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Macro Economy

Monthly Review on Macro Economic Performance (No.5, 2017)


Issue No.5, 2017 (Total 91)


In June 2017, China’s economy maintained a stable performance. Industrial added value increased by 7.6% year on year, up by 1.1 percentage points compared with May. The industrial electricity consumption and transport volume increased respectively by 1.6 and 2.1 percentage points compared with May. Enterprises profit greatly improved. The growth rate of fixed asset investment remained stable and the investment of manufacturing industry improved by a small margin. The consumption increased slightly. The export growth was gaining a strong momentum for growth. The real estate control continued to show its effect, and the commercial housing inventory continued to decline. The housing price in cities where the real estate market performance was overheated had declined. The growth gap between M1 and M2 was further narrowed, and foreign exchange reserve continued to rise. In general, foreign demand increased moderately, and domestic demand remained stable. The GDP increased by 6.9 % in the first half of the year, and major economic indicators were better than expected. At the same time, it should be noted that the economy still lacks adequate power to improve quality and efficiency, and some industries have difficulties in transformation and upgrading. The tasks of deleveraging and real estate control remain tough and stock replenishment is inadequate, indicating that in the second half of the year, the economic growth will slightly slow down and the annual economic growth is expected to maintain a medium-high and stable performance. Macro policy should follow the general principle of seeking progress while keeping a stable operation in line with the new normal of economic development. We need to maintain our strategic focus, deepen the supply-side structural reform, moderately expand aggregate demand, properly guide market expectations, effectively control risks, enhance the continued increase of productivity, improve the endogenous power of economic growth, and improve the quality and growth rate of economic growth.