GDP exceeds 90 trillion yuan for the first time. 8 sentences to understand Chinas economy in 2018

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 GDP exceeds 90 trillion yuan for the first time. 8 sentences to understand Chinas economy in 2018


The National Bureau of Statistics announced the economic performance in 2018 on the 21st. For the first time, the total GDP exceeded 90 trillion yuan, an increase of 6.6% over the previous year, and achieved the expected development goals.

Ning Jichao, director of the National Bureau of Statistics, said at a press conference held by the State New Office on November 21 that, on the whole, the national economy continued to operate in a reasonable range in 2018, achieving overall stability and progress.

At the same time of data release, China News Agency synchronously held the Country is Forum - 2018 Economic Situation Analysis Conference to interpret Chinas economic data for the first time in 2018.

Specifically, there are eight bright spots in Chinas economy in 2018.

1. Economic growth ranks first among the top five economies in the world

Ningji Zhe said that in 2018, Chinas GDP increased by 6.6% over the previous year, and achieved the expected growth target of about 6.5%. This growth rate ranks first among the top five economies in the world. Chinas economic growth contributes nearly 30% to world economic growth, and continues to be the largest contributor to world economic growth.

Meanwhile, the gross domestic product in 2018 exceeded 90 trillion yuan, an increase of nearly 8 trillion yuan over the previous year. Converted at the average exchange rate, the total economic output reached 13.6 trillion US dollars, ranking second in the world.

Wan Zhe, chief economist of China Gold Group, said at the Country is Forum - Economic Situation Analysis Conference 2018 that the economic data of 2018 proved that previous concerns were unfounded. In 2018, GDP grew by 6.6% over the previous year, reaching the development target of 6.5% at the beginning of the year. In addition, from the global point of view, Chinas economic growth is still at a high-speed stage.

2. Chinas total trade exceeded 30 trillion yuan for the first time

The total import and export volume of goods in 2018 was 305.5 billion yuan, an increase of 9.7% over the previous year. For the first time, the total trade volume exceeded 30 trillion yuan, a record high.

Among them, 1641.77 billion yuan was exported, an increase of 7.1%, and 14087.4 billion yuan was imported, an increase of 12.9%. Imports and exports offset each other, with a surplus of 233.03 billion yuan, which was 18.3% narrower than the previous year.

Zhao Jinping, a researcher at the Ministry of Foreign Economic Research of the Development Research Center of the State Council, said at the Country is Forum-2018 Economic Situation Analysis Conference that there were four bright spots in Chinas foreign trade performance in 2018. First, the total import volume was increasing, the share of two private enterprises was increasing, the total amount of foreign capital used was increasing, and fourth, the performance of foreign investment was better.

It is noteworthy that in 2018, when the external environment is uncertain, the investment of multinational companies in China does not decline but rises.

Zhao Jinping believes that this shows that Chinas market still has considerable attraction as long as it does its own thing well and persists in opening to the outside world.

3. Individual Income Wins GDP Growth Rate

In 2018, Chinas per capita disposable income increased by 6.5% in real terms, faster than the 6.1% growth of per capita GDP. Among them, the income growth of rural residents is faster than that of urban residents.

The National Bureau of Statistics estimates that the population of middle-income groups in China has exceeded 400 million people.

As income increases, so does consumption.

In 2018, the per capita consumption expenditure of the whole country increased by 6.2%, 0.8 percentage points faster than that of the previous year. The per capita consumption expenditure of rural residents increased by 8.4%, faster than that of urban residents.

At the same time, consumption structure continues to upgrade and service consumption continues to rise.

In 2018, the Engel coefficient of the national residents was 28.4%, down 0.9 percentage points from the previous year, reaching the level of developed countries. In 2018, the number of domestic tourists and tourism revenue increased by more than 10%, and the total box office of films exceeded 60 billion yuan, an increase of nearly 10%.

4. The Real Estate Market is Mainly Stable

In 2018, the investment in real estate development nationwide was 12026.4 billion yuan, an increase of 9.5% over the previous year. The sales area of commercial housing in China was 1716.54 million square meters, an increase of 1.3%, of which the sales area of residential housing increased by 2.2%. Sales of commercial housing nationwide reached 14997.3 billion yuan, an increase of 12.2%, of which residential sales increased by 14.7%.

Ni Pengfei, director of the Center for Urban and Competitiveness Studies of the Chinese Academy of Social Sciences, pointed out at the National Forum - Economic Situation Analysis Conference 2018 that the overall performance of the real estate market in 2018 was good. It is expected that the real estate regulatory policy in 2019 will be stable and there will be no major fluctuations.

It is noteworthy that Liu Jianwen, professor of Peking University Law School and President of the Finance and Taxation Law Research Association of the Chinese Law Society, pointed out at the State is the Forum - Economic Situation Analysis Conference 2018 that the real estate tax law of 2019 should not be excluded from submitting to the Standing Committee of the National Peoples Congress for consideration.

Liu Jianwen said that the real estate tax law has a long process from deliberation to landing, maybe one year, maybe two years, maybe longer, depending on the maturity of the real estate tax law in the discussion of the national draft.

5. Chinas population is approaching the 1.4 billion mark?

According to the statistics bureau, the total population of mainland China at the end of 2018 was 1395.38 million, an increase of 5.3 million people over the end of last year, approaching the 1.4 billion mark.

Among them, 15.23 million people were born, with a birth rate of 10.94 per thousand; 9.93 million people died, with a mortality rate of 7.13 per thousand; and the natural growth rate of the population was 3.81 per thousand.

In terms of gender structure, the male population is 713.51 million and the female population is 681.87 million. There are 31.64 million more men than women.

From the perspective of urban and rural structure, the permanent population of cities and towns is 831.37 million, an increase of 17.9 million over the end of last year; the permanent population of villages is 564.01 million, a decrease of 12.6 million; and the proportion of urban population in the total population (urbanization rate) is 59.58%, which is 1.06 percentage points higher than that at the end of last year.

Jia Kang, chief economist of the Institute of New Supply Economics of China, said at the Country is Forum - 2018 Economic Situation Analysis Conference that the real level of urbanization should pay attention to the urbanization rate of registered population. Chinas urbanization rate still has a lot of room to improve, which will save energy for Chinas economy and basically achieve socialist modernization by 2035.

VI. Sustainable optimization of ecological environment

The concentration of PM2.5 decreased by 9.3%.

Ningji Zhe pointed out that positive progress had been made in energy saving, emission reduction and pollution control in 2018.

Specifically, the intensity of energy consumption continues to decline. In 2018, the energy consumption of 10,000 yuan GDP fell by 3.1% compared with the previous year, and the proportion of clean energy consumption increased. The average number of days of good air quality in 338 prefectures and above in China is 79.3%, which is 1.3 percentage points higher than the previous year.

Among them, the concentration of PM2.5 was 39 micrograms/cubic meters, which decreased by 9.3%.

Liu Bingjiang, Director of the Department of Atmospheric Environment of the Ministry of Ecology and Environment, said at a press conference held by the Ministry of Ecology and Environment on the 21st that efforts will be made to eliminate backward and excess production capacity in 2019 and to carry out comprehensive renovation of scattered and polluted enterprises. At the same time, the emission standards of key industries should be revised to promote the upgrading and upgrading of key industries. We will promote the transformation of ultra-low emissions in coal-fired units and iron and steel industries. We will steadily carry out clean heating in the northern region, and intensify the control of loose coal in Beijing, Tianjin and Hebei and its surrounding areas and in the Fenwei Plain.

As for the view that environmental supervision might be relaxed due to the increasing downward pressure of the economy, Li Ganjie, Minister of ecological environment, has made it clear before that he should stick to his position, consolidate achievements, not relax, let alone go back to the road, keep his direction, determination and strength unshakable, and focus on the landmark battle.

7. Employment has remained above 13 million for six consecutive years

In 2018, 13.61 million new jobs were created in cities and towns, an increase of 100,000 over the previous year, which remained above 13 million for six consecutive years, reaching the annual target of 123.7%.

The unemployment rate in the national urban survey remained between 4.8% and 5.1% in every month of 2018, achieving the expected target of less than 5.5%. In December, the unemployment rate in 31 major cities and towns was 4.7%, down 0.2 percentage points from the same month last year.

Chu Chaohui, a researcher at the Chinese Academy of Educational Sciences, said that in 2019, 8.43 million college graduates are expected to graduate, the highest in all years, and employment pressure will continue. At the same time, the employment of migrant workers in 2019 may be more prominent.

He believed that in the future, we should do two things well, one is to ensure low-end employment, the other is to make high-end employment more open and more lively. With the adjustment of industrial structure, the employment structure will continue to change.

8. Continuous growth of new kinetic energy

In the past year, Chinas four new industries (new industries, new products, new formats and new models) have been growing steadily.

Ningji Zhe introduced that in 2018, strategic emerging manufacturing industry and strategic emerging service industry have maintained relatively rapid growth. The output of new energy vehicles, optical fibers and smart TV has increased substantially, and online retail sales have increased by more than 20%.

Meanwhile, major scientific and technological achievements are emerging. Beidou 3 was successfully deployed and operated in 2018. The first earthquake monitoring satellite was launched. The Hong Kong-Zhuhai-Macao Bridge was officially opened to traffic. The role of science and technology in leading development has been increasing. Earlier this year, Change-4 landed on the back of the moon.

Tan Yaling, president of the China Foreign Exchange Investment Research Institute, held that comprehensive assessment of economic growth depends not only on economic growth, but also on economic aggregate, economic quality and economic structure. In 2018, Chinas total economic output exceeded the 90 trillion mark for the first time, and the improvement of quality and efficiency continued to show.

Source: Guo is the editor in charge of through train: Xiao Qi_NN6799