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Macro Economy

Monthly Review on Macro Economic Performance (No. 6, 2017)


Issue No. 6, 2017 (Total 92)


In July, the growth of the production-side and the demand- side economic operation both slowed down. Viewing from the production side, the monthly industrial output rose by 6.4% year on year, down by 1.2 percentage points than June. But the growth rate of industrial electricity consumption and the volume of freight traffic increased over June, and the performance of industrial enterprises remained sound. Viewing from the demand side, the growth rates of fixed asset investment, consumption, and export witnessed a minimum downturn performance, and the overall market demand remained stable. At the same time, the effects of real estate regulation and control continued to turn out; the growth rate of credit and loan and that of social financing stocks both increased, and the tightened liquidity became eased; foreign exchange reserves increased for six consecutive months. However, the growth momentum of private investment was still insufficient. Close attention should be paid to uncertainties in the external environment, and the task of real estate regulation and control is still arduous. On the whole, the slight calibration of the major economic indicators will not change the basic trend of sound and steady economic performance. For the rest months of the year, macroeconomic regulation and control should maintain a balance between deleveraging and reasonable and appropriate liquidity. Efforts need to be made to step up market-based elimination of zombie enterprises and excess capacity in line with the rule of law, actively promote the long-term mechanism for real estate regulation to create a better business environment to pool more private investment, enhance the growth of foreign investment, focus on carrying forward the reform of key areas and key links, and create more space for sustained growth momentum.