China GDP Increases 6.7%

Preliminary estimates show that the gross domestic product (GDP) of China was 74,412.7 billion yuan in 2016, an increase of 6.7 percent compared with last year, according to the National Bureau of Statistics.

Specifically, the year-on-year growth of GDP for the first quarter was 6.7 percent, 6.7 percent for the second quarter, 6.7 percent for the third quarter, and 6.8 percent for the fourth quarter.

The value added of the primary industry was 6,367.1 billion yuan, up by 3.3 percent over the previous year; that of the secondary industry was 29,623.6 billion yuan, up by 6.1 percent; and 38,422.1 billion yuan for the tertiary industry, up by 7.8 percent.

Industrial production grew steadily with rising profit for enterprises

The real growth of the total value added of the industrial enterprises above the designated size in 2016 was 6.0 percent, the same as that in the first three quarters.

An analysis by types of ownership showed that the value added of the state holding enterprises was up by 2.0 percent; that of the collective enterprises, down by 1.3 percent; share-holding enterprises, up by 6.9 percent; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan, up by 4.5 percent.

In terms of sectors, the value added of the mining dropped by 1.0 percent, the manufacturing increased by 6.8 percent and the electricity, thermal power, gas and the production and supply of water increased by 5.5 percent.

The value added of the high-tech industry grew by 10.8 percent over last year, 4.8 percentage points faster than industrial enterprises above the designated size, accounting for 12.4 percent of industrial enterprises above the designated size, 0.6 percentage point more than last year.

In 2016, the sales-output ratio of industrial enterprises above the designated size reached 97.8 percent. The export delivery value of these enterprises reached 11,919.1 billion yuan, up by 0.4 percent over last year.

In December, the total value added of the industrial enterprises above the designated size was up by 6.0 percent year-on-year or up by 0.46 percent month-on-month.

From January to November, the profits made by industrial enterprises above the designated size stood at 6,033.4 billion yuan, up by 9.4 percent year-on-year, 1.0 percentage point faster than that in the first three quarters.

The profit rate of the principal activities of the industrial enterprises above the designated size was 5.85 percent, up by 0.26 percentage point year-on-year.

Drop in value of exports narrowed

The total value of imports and exports in 2016 was 24,334.4 billion yuan, down by 0.9 percent, and 6.1 percentage points less than last year. The total value of exports was 13,840.9 billion yuan, down by 2.0 percent; the total value of imports was 10,493.6 billion yuan, up by 0.6 percent.

In particular, the value of general trade accounted for 55 percent of the total value of imports and exports, 1.0 percentage point higher than last year.

The trade balance was 3,347.3 billion yuan in surplus. By quarters, the total value of exports in the first quarter, second quarter and third quarter dropped by 7.9 percent, 0.8 percent and 0.3 percent respectively compared with the same period of last year, while the fourth quarter went up by 0.3 percent.

In December, the total value of imports and exports was 2,587.1 billion yuan, up by 4.9 percent year-on-year. Of this total, the value of exports was 1,431.3 billion yuan, up by 0.6 percent; and the value of imports was 1,155.9 billion yuan, up by 10.8 percent.

Moderate rise in consumer price

In 2016, the consumer price went up by 2.0 percent over last year, the same level as that in the first three quarters.

Specifically, the price went up by 2.1 percent in urban areas and up 1.9 percent in rural areas. Grouped by commodity categories, prices for food, tobacco and liquor went up by 3.8 percent; clothing up by 1.4 percent; residence up by 1.6 percent, household facilities, articles and services up by 0.5 percent; transportation and communications down by 1.3 percent; education, culture and recreation up by 1.6 percent; health care and medical services up by 3.8 percent; and miscellaneous goods and services up by 2.8 percent.

In terms of food, tobacco and liquor prices, grain went up by 0.5 percent, pork up by 16.9 percent and fresh vegetables up by 11.7 percent. In December, the consumer prices went up by 2.1 percent year-on-year, or up by 0.2 percent month-on-month.

In 2016, the producer prices for industrial products went down by 1.4 percent compared with last year. After 54 consecutive months of decline which ended in September, its the year-on-year growth continued to expand.

The year-on-year growth in December was 5.5 percent and the month-on-month growth was 1.6 percent.

The purchasing prices for manufactured goods was down by 2.0 percent compared with last year and in December, it was up by 6.3 percent year-on-year and up 1.9 percent month-on-month.

Money supply and credit maintained a steady growth

By the end of December, the balance of broad money (M2) was 155.01 trillion yuan, an increase of 11.3 percent compared with that at the end of last year; the balance of narrow money (M1) was 48.66 trillion yuan, a rise of 21.4 percent; and the balance of cash in circulation (M0) was 6.83 trillion yuan, a rise of 8.1 percent.

At the end of December, the amount of outstanding loans was 106.6 trillion yuan, while the amount of outstanding deposits was 150.59 trillion yuan.

In 2016, the newly increased loans reached 12.65 trillion yuan, an increase of 925.7 billion yuan over last year; the newly increased deposits were 14.88 trillion yuan, or 92.4 billion yuan less than last year. The social financing reached 17.8 trillion yuan.

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