Financial observation: Three sets of data reflect the improvement of China's economy from "quality" to "new"
2024-07-10
Since the beginning of this year, in the face of a complex external environment, China's economy has continued to recover and improve, with new driving forces accelerating their growth and growth. In the middle of the year, although China's economy still faces many difficulties and challenges, the perspective of driving economic growth through the "three carriages" shows that policy effects are continuously emerging, positive market factors are gathering and increasing, and high-quality development is improving from "quality" to "new". Looking at consumption - policy combination shows effectiveness, market recovery is improving. Data shows that in the first five months, the total retail sales of consumer goods reached 19523.7 billion yuan, a year-on-year increase of 4.1%. The popularity of cultural tourism and the effective policy of exchanging old for new consumer goods have become important factors in the recovery of the consumer market. Across the country, popularity is recovering and fireworks are rising: from "Erbin" playing with snow to "Village Supermarket" in Guizhou, from Zhengding Night Market to Tianshui Spicy Hot Pot, various places have launched special "cultural tourism meals" to drive new consumption vitality. Data shows that in the first five months, China's service retail sales increased by 7.9% year-on-year. Among them, catering revenue increased by 8.4% year-on-year, while retail sales of transportation and travel services, tourism consulting and leasing services, and cultural and leisure services maintained a rapid growth. In terms of exchanging old for new, in the first five months, the sales revenue of home appliances on major e-commerce platforms increased by 81.8% year-on-year; As of June 6th, the number of applications for automobile scrapping and renewal subsidies has exceeded 40000, showing an accelerating growth trend. Look at investment - make efforts towards "new". In the first five months of the overall stable growth, the national fixed assets investment was 18.8 trillion yuan, up 4% year on year. On June 30th, the world's most difficult cross sea cluster project in comprehensive construction, the Shenzhen Zhongshan Corridor, was opened for trial operation, with a 24-hour traffic volume of 125000 vehicles. Major projects are the accelerator and ballast of economic development. Since the beginning of this year, the construction of infrastructure such as transportation, energy, and water conservancy has been progressing vigorously, with a large number of major projects accelerating and investment support playing a significant role. In the first five months, the planned total investment in projects with a total investment of 100 million yuan or more increased by 8.5% year-on-year, driving a 4.6 percentage point increase in total investment. Accelerate the cultivation of new quality productive forces, and continuously develop and strengthen new driving forces and advantages. In the first five months, investment in high-tech industries increased by 11.5% year-on-year. Among them, investment in aviation, spacecraft and equipment manufacturing increased by 53.1%, and investment in electronic and communication equipment manufacturing increased by 10.4%; The investment in high-tech service industries such as e-commerce, information services, technology and achievement transformation is growing rapidly. At the same time, with strong support from large-scale equipment renewal policies, investment in equipment and tools procurement has shown a good growth trend, contributing 52.8% to the overall investment growth. Looking at foreign trade - a stable increase in quality and quantity, a "rebound curve" has emerged. From a record high import and export scale in the first quarter to a "negative to positive" growth rate in both imports and exports in April, and then to a 6.3% increase in total import and export value in the first five months, China's foreign trade has embarked on a stable "rebound curve". The export of high-end, intelligent, and green products has driven a sustained rebound in foreign trade. Zhejiang Province is the province with the highest number of exported machine tools in China. The export quantity and value of Zhejiang machine tools increased by 8.0% and 24.9% respectively in the first five months. Customs data shows that in the first five months, mechanical and electrical products with high technological content and added value accounted for nearly 60% of exports. Among them, exports of automatic data processing equipment and its components, integrated circuits, and automobiles increased by 9.9%, 25.5%, and 23.8%, respectively. Cross border e-commerce, overseas warehouses and other new forms of foreign trade have become new engines of foreign trade growth. This year's government work report proposes to promote the healthy development of new formats such as cross-border e-commerce and optimize the layout of overseas warehouses. Data shows that in the first quarter of this year, China's cross-border e-commerce imports and exports amounted to 577.6 billion yuan, a year-on-year increase of 9.6%, with exports increasing by 14%. More and more foreign trade enterprises are setting up storage facilities, further stimulating new momentum in foreign trade. (Lai Xin She)
Edit：Lubaikang Responsible editor：Chenze
Source：people.com.cn
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