By tf-lawyer.com According to a recent report from the National Bureau of Statistics, the Chinese economy remained stable during the first three quarters of 2023, showing progress amidst steady production and demand growth. Employment and prices continued to stabilize, and social welfare measures were solidly implemented. New productive forces developed steadily, and high-quality development advanced robustly. In September, many indicators of production and demand improved, enhancing market expectations and contributing to a positive economic rebound.
Preliminary calculations indicate that the Gross Domestic Product (GDP) reached approximately 94.97 trillion yuan, demonstrating a year-on-year increase of 4.8%. Breaking it down by sector, the value added in the primary industry was 57,733 billion yuan (up 3.4%); the secondary industry saw a value added of 361,362 billion yuan (growth of 5.4%); while the tertiary industry reached 530,651 billion yuan (up 4.7%). Reviewing the quarterly performance, GDP grew by 5.3% in Q1, followed by 4.7% in Q2 and 4.6% in Q3. On a quarter-over-quarter basis, Q3 saw a 0.9% increase in GDP.
Looking at agriculture, the situation is positive with a year-on-year growth of 3.7% in the value added from agricultural production. The combined yield of summer grain and early rice reached 17.795 million tons, an increase of 346,000 tons or 2.0% from the previous year. Harvesting in autumn is progressing well, with expectations for another fruitful grain year. For livestock, the total meat production reached 70.44 million tons, a 1.0% increase year-on-year, while pork and lamb production declined slightly.
In the industrial sector, there has been stable growth with an increase of 5.8% in the value added of large-scale industries. Mining grew by 2.9%, manufacturing by 6.0%, and the utilities sector by 6.3%. Notably, equipment manufacturing and high-tech industries showed strong growth, outpacing overall industrial growth rates. In September, industrial production increased by 5.4% year-on-year, marking a significant uptick from the previous month.
The service industry also experienced a recovery, with a value added inflation of 4.7% during the first three quarters. Key sectors like information technology and rental services saw considerable growth, and in September, the national service industry production index grew by 5.1%.
Retail sales maintained a growth trajectory, achieving a total of 353.564 billion yuan in social consumer goods in the first three quarters, marking a 3.3% increase. Sales in urban areas rose by 3.2%, while rural consumption grew by 4.4%. Notably, online retail sales expanded by 8.6%.
Investment in fixed assets continued to grow robustly, with total fixed-asset investment at 378.978 billion yuan, a 3.4% increase year-on-year. Investment in high-tech industries saw a significant rise, particularly within advanced manufacturing sectors.
In terms of trade, total imports and exports reached 32.3252 trillion yuan, an increase of 5.3% y-o-y, with a trade surplus of 490.43 billion yuan.
Consumer prices showed moderate growth, with the Consumer Price Index (CPI) increasing by 0.3% in the first three quarters, and the industrial producer prices, in contrast, experienced a decline. The unemployment rate remained stable at 5.1%, reflecting a slight improvement in employment conditions.
Household income continued to rise, with per capita disposable income showing a nominal increase of 5.2%. Rural residents outpaced urban residents in income growth, highlighting ongoing disparities while pointing towards a generally improving economic landscape.
