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The data provided by the National Bureau of Statistics shows that from January to September this year, the gross domestic product was 2,178.71 billion yuan, a year-on-year increase of 7.7%, an acceleration of 0.6 percentage points over the first half of the year; the value added of industrial enterprises above designated size was up 8.7% year-on-year, an increase from the previous year. In the same period, it decreased by 6.5 percentage points; the entire society’s investment in fixed assets was 15,505.7 billion yuan, an increase of 33.4% year-on-year, and an acceleration of 6.4 percentage points year-on-year. According to preliminary calculations, from January to September, final consumption contributed 4 percentage points to GDP, and investment contributed 7.3 percentage points. In this regard, Li Xiaochao emphasized that although investment has grown rapidly, because investment is focused on the weak links in the economic development of agriculture and public utilities, the strengthening of its investment has laid a good foundation for the faster economic growth in the next phase.
Li Xiaochao stressed that currently there is no inflation problem in China, but there is inflation expectations. It is understood that China's CPI for the period from January to September still fell by 1.1% year-on-year, and the ex-factory prices of industrial products have also been falling year-on-year. However, on a monthly basis, both the CPI and the PPI have seen an increase from the previous quarter. China's CPI rose from the month-on-month in July, and rose in both August and September. The PPI rose consecutively for seven months.
The data provided by the National Bureau of Statistics shows that the chemical industry is showing a good trend. In September of this year, the industrial added value of the chemical raw materials and chemical products manufacturing industry above designated size increased by 21.4%, the purchase prices of raw materials, fuels, and power increased by 89.9%, the factory price of industrial products increased by 93.0% from the same period last year; from January to September, respectively, Increased by 10.5%, 90.5%, and 93.5%.
Li Xiaochao said at the same time that the current national economy is in a critical period of stabilization and recovery. The foundation for economic recovery must continue to be consolidated, the situation of insufficient external demand remains grim, and the task of expanding domestic demand and structural adjustment is still quite arduous.
On October 22, Li Xiaochao, Director General of the National Statistics Division of the National Bureau of Statistics, stated at the press conference held by the National Office of the State Council that the Central Government’s plan to deal with the financial crisis has achieved remarkable results, and the trend of economic stabilization and recovery has gradually increased and the year has been achieved. The 8% goal is no suspense, and there is no sign of inflation.
May 12, 2021