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Macro Economy

Monthly Review on Macro Economic Performance(No.3, 2017)


Issue No.3, 2017 (Total 89)


In April 2017, China’s economic recovery momentum became weakened and the comprehensive economic climate leading index fell by a small margin. Industrial added value increased by 6.5% year on year and the growth rate reduced by 1.1 percentage points compared with March. The growth of industrial electricity consumption and transport volume slowed down, and the high growth rate of the profit of industrial enterprises above designated size slightly reduced. Compared with March, the growth rate of fixed assets investments and private investment both decreased; the export growth rate fell sharply and the consumption growth decreased within a narrow range. At the same time, the real estate market performance became stable, and the real estate investment growth increased slightly. The growth between M1 and M2 became narrowed and the exchange rate between RMB and USD remained stable and foreign exchange reserves continued to rise. In general, the current enterprise profit continues to increase, and the industry concentration of traditional industries constantly improves. The growth rate of industries related to industrial transformation and consumption upgrading maintains stable and export will maintain a stable growth. The economic resilience supported by structural optimization and transformation of driving forces has improved, and the short-term economic downturn performance will not affect the sound and stable development trend. But it should be noted that as many departments are strengthening financial supervision and promoting deleveraging, it is likely that the liquidity will be tightened up excessively and we need to enhance regulation coordination and relevant practice of monetary policies to maintain an appropriate liquidity; at the same time, we should accelerate the reform and effectively implement measures to reduce taxes and fees so as to boost market confidence and alleviate the pressure caused by the short-term decline.