Overview of China's Economy and Trade (Part I)
China's economy grew 6.9 percent in the second quarter of 2017.
Value-added industrial output, rose 6 percent in Aug 2017, down from a 6.4-percent increase in July 2017.
In the January-August period of 2017, urban fixed-asset investment excluding rural households expanded 7.8 percent annually, below the 8.3-percent rise in the January–July period.
Retail sales grew 10.1 percent in August 2017 (8.9 percent real growth).
Inflation stood at 1.8 percent in August 2017, food prices fell 0.2 percent, and non-food prices rose 2.3 percent.
Exports (in USD) rose 5.5 percent in August 2017, imports (in USD) grew 13.3 percent, and the trade surplus of August was $42 billion.
The Manufacturing Purchasing Managers' Index edged up from 51.4 in July 2017 to 51.7 in August 2017.
Status quo of economic development
China's economy grew 9.3 percent in 2011, slowing to 7.7 percent in 2012 and 2013. In 2014 and 2015, China's GDP grew 7.3 percent and 6.9 percent, respectively. In 2015, the per capita GDP was 49,351 RMB. GDP rose 6.7 percent in the first 3 quarters of 2016, and rose 6.8 percent in the fourth quarter of 2016. The annual growth of GDP in 2016 was 6.7 percent. In the second quarter of 2017, GDP grew 6.9 percent.
After lowering the reserve requirement rate five times in 2015, the People's Bank of China lowered its reserve requirement ratio by 0.5 percentage points on March 1, 2016. The benchmark lending rates were also cut by 0.25 percentage points each on March 1, May 11, June 28, August 26, and October 24 in 2015.
Fixed-asset investment is one of the main propelling forces of economic development. Fixed asset investment grew 10.2 percent and 8.1 percent in 2015 and 2016, respectively. In the January–August period of 2017, fixed-asset investment rose 7.8 percent, below the 8.3 percent rise of the January–July period.
Value-added industrial output
In 2015, the growth rate of value-added industrial output in China was 6.1 percent (by large enterprises with annual business revenue of more than RMB 20 million). In 2016, the growth rate of value-added industrial output in China was 6 percent. In the January–August period of 2017, value-added industrial output grew 6.7 percent. Among them, the growth rate of value-added industrial output of foreign-invested enterprises was 6.9 percent.
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