China Economic Review Apr. 27

Opinion

China’s economy is still in favorable conditions for smooth growth

Despite mounting difficulties and challenges, the momentum of China’s sustained economic recovery remains unchanged, and the major conditions that support high-quality development and a strong resilience and trend of steady growth in the long term maintain. China’s economy is capable of a smooth and sustainable development.

Policy

1.The People’s Bank of China, together with the State Administration of Foreign Exchange jointly released policy measures on financial service in pandemic prevention and control as well as economic and social development. The 23 measures, which focus on strengthening financial service and supporting real economy, aim to help businesses affected by the pandemic, improve domestic economic circulation and facilitate exports.

2.Guidelines on high-quality developments of chemical fiber industry and industrial textile industry were jointly issued by the Ministry of Industry and Information Technology and the National Development and Reform Commission recently. The guidelines clearly pointed out that by 2025 a high-end, intelligent and green industrial system would be built in chemical fiber industry, China would be a country strong in chemical fiber, and the comprehensive competitiveness of the textile industry would be further improved.

Data

1.According to the preliminary statistics of the National Bureau of Statistics, China’s GDP in the first quarter of this year was RMB 27017.8 billion, an increase of 4.8% year-on-year calculated at an unchanged price, up 1.3% over the fourth quarter of 2021.

2.According to the State-owned Assets Supervision and Administration Commission of the State Council, in the first quarter of this year, the commercial income of Chinese central State-owned enterprises grew rapidly, achieving a revenue of RMB 9 trillion, total profit of RMB 617.9 billion, and net profit of RMB 472.3 billion, up 15.4%, 14.6%, and 13.7% year-on-year respectively; taxes and fees turned over to the state were RMB 734.8 billion, a year-on-year increase of 20.9%.

3.According to the China Banking and Insurance Regulatory Commission, in the first quarter of this year, the total domestic assets of China’s banking industry were RMB 351.1 trillion, a year-on-year increase of 8.9%; the insurance industry’s total assets were 25.5 trillion yuan, a year-on-year increase of 2.6%.

4.According to the State Post Bureau, in the first quarter of this year, the total business revenue of China’s postal industry reached RMB 326.88 billion, a year-on-year increase of 10.0%; the total business volume reached RMB 335.43 billion, a year-on-year increase of 10.7%.

5.According to the Ministry of Industry and Information Technology, in the first quarter of this year, the added value of China’s industrial enterprises above designated size increased by 6.5% year-on-year, which was 2.6 percentage points higher than that in the fourth quarter of 2021.

6.According to China Three Gorges Corporation, the Three Gorges, Baihetan, Wudongde and the other 3 cascade power stations along the mainstream of the Yangtze River have formed the world’s largest clean energy corridor and generated 46.96 billion kWh of electricity in the first quarter of this year, a year-on-year increase of about 27%.

7.According to Haikou Customs statistics, in the first quarter of this year, Hainan’s import and export volume with the other 28 founding countries of Boao Forum for Asia was RMB 16.84 billion, achieving a substantial increase of 62.5% year-on-year.

8.Data from the National Bureau of Statistics shows that in the first quarter of this year, China’s online retail sales reached RMB 3.01 trillion, a year-on-year increase of 6.6%.