Zunhua City, Hebei Province is vigorously developing equipment manufacturing industries such as mechanical equipment, CNC machine tools, and auto parts to enhance industrial competitiveness and promote high-quality regional economic development. Currently, there are more than 40 equipment manufacturing companies above designated size in the city. The picture shows workers working in the production workshop of a local mining machinery and equipment company.Photo by Xinhua News Agency reporter Yang Shiyao
“Since October, the economy has generally maintained a rebounding trend.” Li Chao, deputy director and spokesperson of the Policy Research Office of the National Development and Reform Commission, said at a press conference held recently that in the next step, relevant departments will accurately and effectively implement macroeconomic policies. Regulation, strengthening policy pre-research reserves, and promoting the economy to achieve high-quality development based on effective improvement in quality and reasonable growth in quantity.
The development of a major economic province continues to improve
In the first three quarters, China’s GDP grew by 5.2% year-on-year. All parties have high expectations for China’s economic performance in the fourth quarter. “When looking at my country’s economic situation, we should not only look at the ‘shape’, but also the ‘potential’.” Li Chao listed the positive trends in many aspects of economic performance since October.
Specifically: there are many consumption highlights in key areas. According to data from the China Association of Automobile Manufacturers, domestic car sales in October reached 2.853 million units, setting a new high for the same period in history for that month, a year-on-year increase of 13.8%.
Production and supply are rising steadily. In October, the national added value of industrial enterprises above designated size and the service industry production index increased by 4.6% and 7.7% year-on-year respectively, and the growth rates were 0.1 and 0.8 percentage points faster than the previous month.
The regional economy maintains a recovery trend. The development of major economic provinces such as Zhejiang, Jiangsu and Sichuan continues to improve, and the economic operations of key cities such as Xi’an, Zhengzhou, Hangzhou and Nanjing have steadily rebounded, and their supporting role in national economic growth has increased.
Market expectations remain stable. Although the manufacturing purchasing managers index (PMI) fell back in October, looking at the sub-indicators, the production and operating activity expectation index was 55.6%, an increase of 0.1 percentage points from the previous month, and it has been in a relatively high prosperity range for four consecutive months.
Li Chao said that in order to promote the economy to achieve high-quality development based on effective improvement in quality and reasonable growth in quantity, we will strive to achieve “four sustainabilitys”: continue to expand domestic demand, accelerate the organization and implementation of the issuance of 1 trillion yuan of new national bonds Project construction, form physical workload as soon as possible; continue to support high-quality development of enterprises, accelerate the cleanup of policies and measures that hinder a unified market and fair competition; continue to do a good job in ensuring people’s livelihood at the end of the year and the beginning of the year, and maintain market supply and price stability of important people’s livelihood commodities; continue to strengthen We will coordinate policies and make preparations for next year’s policy implementation.
Residents’ consumption potential is accelerated
As an important part of promoting national economic development, consumption has always been the focus of policy attention. In October, the total retail sales of consumer goods increased by 7.6% year-on-year, 2.1 percentage points faster than the previous month.
“Judging from this year’s ‘Golden Week’ and the ‘Double 11′ that just passed, residents’ consumption potential has been released at an accelerated pace, showing new characteristics and highlights.” Li Chao said.
Service consumption has accelerated its recovery. Driven by the travel craze during the Mid-Autumn Festival and National Day holidays, service consumption, which accounts for nearly half of residents’ consumption expenditure, continues to grow rapidly. From January to October, service retail sales increased by 19% year-on-year, 0.1 percentage point faster than that from January to September.
Online consumption is very popular, and major e-commerce platforms and live broadcast platforms have launched activities during the “Double 11” period to attract consumers to actively participate. Monitoring data from the State Post Bureau shows that from November 1st to 11th, postal express companies across the country collected a total of 5.264 billion express parcels, a year-on-year increase of 23.22%.
New consumption leads the trend. Green consumption has become a trend. Sales of green and healthy products such as fresh air conditioners and energy-saving water heaters have increased significantly. Green lifestyles such as urban walking and urban cycling have quietly become popular. The consumption of “national style” and “national trend” is booming, and the popularity of domestic products continues to rise. Old domestic brands in categories such as daily chemicals, beauty products, and food have become popular.
Li Chao said that the next step will be to implement and implement the pro-consumption policy documents that have been issued to boost consumption in key areas and cultivate and expand new types of consumption. At the same time, we will improve residents’ consumption ability and expectations, implement employment priority policies, increase the income of urban and rural residents through multiple channels, and improve the consumption ability of low- and middle-income groups.
Financial support for manufacturing industry has increased
Since September last year, the National Development and Reform Commission, together with relevant departments, has focused on strengthening financing support and financial services for the manufacturing industry, especially private manufacturing enterprises. Li Chao introduced that with the joint efforts of all parties, new progress has been made in expanding medium- and long-term loans to the manufacturing industry.
The manufacturing loan structure continues to be optimized. As of the end of the third quarter, the balance of manufacturing loans increased by 17.18% year-on-year, of which the balance of medium and long-term manufacturing loans increased by 34.43%, which effectively promoted the rapid growth of manufacturing investment.
Project financing docking efforts continued to increase. Judging from the list of projects pushed to 21 national banks by the National Development and Reform Commission, since this year, there have been 2,811 newly signed projects in the list, with a contract value of 605.43 billion yuan, and 3,047 new projects with a contract value of 352.38 billion yuan, including the transformation and upgrading of traditional industries, biological The intensity of contract signing and investment in fields such as medicine and electronic information has increased significantly.
Support for private manufacturing enterprises has been further increased. Private enterprises have a large number of applications, high project quality, and fast funding. In the first three quarters, the approval rate of private manufacturing projects was 1.5 percentage points higher than the approval rate of all projects, and the contract implementation rate was 8.3 percentage points higher than the completion rate of all projects.
In addition, with the gradual implementation of policies and measures to promote the development and growth of the private economy, the development situation of the private economy has improved marginally. The number of newly registered private enterprises in September increased by 18.1% year-on-year, an acceleration of 8.4 percentage points from the previous month. From January to October, the import and export of private enterprises increased by 6.2%; private investment excluding real estate development investment increased by 9.1%.
“We will continue to increase financial support for manufacturing companies, especially private manufacturing companies, continue to improve our ability and level of serving the modern industrial system, and provide strong support for promoting the development of high-end, intelligent, and green manufacturing.” Li Chao said. (Li Jie)