The steady and positive development of the Chinese economy has become more evident with the continuous improvement of quality and efficiency
Date：2017-12-10 10:38:17 Visit：1148
An objective analysis of the current economic situation, especially in combination with the economic data of the first three quarters of 2017, shows that many positive changes have taken place in our economic development and that the trend of becoming more steady is even more pronounced. The so-called "hard landing" of the Chinese economy and the "turning point theory" and other voices of bad reputation have proved once again very absurd before the reality.
The economic situation is getting better and better with the main indicators better than expected. First, the stability of the macro economy has been enhanced. In the first three quarters, China's economy maintained a medium and high-speed growth with a year-on-year growth rate of 6.9%. Its economy maintained a range of 6.7% -6.9% for nine consecutive quarters. In terms of industries, the primary, secondary and tertiary industries increased by 3.7%, 6.3% and 7.8% respectively over the same period of last year. Second, improve the quality and efficiency of economic development. The first three quarters of the general public budget revenue grew 9.7%, January-August industrial enterprises above designated size increased by 21.6%. The rapid growth of national fiscal revenue and profits of industrial enterprises is a comprehensive reflection of the steady and steady development of China's economy. Third, the balance of payments in good condition, the current account surplus, capital outflows and the devaluation of the renminbi against the U.S. dollar have been effectively checked and the foreign exchange reserves recovered smoothly. Fourth, people's life continues to improve. In the first three quarters, the per capita disposable income of the country's residents was 19,342 yuan, up 9.1% on a year-on-year basis and actually increased by 7.5% after deducting the price factor, continuing to be higher than the economic growth rate. Fifth, the effect of regional synergies began to emerge. The situation in the eastern region has been further consolidated. The space for development in the central and western regions has been expanding. The economic rebound in the northeastern region has shown signs of bottoms up.
Supply-side structural reforms have achieved remarkable results. First, excess capacity continued to be resolved, and the prices of industrial products rebounded, easing the financial dilemma of overcapacity industries and significantly improving the efficiency indicators of related enterprises. Second, real estate stocks fell for several months in a row, real estate for sale continued to reduce the area of commercial housing for sale by the end of September fell 12.2%. Third, the debt ratio of industrial enterprises decreased, dropping to 55.7% at the end of August. Fourth, cut taxes and fees, put the reform of services to reduce corporate costs. From January to August, the cost per 100 yuan of core business income of industrial enterprises above designated size was 85.68 yuan, down 0.12 yuan year-on-year. According to preliminary estimates, the tax reduction and fee-deducting measures that have been promulgated in 2017 will enable the enterprises to reduce the total amount of tax by 1,101 billion yuan. Fifth, efforts should be made to make up for the shortcomings and increase investment in areas such as agriculture, environmental management and high-tech industries. The first three quarters of infrastructure investment growth of 19.8%, of which water conservancy, environmental governance, public services and information transmission industry grew rapidly.
New Development Concept Leads China's Economic Development to a Higher Level. Strategic emerging industries and high-tech industries continued to maintain rapid growth. The new momentum has become an important driving force for promoting steady economic growth. In the first three quarters, the added value of high-tech manufacturing and equipment manufacturing industry increased by 13.4% and 11.6% respectively over the same period of last year, faster than that of industry and the overall economic growth. In the first half of the year, the contribution of consumption to economic growth was 64.5%. The main force of consumption and the fundamental role of consumption were effectively brought into play. The effect of real estate market control started to appear. In the first and second tier hot cities, the increase in house prices was under control. The cities in the third and fourth tier cities continued to go inventories, newly started housing areas and the real estate investment growth remained stable. The real estate market showed steady and healthy development.
Due to the unexpected performance of China's economy, the International Monetary Fund continued to raise China's economic growth forecast for 2017 to 6.8% in October this year. As the structural adjustment progresses steadily, the expectation of a steady economy in China will be further consolidated.
