by 4.6% year-on-year, 0.1 percentage points faster than the previous month. Among them, the added value of equipment manufacturing industry above designated size increased by 6.2% year-on-year, accelerating for three consecutive months. The service industry production index increased by 7.7% year-on-year, 0.8 percentage points faster than the previous month. From the demand side, consumption continues to play a fundamental driving role in economic growth. In October, the total retail sales of consumer goods increased by 7.6% year-on-year, 2.1 percentage points faster than the previous month. In the first 10 months, service retail sales increased by 19% year-on-year, 0.1 percentage points faster than January to September; The total import and export volume of goods increased by 0.03% year-on-year, with a year-on-year increase of 0.9% in October. Both monthly and cumulative growth rates have turned positive, reversing the weakening of external demand. The overall employment situation is stable. In October, the national urban survey unemployment rate was 5%, unchanged from the previous month. From the perspective of key employment groups, the urban survey unemployment rate of migrant agricultural registered residence labor force was 4.6%, down from last month and the same period last year. It is worth noting that new momentum continues to grow. From the perspective of new industries, in October, the added value of the aerospace and equipment manufacturing industry above designated size increased by 12.3% year-on-year, while the added value of the intelligent vehicle equipment manufacturing and intelligent unmanned aerial vehicle manufacturing industries above designated size increased by 89.2% and 53.2% respectively. From the perspective of new products, in October, the production of new energy vehicles, solar cells, and polycrystalline silicon increased by 27.9%, 62.8%, and 54.1% year-on-year, respectively. From the perspectives of reasonable growth in quantity and effective improvement in quality, the national economy continued to recover in October, and the resilience, vitality, and potential of economic development continued to emerge, "said Liu Aihua, spokesperson for the National Bureau of Statistics, at a press conference held on the same day. External pressure still exists and the foundation for recovery still needs to be consolidated. While seeing the economic development trend recover, the fluctuations in some economic indicators also indicate that economic recovery is a process of wave like development and tortuous progress. There are still many external unstable and uncertain factors, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated, "Liu Aihua said. The growth rate of investment has slowed down. In the first 10 months, the national fixed assets investment increased by 2.9% year on year, 0.2 percentage points lower than that from January to September. Among them, real estate development investment decreased by 9.3% year-on-year, an increase of 0.2 percentage points compared to January to September. In the long run, currently China's per capita GDP is just
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：XinhuaNet
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