Meng Wei: Yesterday, the National Bureau of Statistics released the annual economic data. According to the published data, in 2018, Chinas economic operation remained in a reasonable range and achieved the expected economic growth target. I dont know what the basis is for the medias opinions on Chinas real economic growth, but I think we should use facts and figures. Here are some data for you.
First of all, from the physical quantity data. In 2018, the electricity consumption of the whole society was 6.8 trillion kWh, an increase of 8.5% year on year, which is the highest increase since 2012; coal consumption still increased by 150 million tons under the strict control of new consumption, natural gas increased by more than 40 billion square meters, with a growth rate of more than 17%. In the whole year, the freight volume of the whole society increased by about 7%, of which the railway freight volume increased by 9.1%. Physical quantity index is the most direct reflection of economic growth. These physical quantity data can strongly support the annual economic growth data.
Second, from the perspective of related data. Looking at the three major industries, in 2018, the value added of industries above the national scale increased by 6.2%, the service industry production index increased by 7.7%, and the value added of primary production increased by 3.5%. Looking at the three major demands, fixed asset investment increased by 5.9% in 2018, and rebounded monthly in the fourth quarter. Total retail sales of social consumer goods increased by 9% and imports and exports denominated in Renminbi increased by 9.7% in the whole year. Looking at employment and income, the number of new jobs in cities and towns reached 13.61 million, an increase of 100,000 over the previous year. In the first 11 months, the national fiscal revenue increased by 6.5%, and this was achieved under the condition that the annual tax reduction and fee reduction scale reached 1.3 trillion yuan. The profits of Industrial Enterprises above the scale increased by 11.8%. In 2018, the per capita disposable income of Chinese residents increased by 6.5%. Regardless of which of the three methods of GDP accounting, the data supporting the growth rate of about 6.5% are matched.
Thirdly, from the perspective of international organizationsprediction. At the beginning of January this year, the World Bank issued its latest Global Economic Outlook, which predicts Chinas economic growth of 6.5% in 2018, while the International Monetary Fund, OECD and other countries forecast Chinas GDP growth of 6.5%-6.6% in 2018. The predictions of these international organizations should be said to be comparable and persuasive.
Finally, I want to say that Chinas economy has tremendous development resilience, potential and room for manoeuvre. Chinas development is still in and will remain in an important strategic opportunity period for a long time. The fundamentals of healthy and stable economic development remain unchanged. The conditions of production factors supporting high-quality development remain unchanged, and the overall momentum for long-term stability to improve remains unchanged. We do not pursue high-speed development and pay more attention to high-quality development, but Chinas economy is fully conditional, has potential and has the ability to maintain a reasonable range of growth.
Statistics Bureau: Chinas GDP grew by 6.6% year-on-year in 2018, topping 90 trillion yuan for the first time.
According to the preliminary accounting, Chinas GDP was 90.0309 trillion yuan last year, and Chinas total economic output exceeded 90 trillion yuan for the first time. At comparable prices, it increased by 6.6% year-on-year and completed the annual plan. In quarterly terms, the first quarter grew by 6.8%, the second quarter by 6.7%, the third quarter by 6.5%, and the fourth quarter by 6.4%.