As the end of the year approaches, the operation of the Chinese economy is receiving much attention. How to view the current economic situation and future development expectations in China? On December 6th, a comrade in charge of the National Economic Comprehensive Department of the National Development and Reform Commission stated that overall, since the beginning of this year, the Chinese economy has overcome difficulties and challenges, withstood downward pressure, and shown a wave like development and tortuous progress in economic recovery. The overall economic operation has rebounded and improved, and this year's contribution to global economic growth will reach one-third, remaining the largest engine of global growth. Employment prices are basically stable, and high-quality development is solidly advancing. Macro indicators performed well. The total economic output has grown rapidly, with a year-on-year growth of 5.2% in the first three quarters of the year, maintaining a leading growth rate among major global economies. The price level is basically stable, with a year-on-year increase of 0.4% in consumer prices in the first 10 months, in sharp contrast to high inflation in major economies. The overall employment situation has improved, with a national urban survey unemployment rate of 5% in October, a decrease of 0.6 percentage points from the high point in February. Maintain basic balance of international payments. The production and supply have steadily rebounded. The agricultural production situation is good, and it is expected that there will be another bumper harvest of grain throughout the year. Industrial production has accelerated, with the added value of industries above designated size increasing by 4.1% year-on-year in the first 10 months. The growth momentum of the service industry is good, with the service industry production index increasing by 7.9%. The contribution rate of the service industry to economic growth in the first three quarters reached 63%. Continuous improvement in quality and efficiency. New energy is accelerating its growth and growth, with the production of solar cells and new energy vehicles increasing by 63.7% and 26.7% respectively in the first 10 months. The profits of industrial enterprises continue to recover and improve. In the third quarter, the profits of industrial enterprises above designated size increased for the first time after five consecutive quarters of year-on-year decline. The growth of household income has accelerated, with the per capita disposable income of residents in China increasing by 5.9% year-on-year in the first three quarters, which is 0.1 percentage points faster than the first half of the year. Market confidence is constantly improving. In November, the Purchasing Managers Index (PMI) for the manufacturing industry showed an expected index of 55.8% for production and operating activities, which has risen for two consecutive months. The international mainstream voice is optimistic about the prospects of China's economy. The International Monetary Fund (IMF) has recently raised its GDP growth forecast for 2023 and 2024 from 5% and 4.2% to 5.4% and 4.6% respectively; The OECD recently raised its forecast for China's GDP growth rate in 2023 from 5.1% to 5.2%. The private economy is an important foundation for the high-quality development of the Chinese economy. The person in charge of the Private Economy Development Bureau of the National Development and Reform Commission introduced that since the release of the Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy, a series of supporting policy measures have been implemented, and the overall development of the private economy has shown a basic trend of steady progress and steady improvement
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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